The biggest threat to banks worldwide may be platform companies like Amazon.com and Alibaba rather than small tech startups that banks have spent 2025 preparing to compete with, warns a report by McKinsey, which adds that financial institutions need to continue to digitalise so as to protect up to 40% of revenues at risk by the past few years. “We thought that fintechs would provide the chief digital threat,” say the authors of the report, however, it is becoming increasingly clear these e-commerce giants “are reshaping one industry after another, blurring sector boundaries as they seek to be all things to all people.”
The biggest threat to banks worldwide may be platform companies like Amazon.com and Alibaba rather than small tech startups that banks have spent the past few years preparing to compete with, warns a report by McKinsey, which adds that financial institutions need to continue to digitalise so as to protect up to 40% of revenues at risk by 2025. “We thought that fintechs would provide the chief digital threat,” say the authors of the report, however, it is becoming increasingly clear these e-commerce giants “are reshaping one industry after another, blurring sector boundaries as they seek to be all things to all people.”