In his letter to shareholders last year, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon took note of the growing competition from the financial technology industry. “Silicon Valley is coming,” Dimon wrote. He meant it as a warning. It may be a truer one than he thought.
Silicon Valley is unquestionably shaking up the financial services sector. Last year alone, more than $19 billion in capital gushed into fintech startups running the gamut from payments to investments to lending.
