Banks Say They’re Gaining Against Fintechs During Pandemic

Fintech startups chipped away at U.S. banks’ customer base for years, in everything from wealth management to consumer lending and beyond. Now banks says they’re taking some market share back.

Traditional lenders are seeing the coronavirus pandemic as weakening the upstarts that have been challenging them since the last financial crisis, with consumers seeking refuge with larger companies to cope with the outbreak’s economic toll. Clients are gravitating toward the “biggest, stable institutions,” Morgan Stanley Chief Executive Officer James Gorman said.