In a letter to its shareholders, Jamie Dimon, chairman and chief executive officer (CEO) of JPMorgan Chase & Co, believes that fintech poses a threat to banks around the world. In the 12 months ending March 31, 2021, the fintechs of the world received $91 billion in investment from venture capitalists. The $91 billion investment is an amount that may seem small, but which hides a threat to the comfort zone of traditional banks. For Jamie Dimon, the progress of technology companies focused on financial services must be closely monitored.

“Fintechs around the world are making great strides in creating digital and physical banking products and services. From lending to payment systems to investing, they have done a great job developing products that are easy to use, intuitive, fast and smart. We've been talking about it for years, but this competition is now everywhere [...] Their strengths are extraordinary, with ubiquitous platforms and infinite access to data,” he said.

Venture capital investments in fintech since the start of the 2nd quarter of 2020, represents 72% of the latest stock market value of American Express and 57% of Citigroup, one of the most diversified banks in the world. According to the number 1 largest bank in the world in terms of market value (496.7 billion $), in either case, the role of banks as financial intermediaries of choice will be reduced in favor of financial companies digital.