EU watchdog says some banks too plodding to win fintech race

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium June 20, 2018. REUTERS/Yves Herman

LONDON: Banks saddled with bad loans risk being left behind by nimbler upstarts and Big Tech in the rapidly evolving fintech race, the European Union's banking watchdog said on July 3.

The European Banking Authority (EBA) looked at the risks and opportunities from fintech and its impact on the business models of long established lenders. Fintech refers to using smartphone technology like apps for financial transactions and payments.