Jamie Dimon: Banks Should be “Scared Shitless” by Fintech Rivals like Paypal & Square

JPMorgan Chase's chief executive officer expects brutal competition in the payments sector in the next 10 years.

JPMorgan Chase CEO Jamie Dimon says banks should be frightened of the new breed of fintech players led by Square, PayPal, and tech giants.

“Absolutely, we should be scared s—less about that,” was Dimon’s blunt assessment in a conference call with analysts on Friday in response to the question about fintech players having ‘trounced” traditional banks in recent years.

“We have plenty of resources, a lot of very smart people. We’ve just got to get quicker, better, faster. … As you look at what we’ve done, you’d say we’ve done a good job, but the other people have done a good job, too,” said the chief executive officer of the banking giant with $3.4 trillion in assets.

According to Dimon, PayPal, Square, Ant Financial, Stripe, and US tech giants, including Google, Apple, and Amazon, are competitors that the banks need to keep an eye on. These rivals are also clients of the banks in many cases, he added.

“I expect to see very, very tough, brutal competition in the next 10 years,” Dimon said. “I expect to win, so help me, God.”

In some cases, the new players have “unfair competition,” which he says they will “do something about eventually.”

Dimon also called out digital currency-friendly payments start-up Plaid, whose $5.3 billion deal with Visa was scrapped amid a US antitrust suit, saying “people who improperly use data that’s been given to them, like Plaid.”

Both PayPal and Square support Bitcoin and cryptocurrencies, which Dimon has previously called “fraud.” Still, the bank has changed its tune on digital currencies and predicts a $146,000 price target for BTC in the long-term in its trajectory to achieve gold’s market cap.

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