Banca Transilvania CEO about fintechs: Not profitable and possibly unsustainable

Omer Tetik, the CEO of Romania's biggest bank by assets Banca Transilvania, headquartered in the growing IT hub Cluj Napoca, says that the so-called 'fintechs', start-ups that provide financial services over modern applications, were not yet profitable, despite high promised growth rates, and their sustainability was questionable.

"Furthermore, an important element in the relationship between the bank and the customer is 'trust', "Tetik stressed, quoted by Economica.net.

"I think that the customers behave differently when they make a deposit or take a loan [compared to when they make a transfer or a purchase]," he explained.

"I still believe that if the banking system takes the right steps, we will still be far ahead of fintechs in many ways; from shareholding and transparency to services and products offered".

(Photo: Andranik Hakobayan/ Dreamstime)