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The financial landscape has transformed dramatically over the past decade. Fintech platforms like PayPal, Stripe, and Wise–to name a few–have emerged as formidable players, revolutionizing the payment experience with user-friendly interfaces and global capabilities. These fintech companies have, in many ways, leapfrogged banks and credit unions by addressing inefficiencies in payment systems and offering faster, more accessible services. But, despite this success, fintech companies still rely on traditional financial institutions to operate.
At Mozrt, we’ve identified an overlooked truth—people don’t want to leave their banks. They’re forced to, reluctantly, because their institutions don’t have the technology needed to offer the services fintechs do. The competition isn’t just between fintechs and banks; it’s about banks and credit unions missing key technologies that fintechs capitalize on. Our mission is to provide financial institutions with the tools they need to stay competitive, modernize, and win the full attention and loyalty of customers who have started looking elsewhere for financial services.
The Changing Competitive Landscape
Traditionally, banks and credit unions competed against other banks and credit unions. The competition revolved around offering better loan rates, credit card deals, or branch availability. But over the last seven or so years, the battlefield has changed. More than 73% of all businesses are now engaged in global commerce, yet many financial institutions haven’t modernized to meet this demand. Instead of being able to facilitate seamless cross-border transactions, most banks and credit unions still rely on outdated, paper-driven processes for international payments.
Fintechs saw this gap and pounced. They offered sleek, easy-to-use digital platforms that addressed these pain points. But here’s the catch: these fintech companies still rely on the banking infrastructure for key services, particularly when it comes to transferring money. They’re essentially bolted onto the bank’s system. This reality makes it even more clear why banks have the power to win the competition if they can step up to meet the demands of contemporary clients. That’s where Mozrt comes in.
Banks & Credit Unions: The Reluctant Heroes in the Story
It’s important to understand that the 9,200 financial institutions in the U.S. aren’t falling behind because of a lack of expertise or customer trust—they’re lagging because they don’t have the necessary technology to compete with fintechs. A staggering 81% of the U.S. population is banked, meaning most people already trust and rely on their financial institutions. The issue is that banks and credit unions don’t have the global payment capabilities, technology, or UX/UI that modern customers expect. As a result, people are reluctantly looking elsewhere, opening fintech accounts with new passwords, usernames, and security protocols, just to perform services that their banks should offer.
But what if those customers didn’t have to leave their institutions to get the same services? Banks and credit unions have one thing fintech companies can’t replace: a comprehensive suite of financial services under one roof. If financial institutions can integrate the right payment technology, they can offer an unmatched one-stop-shop experience that beats payment platforms every time.
Mozrt: Empowering Banks & Credit Unions with Technology
Mozrt’s approach is simple: we empower banks and credit unions to win. We’re not competing with fintechs or financial institutions; we’re here to ensure that financial institutions can compete with fintechs. We provide the technology and seamless access to global payment rails that banks and credit unions need to modernize their systems. For instance, many U.S. banks today can’t send money across borders efficiently—they rely on manual processes that are slow and prone to error. On top of that, very few financial institutions in the U.S. offer a modern digital experience. With Mozrt’s platform, we give these institutions access to everything they need to extend these capabilities out to their customers, allowing them to provide seamless, real-time international payments without customers ever needing to look elsewhere. Of course, this all happens on a modernized, easy-to-use interface.
We provide this infrastructure, connecting banks and credit unions with the tools they need to complete in today’s global marketplace. Our MFX platform integrates directly with banks’ existing ecosystems, enabling them to provide the same cutting-edge services that fintechs offer, but with the added trust, security, and comprehensive services that only a bank can provide. One of the most attractive parts of this approach is that the service is white-labelled, so customers have a consistent experience end-to-end.
The Future of The Fintech vs. Bank Competition
The question we pose is simple: if banks and credit unions can offer everything a fintech can, plus more, why would customers ever leave? The truth is, they wouldn’t. By giving financial institutions the technology they lack, we’re positioning them to win in the long run. Fintech platforms are, at their core, just a front-end interface that sits on top of the banking system. By innovating from within, Mozrt allows financial institutions to close the gap and offer the same, if not better, services.
Banks and credit unions have built decades of customer trust, but they’re facing new competition. We’re here to help them not just survive but thrive by providing the technology they need to leapfrog ahead of fintechs. With Mozrt, financial institutions don’t have to compete in a losing battle—they can win it.
In the end, the competition isn’t between financial institutions and fintechs. It’s between the banks & credit unions that modernize and those that don’t. Mozrt is here to ensure that financial institutions have everything they need to lead the next chapter in global financial services.
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