JPMorgan CEO Jamie Dimon believes that in the next ten years the market will see “very tough competition” between traditional credit organizations.

Bloomchain.ru reports that during a video conference with analysts, Dimon has said the banks “must be scared to death by it.”

“Naturally, we should be scared to death. We have plenty of resources and smart people. We just have to act faster and more effectively. If you look at our work, you can say we have done a lot, but other people have worked well too,” he said.

According to Dimon, he has already sent to his deputies the list of JPMorgan’s global competitors, featuring fintech companies like PayPal, Square, Stripe, and Ant Financial, as well as American tech giants such as Amazon, Apple and Google.

He has noted that oftentimes, JPMorgan’s competitors are also JPMorgan’s clients, but they will be able to stop using banking services in the nearest future.

Jamie Dimon believes the competition will be particularly tough in the payment market. He has revealed that JPMorgan is considering purchases and open to deals with payment market actors.

“I expect the competition to be very, very tough in the next ten days. I hope for a win, with God’s help,” said Dimon.

According to him, certain fintech companies are “examples of unfair competition practices and we will do something about it in the end.” Dimon has noted that many new layers get most of their profit from debit card transactions, setting “huge” commission fees.

Large banks are restricted in this regard by the Durbin amendment, which prohibits credit organizations with assets of over USD 10bn from setting inter-bank commissions higher than 0.05% from the payment amount plus USD 0.21 for debit cards. Most fintech companies are not regulated by this amendment. According to the U.S. Federal Reserve, the average commission fee these players set for debit card transactions is USD 0.54.

Jamie Dimon has also stated that such companies do not take sufficient measures to counteract money laundering and secure the privacy of personal data. In particular, Dimon pointed at fintech startup Plaid, which Visa wanted to purchase recently. According to Dimon, “some people are using the provided data unlawfully, for instance, Plaid does that.”

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