A former digital banking executive from Lloyds Bank provides his criteria for the perfect digital bank; first, payments functionality should be seamless allowing customers to pay anyone easily whether domestic or international and always find the cheapest, fastest and most secure method; second, an integrated credit line that combines credit card, overdraft, personal loan, auto loan or mortgage with one payment per month; third, your bank should find you the best savings rate in the market and also help with retirement accounts and insurance; these three offerings would be supported by “intelligent advice” where the bank provides impartial advice on products best suited for an individual’s needs; today, no traditional bank or fintech offers all these solutions so we are still a long way off from the perfect digital bank. Sifted.
