According to a new report by Juniper Research the number of digital banking users could surpass 3.6 billion by 2024;...
Digital only banks have certainly attracted the attention of incumbents as they look to keep up with customer experience innovation; in the past year banks like Chase, RBS and others have started creating their own digital only brands; the digital only banks have been able to more easily create online marketplaces for products, better options for traveling and mobile workers and they have made the customers a part building the experience; this more nimble, quicker way of building has put pressure on big banks to keep up as many sizable banks have many layers of compliance and process to build. Source.
Digital banks have been presenting themselves as a more transparent fairer option than the traditional players; what these newcomers are finding is to scale and reach profitability they will need to figure out a way to lend that doesn’t strike the same tone as customers get from their typical bank; Tandem, Monzo, Starling Bank, Revolut and N26 have all started to roll out lending options in a variety of ways by using a tailored data driven approach; figuring out where the balance lies is the key piece if these banks are truly going to disrupt the banking system. Source.
Yesterday LendIt Fintech recently hosted a webinar called “How Increased Engagement Will Impact Fintechs and Digital Banks”; panelists included Colin...
[Editor’s note: This is a guest post from Ryan Weeks, formerly with Dow Jones and AltFi, covering fintech. This is...
According to a new survey by Cornerstone Advisors 6 percent of U.S. adults with a checking account consider a digital...
A new report by ratings agency Fitch says digital banks could be more vulnerable than traditional banks in the event...
Now more than ever it is important for fintechs to be on the top of their game when it comes...
The UK’s Financial Conduct Authority plans to move forward with overdraft changes in April which would allow for banks to...
Digital banking innovation is beginning to shake up the traditional bank market in South Africa; South Africa’s Reserve Bank issued...