COMMENTARY: NEOS v INCUMBENTS Banking breakthrough: How do the challengers really measure up?
Neos v the high streets: Whatt can they learn? Digital disruption in banking has been revolutionising. Emerging companies, offering incredible software solutions for digital banking, businesses promising to digitise and move core banking to the Cloud, and providers of market monitoring tools, allowing any bank to monitor its competition and itself, every second of the day, are leaders of this revolution.
Independent fintech expert Marcel van Oost compares two leading neobanks with two incumbents, one pair in the US and one pair in the UK, to see what room there is for mutual disruption
What is the cause, though? There must be a driving force behind this sudden need for digital transformation. The
banking industry has never shown such high interest in going digital – not until these last few years, with the emergence
32
ThePaytechMagazine | Issue 6
of digital banking services and increasing use of ebanking. Challenger banks have had a huge impact on this rush towards digital banking transformation. Mostly because of their nature. By definition, neobanks and challengers are built on a customer-centric approach, an ideology that puts the customers’ needs and desires at the core of product development. They are banks built by people, to cater for people. Putting their wishes and experience first is one of their main goals. www.fintech.finance