We have been featured in the UKs single leading fintech-specific publication, the Fintech times.
Our own Jerry Young discusses how long-established building societies and smaller banks need to desperately re-evaluate their interactions with customers else they could be left behind with the new era of digital banks.
Even during a global pandemic, the UK’s ever-evolving digital banking sector refuses to stand still. Indeed, if anything, Covid has detonated a bomb right at the very heart of the UK banks’ digital offerings. According to a study by Salesforce, some 68 per cent of customers say that Covid has elevated expectations of their bank’s digital capabilities. Similarly, an Accenture study of more than 47,000 consumers reveals that more of us are being driven towards digital services because of the pandemic.
The global fintech market was worth $127.66 billion in 2018 and is expected to rapidly grow. Wall Street giant, JP Morgan, has announced it is to launch a new digital bank in the UK, operating under its consumer brand, Chase. It will be the second major US lender to enter the UK retail banking market, since Goldman Sachs started offering Marcus-branded digital savings accounts in 2018, and joins the British digital upstarts including Monzo, Starling and Revolut, which are also disrupting the market away from the six largest lenders.
Continue reading at The Fintech Times
