In Q1 2019 alone, challenger banks secured a total of $704.6M — and now two of the world's largest neobanks are expanding to markets overseas:
, have already dipped into regulatory hot water, when concerns over security and customer service, respectively, arose. Expanding into new markets and onboarding more customers come with increased challenges in ensuring compliance. Hence, neobanks need to focus on meeting regulatory standards and fraud or money laundering protection to increase customer satisfaction and ensure future success.
While there's still time for incumbents to catch up with neobanks, they need to act quickly — and it all depends on attractive fees and rates.Just last week, JPMorgan Chase's digital challenger brand Finn shut down after the bank deemed it unsuccessful. This failure has been linked to lack of focus on Finn, as well as the brand not having any appealing offers that would push people to switch banks. Neobanks, on the other hand, are known for their attractive fees, which is one of their key differentiators to incumbent offerings. Hence, if incumbents want to catch up with neobanks, they need to ensure that their digital projects don't only have easy-to-navigate interfaces, but also include attractive offerings for users.1.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
UK digital bank Monzo takes first steps into U.S. marketFast-growing British digital bank Monzo is launching in the United States throug...
Consulte Mais informação »
UK app-only bank Monzo launches in the US to take on America's financial giantsBritish fintech start-up Monzo has selected Los Angeles as its initial U.S. base, and is looking to expand to other cities.
Consulte Mais informação »
KFC is launching a vegan chicken burger in the UKKFC is calling its first plant-based offering 'The Imposter.' The burger, which uses a Quorn fillet and vegan mayo, will be sold at select restaurants for four weeks starting June 17.
Consulte Mais informação »
UK signs Julian Assange's US extradition papersThe United Kingdom has signed an extradition request for WikiLeaks founder Julian Assange, who faces charges in the US under the Espionage Act.
Consulte Mais informação »
UK maritime safety body investigating 'incident' in Gulf of OmanAn oil tanker managed by Bermuda based shipping company Frontline suffered a fire on Thursday morning while sailing through the Gulf of Oman, a spokesman for the company told CNN on Thursday.
Consulte Mais informação »
Boris Johnson is making promises he cannot keep, says UK leadership rival StewartBoris Johnson is making promises over Brexit he will not be able to keep if he w...
Consulte Mais informação »