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EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’ FreedomPay Drives Global Merchant Innovation FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds Ipswich Town Selects IFX Payments as an Elite Partner Baghdadi Capital Group Selects nCino to Power Global Growth and Expansion Strategy Zilch Unveils Intelligent Commerce & Zilch Pay to Power Next Phase of Rapid Growth Splitit Launches Partner Program to Power Installments for Agentic Commerce Keyrails Chooses Flagright to Power Real‑Time Transaction Monitoring and AML Screening Socotra Launches Agentic AI for Insurance Product Configuration iBanFirst Launches iBanPay, Its New AI Assistant to the UK NatWest Strengthens Support for UK Innovation Economy With Key Strategic Hires Moto and NCR Atleos Extend Collaboration, Expanding Self-Service Cash Access U.S. Bank Selected to Provide Custody Services for Reserves Backing Payment Stablecoins From Anchorage Digital Bank

January 19 2016

Challenger Banks: How Long Until The Digital Banking Revolution?

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“People don’t trust banks to not screw them over anymore,” a fintech startup founder told me recently, “but they do trust them not to lose their money.” It was a throwaway comment after a long interview about the company’s technology, as I was halfway out the door. The startup in question has a truly disruptive technology that’s become a genuine challenger to the status quo of banking, but as this founder new: this is evolution, not revolution.

Better, faster and more convenient ways of doing things may not be enough to steal people away from the established banks – at least not right away. Changing who you trust to look after your hard-earned money isn’t the same as trying a new payment app, regardless of how nifty it is. Choosing who to give your paycheck to can be a surprisingly emotional decision, bringing out a conservative streak. Big and lumbering as they may be at times, Barclays, RBS, Lloyds and HSBC have one major advantage: history. Just 3% of Britons changed their bank accounts in 2014, according to a survey by the Competition and Markets Authority. This isn’t just inertia either: a whopping 91% of respondents said they were “very” or “fairly” satisfied with main current account provider, which in over 70% of cases is with the Big Four banks.

This full article can be seen:

 

http://www.fusionwire.net/featured/the-hottest-little-bank-in-town-is-an-app-called-mondo/

 

By: Jessica Furseth : http://jessicafurseth.com

Jessica Furseth is a freelance journalist in London, writing about technology, business and culture. She loves the internet, but has too many tabs open.

  1. EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’

    The Fintech Magazine

     Read more
  2. FreedomPay Drives Global Merchant Innovation

    Event Videos

     Read more
  3. FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences

    Fintech

     Read more
  4. Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure

    Funding

     Read more
  5. Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds

    News

     Read more
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