Tagged: banking challengers

Underserved Singapore based SMEs are Now Considering Switching to Digital Banks: Visa Survey

  Payments giant Visa recently published a study on Digital Banking and SMEs in Singapore. According to the report, 88% of Singapore’s SMEs are now considering switching over to an all-digital banking platform. These findings of the study have been released at a time when the… Read More

Switzerland’s Credit Suisse to Introduce App-only Banking Services to Compete with Fintech Challengers

Credit Suisse Plans New “CSX” Digital Banking Offering Switzerland’s Credit Suisse, a global wealth manager, has revealed that it will be introducing an app-only banking service, in order to compete with challenger banks. At the end of October 2020, Credit Suisse will launch “CSX” and… Read More

Digital Banking Platform Tonik Acquires $21 Million in Capital for Q3 2020 Launch in the Philippines

Tonik Financial Pte Ltd, a company planning to launch a digital bank in the Philippines, has reportedly secured $21 million in capital through a Series A equity funding round.  The round was led by major blue-chip venture capital investors, including Sequoia India and Point72 Ventures…. Read More

Traditional Banks and Digital Challengers are Doing a “Horrendous” Job when Processing International Payments: Report

Digital or neobanks are increasingly being used by consumers of all age groups for managing finances, and completing transactions. Despite the COVID-19 outbreak and resulting economic problems, digital bank Starling Bank recently secured £40 million in capital. Challenger banks aim to offer better services compared… Read More

The COVID-19 Pandemic Brings into “Sharp Focus” the Need for Incumbents to Learn from Digital Disruptors, According to Finastra Executive

Changes in consumer behavior and attitudes towards digital platforms have led to the introduction of virtual banking solutions in many countries across the globe. Digital banking licenses will be awarded to several new Fintech service providers based in Hong Kong, Malaysia, and Singapore. Wissam Khoury… Read More

Fintech Report: Traditional Banking Institutions Must Collaborate Effectively with Challenger Banks to Provide Customer-Centric Services

Capgemini, a French multinational corporation that offers consulting, technology, and various professional services, has co-published a Fintech report with Efma, a global non-profit organization consisting of banks and insurance firms that facilitates networking between key decision-makers. The World Fintech Report 2020 notes that even though… Read More

Post COVID-19: Lasting Impact on Society Following Coronavirus Crisis will Create Favorable Growth Conditions for Fintech Firms, New Report Claims

The Coronavirus (COVID-19) outbreak has had a significant impact on our lives and is changing the way we work, interact, and consume products and services. Finch Capital, an early-stage venture capital firm focusing on Europe and the Southeast Asia region, has published a report, titled… Read More

Digital Banking: There’s Still a Long Way to Go Before Neobanks in Asia Pacific Compete with Traditional Financial Institutions, According to Industry Executives

Yves Roesti, Sean Huang, Xuna Shao and Joshua Choy from Synpulse, a financial services consulting company, point out that most digital banks were launched without physical branch locations. What makes neobanks stand out from incumbents is their ability to leverage technology to differentiate their product… Read More

Fearing Fintech: 76% of Traditional Banking Executives Fear Competing Services Offered by Apple Pay, PayPal, Stripe, and Venmo: Survey

Traditional banking executives have expressed concerns about the increasing competition form Fintech firms or challenger banks. The Promontory Interfinancial Network recently published a survey that revealed that 76% of 543 senior management professionals, working at traditional banks, noted that they fear new financial platforms being… Read More

Banking Challengers Attracted Record Levels of Investments Last Year: Report

Digital Banking Banking challengers have been introducing innovative financial products in order to compete with traditional banks. Challenger or neobanks attracted $5.2 billion in funding last year, which is more than triple of what they received back in 2018 ($1.6 billion). Italy-based Nexi, a digital… Read More

New Israel-based Digital Bank Established by Tech Entrepreneurs to Begin Providing Services in 2021

A newly launched Israeli virtual bank founded by experienced tech professionals Amnon Shashua and Marius Nacht will begin offering banking services to clients at some point next year, according to an update posted by the financial institution on January 27. As of this report, no… Read More

Generation Z Still Listens to Parents When Selecting Banking Service Providers, Not Too Eager to Try Challenger Banks: Report

While it might be true that young people like to use innovative cell phone apps to streamline their daily activities, reports suggest that fancy software alone won’t necessarily help challenger banks when trying to attract business from Generation Z customers. This, according to a newly… Read More

Send this to a friend