Tagged: digital banks

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

90% of UK Freelancers and Small Business Owners Would Use All-Digital Bank Instead of Traditional Banking Services: Study

Approximately 90% of small business owners and freelance workers in the UK say they might prefer using an all-digital bank, instead of a traditional brick-and-mortar bank. This, according to a new study published by research firm Capterra. The study revealed that although 23% of survey… 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

Austrlia’s Digital Banks Xinja, Judo Bank, 86 400 Attracting Millions in Savings After Launching High Interest Rate Accounts

Australia-based digital banks Xinja, Judo Bank and 86 400 have been attracting millions of dollars worth of savings from the nation’s banking clients after the introduction of their high interest rate accounts. Traditional industry players like ANZ, Westpac, NAB and Commonwealth Bank have reportedly lost… 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

ZA Bank Ltd., first of Hong Kong’s Upcoming Digital Banks, to Offer Huge 6% Special Rate on All Deposits

The first of Hong Kong’s upcoming group of virtual banks has confirmed its launch with a 6% special introductory rate on all deposits. ZA Bank Ltd., which is notably one of eight companies planning to establish digital-only banking services in Hong Kong, has launched a… Read More

Bank Negara, Malaysia’s Central Bank, Is Reportedly Planning to Issue Five Operational Licenses to Digital Banks

Bank Negara Malaysia is reportedly planning to issue up to five operational licenses to qualified or eligible applicants in order to launch digital banks to perform either regular or Islamic banking business in the country. Malaysia’s central bank has issued the exposure draft on Licensing… Read More

PwC’s Financial Services Leader in Malaysia: “There’s a Very Good Opportunity Here for Banking Challengers”

Malaysia now appears to be a promising market for virtual or challenger banks, according to Big Four auditing firm PricewaterhouseCoopers’ (PwC) Malaysia division. The country’s reserve bank is planning to introduce its virtual or digital banking licensing guidelines for industry consultation. In a recent interview,… Read More

Monetary Authority of Singapore Posts Update on Digital Bank Application Process

Earlier this year the Monetary Authority of Singapore (MAS) revealed its intent to issue digital bank licenses. Announced in June, applicants have until the end of this year (December 31) to apply. This means a license for digital-only banks. Existing traditional banks that offer digital… Read More

Report: Irish Consumers Still Don’t Trust New Technology, Including Digital Challenger Banks

Offering more mobility and quicker financial services, challenger banks appear to be destined for success, however, the Irish consumers’ trust in new technology seems to be a major challenge to mass adoption. This, according to Fujitsu’s latest “From Demanding to Discerning: Tech and the New… Read More

Report: OakNorth and N26 Have Received the Most Funding Out of All US and European Digital Banks

Digital-only banks, or neo-banks, are not dependent on outdated, legacy financial infrastructure. These virtual banks are more efficient than traditional banking institutions because they operate without the costly networks of physical branches. Neobanks have been working towards transforming the retail banking sector in major financial… Read More

The Fed Cuts Rates by 25 Basis Points, So Does Robinhood

This afternoon, the US Federal Reserve cut its benchmark interest rate by 25 basis points. The Federal Open Market Committee decided to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent due to muted inflation and the “implications of global… Read More

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