Monzo, N26, Revolut, Starling and others ... There's a lot of them trying to expand a lot and hire a lot. Any ideas which is more likely to dominate over the rest? Any IPO in near future? Is it good idea to join them or are they bound to get crushed by the traditional players?
Agree ☝️ Banks are not innovative so will get taken over if they have good deposits or fail!
Why would you even need an online bank? I didn’t understand what benefits do these provide that current banks dont
Many will fail
Ok why do they feel there's so much market co capture? Just trying to understand this fintech side of startups
There’s a lot of articles if you google for it. Look for challenger banks or neo banks
Unbanked and underbanked population is YUGE. Not profitable enough for traditional banks due to cost structure so online banks are trying to tap this market. Marcus by Goldman Sachs is on to something big. Take a look at them.
Most will be crushed. Some will be acquired. No different than payments. Banks no longer try to create and innovate because they’re clearly terrible at it and don’t have idiotic VCs throwing endless amounts of money at experimental projects. We’ll sit back, collaborate and replicate (zelle) or acquire (wepay)