January 28, 2019

Infographics Analyzing Incumbent Banks’ Standalone Fresh Mobile-First Offerings

Today’s story is about digital banking. There are many ways in which top honchos at banks think about embracing digital and using FinTech to their advantage. It could be buying FinTechs, accelerator/innovation programs or even digital transformation of the existing banks, amongst other options. One of the ways in which some of them have crafted their digital strategy is by building a separate digital bank of sorts. We analyzed online/virtual/digital banking initiatives/apps created by traditional banks all over the world. Our attempt here is to provide research-based insights and highlight digital banking initiatives. Important note: We are not including challenger banks like Revolut, Monzo, Starling, N26, and others like them. That is for another day/article. This analysis is focused on fresh online or app-based offerings by traditional banks. Firstly, digital/online banks aren’t a new trend. Since the 1990s, incumbent banks have launched online-only banks that offered banking services via internet/mobile/tele-network…

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