What lessons have challenger banks learned?

They have a business model that is digital to the core.

Put simply you cannot plaster a digital core over an incumbent bank.

A full digital core:

  • Enables them to innovate quickly
  • Offer a wide range of downloadable Apps
  • Onboard customers in a matter of minutes
  • Provide a wide range of tools that enable the customer to make the best financial decisions
  • Partner with innovative technology companies to speed up their time to market
  • Accumulate substantial amounts of data about their customers enabling them to target applications and service to grow their customer bases quickly
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