THE DIGITAL-ONLY CHALLENGER BANKS EXPLAINER: The new breed of bank threatening to beat retail banks at their own game
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Weighed down by a sluggish global economy, turbulent capital markets, and heavier regulation after the 2008 financial crisis, many big banks have scrimped on innovation.
In doing so, they’ve failed to keep up with customers’ embrace of and demand for all things digital and mobile. That’s opened the door to a new breed of banks dedicated to delivering an optimal digital customer experience: digital-only “challenger banks,” or “neobanks.”See the rest of the story at Business Insider
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