It's a smart time for incumbents like HSBC and RBS to assess their digital strategies to stave off the rising tide of fintechs and challengers:
And to complicate matters further for incumbents, neobanks are seeing strong along several axes: UK neobanks saw 5 million new accounts opened in the first half of 2019 alone, and average deposit balance among challenger banks — while still relatively small — has quintupled from £70 a year ago to £350 , While UK fintechs and neobanks are shrinking the gap, incumbents have a substantial window of opportunity to mitigate the challenger bank threat.
That might be because a narrow majority of UK consumers say they feel that a digital bank is a riskier place to store money than traditional banks, per research from Propeller Insights by ComputerWeekly. This suggests that incumbents that take action — like HSBC and RBS are — still have a chance to curb the threat from challengers by designing desirable digital offerings., Business Insider Intelligence's expert product suite tailored for today's decision-makers in the financial services industry, delivered to your inbox 6x a week. >>
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