What the Surge in Fintech Launches Signals for Banking’s Future - From The Financial Brand

As data continues to emerge from 2020, it’s becoming clearer how much of an impact that extraordinary year had on financial institutions — both incumbents and their numerous challengers. Between year-end 2019 through three quarters of 2020, the seven neobanks cumulatively recorded user growth of 39%, adding about 11 million users. 

“We now are facing a generation of newer, tougher, faster competitors. I expect it to be very, very tough competition in the next ten years.”
— Jamie Dimon, JPMorgan Chase

It is true that for neobanks and fintechs, success is far from assured, however. For many of them, the future has become “feature functionality arms race” as players seek to convince people “why they should try us.” Features that a few years ago were a reason to bank with some of these players have become table stakes.  Read the whole article at The Financial Brand.