On this week’s episode of News& Views, sponsored by Vanta, The Fintech Times Podcast team speak about UK neobanks edging out traditional legacy banks in app downloads, according to a recent study by global software company SplitMetrics and explore whether enough is being done regarding inclusivity within banking services.
The conversation kicked off this week with a focus on the rise of neobanks with Francis posing the question – is this rise going to continue or will we see this 50/50 split between neobanks and traditional banks continue for the future? Due to the demand for digital services, and neobanks’ native capability of tending to this demand, Tom explained that he wouldn’t be surprised if the trend of greater adoption continued to swing in neobanks’ favour.
Following this, the conversation moved to inclusivity in banking services and some of the latest measures that have taken place. With Tom asking what needs to be done to increase inclusive measures, Francis said that he believes organisations will simply have to adapt to be more inclusive or be left behind due to the competitive nature of financial services.
By limiting the group of consumers an organisation can cater to, they are automatically giving themselves a handicap, so naturally, in order to have access to as many consumers as possible, Francis said firms are more likely to adopt inclusive measures.
Listen to News & Views Podcast on your favourite platform:
And don’t forget to check out the articles discussed below:
UK Neobanks Overtake Traditional Banks in App Downloads for First Time
Monzo, Bunq and Caixabank: Creating a Domino Effect to Foster Greater Inclusivity in Fintech
The post News & Views | Episode 180: UK Neobank Rise & Inclusivity Within Banking Services appeared first on The Fintech Times.
