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An EY exec laid out 3 things digital banks like Chime, Monzo, and N26 need to avoid while battling fierce competition in a make-or-break year

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  • Jan Bellens, a global banking and capital markets sector leader at consultant EY, spoke to Business Insider about what challenger banks need to do to stay ahead of the curve in a competitive field in 2020.
  • Bellens said the current environment reminds him of how internet companies used to operate.
  • “It’s all about customer acquisitions. We don’t need to be profitable,” he said of challenger banks’ approach. “I think that will continue. They will continue to push ads to add.”
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Upstart digital banks took center stage in the US in 2019 thanks to massive read more >>>

Source:: BusinessInsider.Com