Thursday August 13, 2020

Banks face a battle to stay relevant

Start-ups, new regulations and changing consumer expectations are threatening one of the last bastions of the high street

1st March, 2020
New fintech players and so-called challenger banks such as Revolut, N26, Monzo and Bunq are offering innovative and intuitive new services over mobile devices.

When consumers opted to buy CDs and DVDs online, it led to the disappearance of HMV and Virgin megastores from the high street. But it turned out to be the start of a story, not the end, as physical media sales declined with the rise of streaming services.

The acceleration of internet-driven disruption has wreaked havoc on retail, yet banks still stand imperious on our high streets, despite a decade of consumer disdain for the...

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