Daily Review: Banks are Launching Own Digital-Only Banks in Response to Challengers

After a period of observation and learning, financial institutions are getting on the challenger bank bandwagon themselves, embracing digital transformation outside main business structures: digibank by DBS Bank, Incredible Bank by River Valley Bank, Popular Direct by Popular Bank, FNBO Direct by the First National Bank of Omaha, Finn by Chase, Greenhouse by Wells Fargo, PurePoint Financial by MUFG Union Bank, etc. Another bank, RBS, is now exploring the opportunities with its anticipated app-only offering.

While challenger banks launched by startup teams had the leeway to ...

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