Banking

New Mobile-First or Mobile-Only Bank Offerings by Traditional Banks

MEDICI

For traditional banks that are trying to change themselves, they find that the digital transformation process is a long-drawn exercise that involves cultural change and organizational change apart from just the technology changes – this makes it not only a hard nut to crack, but a multi-year endeavor and something that costs a lot. Any evolution requiring multiple and varied changes to be made takes a significant amount of time and money when it comes to legacy institutions and their systems. Even then, the impact of the outcome is not certain or guaranteed. It may just happen that by the time you finish your digital transformation exercise, the best in class have moved the industry even further. As traditional banks are still figuring this out, they often find an innovative plan B that can be run in parallel – not as an alternative, but as a separate endeavor: a standalone digital banking offering that is entirely mobile-first, or even mobile-only. Between 1997 and 2019, there have been several traditional banks coming up with separate digital banking app/brand/tech platforms for customers as a new standalone bank.

At MEDICI, every quarter, we study mobile-first digital banking approaches taken by banks around the...

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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