Digital-Only Banks

Barclays Rivals Goldman’s Marcus With Digital Bank

Barclays is ready to offer U.S. consumers a low-cost, digital-only bank that will directly compete with Goldman Sachs’s Marcus brand. Barry Rodrigues, CEO of cards and payments at Barclaycard International, told Financial Times that the new offering would leverage Barclays’ U.K. knowledge and expertise to create a checking account for its U.S.

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Australians Will Be Able to Sign Up to Digital Bank Volt With PayPal

Digital bank volt announces PayPal partnership as competition between new banks heats up. Despite not having launched to the public yet, new digital startup bank volt is already changing the way Australians bank through a new partnership with PayPal.

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Are Challenger Banks Challenging?

I keep seeing headlines about Amazon opening a bank, challenger banks pulling the crown off the incumbent banks heads, the end of old banks, the disruption of the system and the end of all traditional financial services.

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New Digital Bank “Up” Launches in Australia

New digital bank Up has officially launched in Australia today following a successful two-month beta trial with more than 1,500 customers. Up is a fully-digital, cloud-hosted bank run through an app offering multiple savings accounts, called Life Savers, with an interest rate of up to 2.75 p.a. and no fees.

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Mobile Bank N26 Launches in the UK and Plans US Expansion by Early 2019

German app-only bank N26 has launched in the U.K. and is eyeing another expansion to the U.S. in the first quarter of 2019. The Berlin-based firm, which is backed by Chinese tech giant Tencent, German insurer Allianz and PayPal co-founder Peter Thiel, said on Thursday that its services are now available in Britain, on a […]

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App-Only Banks Rise in Europe and Aim at Traditional Lenders

Tom Blomfield, a founder and the chief executive of Monzo, a banking start-up in Britain. The internet lets you run these traditional businesses at a fraction of the cost, he said.

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One Unintended Consequence of Lehman Collapse: The Birth of a New Kind of Bank

The collapse of Lehman Brothers 10 years ago wasn’t just a reckoning for the financial system – it was an epiphany for coders and entrepreneurs who thought they could do better. Lehman’s shuttering not only stunned nervous bankers, investors and savers.

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We Need to Launch a Digital Bank? OK, Here’s $3 Billion!

I recently blogged about JP Morgan Chase spending 10 billion a year on technology of which 3 billion goes into new projects. There were then several other announcements that caught my attention about Citibank and Bank of America investing similar amounts in digital.

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HSBC Plans Digital Bank to Counter Online Rivals

HSBC is close to launching a new digital bank known internally as “Project Iceberg” in a move to sink new competition from online upstarts. Europe’s largest lender has recruited more than 100 people to the secret project, based in offices in the Aldwych area of central London.

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Starling to Help RBS Develop Digital Bank

Royal Bank of Scotland (RBS) has reportedly enlisted the help of challenger bank Starling in its efforts to develop a digital bank of its own.

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Revolut Launches Metal Debit Card That Gives ‘Cashback’ in Cryptocurrency

Cryptocurrency users now have access to exclusive benefits and a shiny new way to make real-world purchases. Starting today, Revoluts heavy-duty, solid metal card is available, and it literally pays you to spend cryptocurrency. Revolut is a banking alternative that offers all the services of a regular bank, only digitally through its app.

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Comparing Digital Banks in Australia

Like many other parts of our lives, banking is becoming increasingly digital. Australia has a number of new digital banks, also called neobanks, promising to revolutionise the financial industry through the use of world-class technology and digital services.

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