FS Opinion – Digital and Challenger Banking…The New Norm?

    With the news that Fintech and WealthTech globally are really starting to motor (What do these 28 FinTech rounds from last week reveal about the industry) its safe to say that Digital and Challenger Banking is going to be the new “norm” in my opinion. The more traditional banks are now racing to digitalise to try and combat the steady march of the Neo Banking sector.

    Interestingly, I would anticipate the Asian market will be the next to really take off as the MAS in Singapore has started to change regulations allowing Neo Banking to enter the picture, following on from ASIC in Australia who made the change a few years ago with restricted banking licence.

    The global finance market is changing rapidly and its with great interest I see the levels of investment the FinTech/WealthTech and even traditional banking, are getting for the Digital Transformation era especially in consumer banking, perhaps more so in the payments sector which seems to have had a full rejuvenation with the onset of Digital Transformation,

    With these companies looking to provide “intelligent glue as I like to call it” for their processes and systems allowing for the customers to have the best “customer journey” as possible.

    Its going to be an interesting 2021 for the FinTech and Financial markets with the events surrounding 2020 and the global pandemic the way finance has traditionally done business will have changed forever, again just my opinion, but its leading to some very exciting and interesting fundamental changes in the market place.

    Nick Foggin

    E: nick.foggin@pskinetic.com

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