Fintech companies have made a big impact on the financial scene since the open banking revolution began in the last decade, enabling customers to become the owners of their own financial data, something that historically has belonged to banking institutions.
19 November 2020
As their offerings have become more attractive, challenger banks are picking up customers at record rates.
This trend is set to continue in 2021, spurred on by the development of more open banking APIs and fintech companies with innovative ideas, like Karma who are looking to eradicate paydays, and others who allow the customer access to all their cards via a single card or to retroactively transfer payments to a preferred card.
Yes, the ease of partnering with start-up banks to provide real-value offerings to customers – the driving force behind the open banking revolution – will ensure fintech continues to flourish in 2021 and beyond.