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Sector Analysis
Digital-Only Banks: Threat or Motivator?
The emergence of digital-only banks has piqued the interest of valuable and cheap-to-serve customer segments. Their efficient operating model has staved off the necessity of achieving scale for the meantime, enabling them to build propositions around specific customer segments whilst offering competitive rates, services, or value-added money management features. Hitherto, customer inertia and low brand awareness have shielded incumbents from fierce competition. This will not last forever. It is a window of opportunity that incumbents must seize to reduce the...
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Track & Monitor
FinTrack: November 2019
Every month, FinTrack showcases the latest innovations from financial services providers around the world. Each innovation is assessed and rated on key criteria, providing you with valuable insight. The provision of financial services is constantly evolving, with new technology having a particularly significant impact. Innovations such as digital delivery, AI, biometrics, and robo-advice are enabling providers around the world to offer new and improved services to customers that will improve the way they manage their finances. The growing availability of...
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Sector Analysis
Germany Retail Banking: Opportunities and Risks to 2023
Germany’s total loan balances outstanding (including credit card, personal loan, and residential mortgage balances outstanding) recorded a compound annual growth rate (CAGR) of 3.1% during the review period (2014-18) to reach €1.7tn ($1.9tn). The burden of household debt to GDP growth is lower than other developed nations around the world, as German consumers are more averse to debt and have a higher savings ratio. The German economy is characterized by income and employment growth that has provided a boost in...
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Company Insights
Competitor Profile: Cleo
Cleo is a conversational virtual assistant that allows customers to easily manage their finances. Developed in 2016 as a personal money management tool, Cleo now has 2.9 million users and has made over 850 million transactions. Cleo is aimed at tech-savvy 20-30-year-olds and has been designed to feel like talking to a friend on social media. While Cleo is also an account aggregator like Yolt, it is primarily designed to make personal financial management more interesting and engaging, as well...
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Company Insights
Competitor Profile: Up
Up is a mobile-only Australian bank and the creation of a collaboration between software company Ferocia and Bendigo and Adelaide Bank. The bank is currently growing at around 500-1,000 customers per day and is aimed at under-35-year-olds. The team behind Up has taken inspiration from UK challenger banks and personal financial management tools such as Monzo and Cleo, offering a wide array of new features to the Australian market such as Savers, which are similar to Monzo’s “Pots.” Up is...
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Company Insights
Enterprise Tech Ecosystem Series: National Australia Bank
National Australia Bank (NAB) offers personal, business, and private banking services to individuals, SMEs, and large corporates. Its major offerings include deposit services, loans and financing, insurance and investment solutions, superannuation services, cards, cash management, currencies and commodities, asset servicing, treasury and foreign exchange, and financial planning. NAB also offers specialist banking services to the health, agribusiness, education, government, franchising, and community service sectors. It has a presence in Australia, New Zealand, the US, Hong Kong, the UK, Singapore, Japan,...
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Company Insights
Competitor Profile: digibank
digibank is a digital-only bank that is available to customers in India and Indonesia. It was founded in 2016 as a subsidiary of DBS. digibank offers mobile banking through its app, which is available on both the Apple App Store and Google Play Store, as well as online banking through its website. This report provides information and insights on digibank, including details of its business and geographical presence; comprehensive coverage of its products and services; a comparative assessment of its...
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Consumer Insights
Germany Retail Banking Consumer Profiles and Analysis
Germany Retail Banking Market Report Overview The following personas have been created through a cluster analysis (Calinski-Harabasz criterion) of GlobalData’s 2021 Financial Services Consumer Survey in order to understand German survey respondents and their attitudes, preferences, and unmet needs from their main providers. These personas have been created using three core attributes: financial services provider preference, age, and marital status. This has led to the production of 12 distinct clusters, of which six personas have been extracted. The Germany retail...
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Analyst Opinions
United Kingdom (UK) Retail Banking Market Sizing and Opportunities 2022
United Kingdom (UK) Retail Banking Market Overview The UK retail banking sector has been resilient despite COVID-19. Residential mortgages and retail deposits showed weaker compound annual growth rates (CAGR) than comparable markets, although consumer credit lending recorded stronger CAGRs for both credit cards and personal loans than comparable markets (with the exception of Germany). The UK has witnessed a double threat to the economy in the form of uncertainty and external shocks caused by the 2016 Brexit referendum and the...
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