Episode Details
Back to EpisodesA new wave of foreign banks adds another competitive dynamic!
Description
Foreign banks are seeking to gain access to the U.S. banking market. This is nothing new, but what is new is the type of bank. The new competition tends to be fintechs and neobanks with a digital-first approach. Some examples include OakNorth Bank, Revolut, and Nubank. These banks tend to be built around a customer-friendly digital interface. Younger customers are seeking a digital first approach. However, while the U.S. market can offer immense opportunities, it also presents difficult hurdles to overcome. Not all foreign banks have found success entering the U.S. market. Monzo, a U.K. based fintech, recently decided to give up on its push into U.S. banking. Monzo decided to shift their focus bank to Europe where it gained a banking license in December. This episode reviewed articles from Bank Director and Banking Dive. The article from Bank Director is titled “Foreign banks set sights on U.S. expansion.” The Banking Dive article is titled “Monzo to close US operations, accounts.” Links to both articles are included below.
Link: Foreign Banks Set Sights on U.S. Expansion | Bank Director