07 August 2020
Issue #213 of the Fintech Analyst report looks the banking sector in the aftermath of the initial shock of COVID-19, and addresses their tech strategies, the pace of change and innovation, and the potential for a platform approach. It also looks at how registered investment advisors must adapt to the changing landscape and assesses the success of Revolut in comparison to Monzo.
How effective a bank-supported economic recovery will depend on banks’ resilience and health. EU and US banking systems in aggregate can withstand large-scale damage, but individual banks may not fare so well.
Aite Group: RIA systems post COVID
Registered investment advisors who do not adapt to the changing landscape will not survive, and vendors that cannot enable RIAs to address new challenges will either merge or lose market share.
As the pandemic-induced downturn worsens, two of the UK's most prominent neobanks are taking diverging paths. Revolut continues to defy gravity, while Monzo appears to be on shakier ground.
COVID has shifted the focus but will not dominate the future narrative. Leading banks are rebooting their strategy to capitalise on the pace of change and innovation and setting their course for the next decade.
Can an integrated platform approach address the need to drive strong identity and authentication, while supporting a high customer experience without escalating costs and manageability?
The short-term challenges of COVID have been addressed in the majority of cases. What remains are questions about the impact that it will have on bank technology priorities for the rest of 2020 and into 2021.
The shift to digital banking will outlast the COVID shutdown among US small to mid-sized companies, but executives are not prepared to give up their access to local branches and in-person meetings.
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