Investment and Banking Trends
Digital banking is a broad term for moving regular banking activities online, making banking more convenient.
The transition from traditional to digital banking has been gradual, with banks leading from the front.
That was until recent years, when fintech startups have innovated in this sector. With some companies completely revitalize this industry and innovating to create a product which consumers get great benefit from.
Digital Banks have been around for a long time, so why is it only in the last few years they have become common knowledge and common practice to use? Here we will look at some digital banks which have become very popular since their conception.
Digital Banks Monzo – 18,100/mo – Monzo Bank Ltd, is a digital, mobile-only bank based in the United Kingdom. Originally operating through a mobile app and a prepaid debit card, in April 2017 their UK banking licence restrictions were lifted, enabling them to offer a current accounts.
Revolut Card – 33,100/mo – Revolut Ltd is a UK bank that offers banking services including a pre-paid debit card, currency exchange, cryptocurrency exchange and peer-to-peer payments. The Revolut mobile app supports spending and ATM withdrawals in 120 currencies and sending in 26 currencies directly from the app.With a paid subscription to revolut you gain the ability to trade your currency into cryptocurrency. As well as many other benefits.
Starling Bank – 60,500/mo – Starling Bank is a digital, mobile-only challenger bank based in the United Kingdom, operating current accounts, business banking. Headquartered in London, Starling Bank is a licensed and regulated bank, founded by former Allied Irish Banks COO, Anne Boden, in January 2014.
Personal Finance AIThis new age of banking didn’t stop there. Some banks and fintech startups have created ai personal finance apps which identify where you are spending your money and gives you suggestions to save money. Many people lack financial discipline and this is the first step to helping people keep to saving each month. Meet Cleo – meetcleo.com has gained over £10 million in funding, in order to “Help Millennials Better Manage Their Money”
“In the future, people may not use a traditional bank accounts as their primary financial interface,” says Rob Moffat.PE
Investment Companies like Goodwin Law provide a way for technology companies and start ups the legal support to protect there Intellectual property, or make sure they are operating the the appropriate guidelines. This is especially important in ever evolving industries.
Private equity firms raise funds from institutions and wealthy individuals and then invest that money in buying and selling businesses. This is what happened to Meet Cleo, Revolut and Monzo!