Deposit Security Gives Incumbent Banks an Edge

Fintech firms, especially digital banks, have captured the attention of investors and the overall financial service market in recent years with large financing rounds and slick products; recent issues at Revolut point to some of the problems with growing a fintech so quickly and using different means to acquire the proper licenses; UK based customers do not have full deposit security with Revolut through their e-money license; with traditional banks beefing up their digital offerings one has to wonder how likely is it for a fintech to truly compete on the high street bank level. Source.

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