A former digital banking executive from Lloyds Bank provides his criteria for the perfect digital bank; first, payments functionality should be seamless allowing customers to pay anyone easily whether domestic or international and always find the cheapest, fastest and most secure method; second, an integrated credit line that combines credit card, overdraft, personal loan, auto loan or mortgage with one payment per month; third, your bank should find you the best savings rate in the market and also help with retirement accounts and insurance; these three offerings would be supported by “intelligent advice” where the bank provides impartial advice on products best suited for an individual’s needs; today, no traditional bank or fintech offers all these solutions so we are still a long way off from the perfect digital bank. Sifted.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.