Given the demise of Finn by Chase announced yesterday, American Banker talks with a number of industry insiders to get their perspective on what went wrong; there are other similar initiatives at other large banks so does this mean these efforts are doomed? One consultant suggested, “They failed largely because of an indistinctive digital banking offering”; another suggest banks need to offer something unique beyond traditional banks’ apps, “Establishing a separate brand and second app to do so has never worked out well for established banks.”; the CEO of UK challenger bank Monzo also chimed in on similar initiatives in the UK, “This has happened a dozen times over the last 10 years, I don’t think Finn is any different. It’s disappointing, but it’s fairly predictable.” Source.
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.