Business

Europe’s digital banking newcomers will find it difficult to weather the pandemic

As a study by Mastercard in November of this year showed, during the pandemic, the preferences of Europeans to use online banking services became more pronounced. Such preferences were stated by 42% of the survey participants. At the same time, 62% of respondents plan to completely switch to using digital banking platforms.

However, Internet banking companies are not always able to provide their customers with a high level of service. Numerous complaints against British tech companies Monzo and Revolut have resulted in significant losses.

Experts point out that fintech companies need to monetize their banking products and demonstrate the ability to make a profit, confirming their competence in this area.

Bung online bank founder Ali Niknam believes that not all digital banking startups will be able to survive the caused by the pandemic.



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