The most competitive digital retail financial institutions come all but from China, and the elite club of the top 10, representing all non-bank financial players, are exclusively from China, Korea and Australia
Globally, commercial banks have demonstrated that they are not the underdogs when it comes to growing the number of digital users. They compete well in most markets under review against the best neo-banks and digital financial institutions (FIs). However, the dramatic rise in digital user base of neo-banks in recent months may erode this lead.
Paul Heath, founding partner and chief executive officer, Koda Capital in Australia, believes the breakdown of Australian banks’ vertically integrated wealth management model has been brewing since the global financial crisis.