Zero overdraft fees. Early payday. Gamified savings.
These are some of the innovations of challenger banks that are gradually becoming more common at traditional financial institutions.
In some cases, such as proactive credit-building, banks are playing catch-up to challenger banks. In other cases, banks offer the more attractive product, such as higher limits on a broader variety of transaction types for customers if they overdraw, even if challenger banks pioneered the effort.
“Where the neobanks come off looking more proactive, more consumer-friendly, is the marketing,” said Emmett Higdon, director of digital banking at Javelin Strategy & Research. “More often the neobanks are positioning it as, ‘We can help you with that problem’ versus the banks saying, ‘We have a savings account for you.’ ”
Read on to learn about five product features that largely have their roots in neobanks but are catching on with traditional banks.
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May 11, 2022 at 01:10AM
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5 ideas traditional banks have borrowed from challenger banks - American Banker
"traditional" - Google News
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