A new wave of foreign banks adds another competitive dynamic!
Foreign banks are seeking to gain access to the U.S. banking market. This is nothing new, but what is new is the type of bank. The new competition tends to be fintechs and neobanks with a digital-first approach. Some examples include OakNorth Bank, Revolut, and Nubank. These banks tend to be built around a customer-friendly digital interface. Younger customers are seeking a digital first approach. However, while the U.S. market can offer immense opportunities, it also presents difficult hurdles to overcome. Not all foreign banks have found success entering the U.S. market. Monzo, a U.K. based…
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