The top 10 considerations when building a digital bank
The rapid advance of technology has made the process of launching digital banks and spin-offs easier than ever. Billions of dollars have now been invested in the digital banking sector, whether that involves setting up fintechs, brand new banks or offshoots run by traditional financial institutions.
As the digital banking sector changes, transformation is being led by customers. The question is no longer if a financial institution should digitize but how quickly they can do it. To remain relevant to their clients, firms need to think backwards from how their customers wish to interact with them.
Unlike other industries, banks cannot “move fast and break things”, regulators take a dim view of broken financial products.
Is it possible to successfully bring together the dynamism of the start-up world with the security and stability of banking?
Should you digitize a traditional bank or launch a separate digital bank?
This is a very important topic to consider.
- What type of operation will it be?
- Will it replace or enhance an existing institution?
- If it’s a new venture, will it operate in partnership with a bank that already has a license, or source its own?
- Will it build, buy, or assemble the software components it needs to operate and provide services?
Whether you choose to build a digital start-up or digital spin-off, we believe there are 10 big considerations for you to bear in mind.
Read our whitepaper to find out more.
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