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What Difference Three Decades Make: The Evolution of Direct Banks
February 18, 2019
The digital capabilities, customer experience and technology sophistication direct banks offer has changed significantly since the first iteration of direct banking—a telephone banking model that allowed customers to bank from home, outside of traditional banking hours--was introduced in the late 1980s. Yet, the same on-demand convenience that helped direct banks rise in popularity has maintained this banking model’s relevance in financial services for three decades (and counting).
We’re now seeing the savviest financial institutions evolve the direct bank model further forward, beyond the traditional focus on a deposit relationship. An increasing number of incumbent banks are launching direct banks with expanded offerings that include transactional accounts and customer experiences. This offers several benefits, including the ability to:
To see the many way other ways direct banks have evolved since the branch-less concept first came to market and learn the new market opportunities direct banks present for incumbents, challengers and neobanks, read the full “Evolution of the Direct Bank” infographic.
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Tags: Digital Innovation, Investments, Technology
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