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Do We Need Challenger Banks? Do We Need Banks?
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Do We Need Challenger Banks? Do We Need Banks?

David G.W. Birch
Forbes, 2021
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Editorial Rating

7

Qualities

  • Innovative
  • Eye Opening
  • Bold

Recommendation

The past will not be prologue in the banking sector, according to this thought-provoking essay by columnist David G.W. Birch. Banks have long had a monopoly on savings, lending and payments, he writes, yet the logic of offering these services all under one roof is fading. Fintech’s ability to harness and parse large quantities of credit data presents new avenues for banks and nonbanks. Financial professionals will find Birch’s take on the future of the banking industry sobering but insightful.

Take-Aways

  • Traditional banks have long controlled consumer payment, savings and credit products.
  • The decades-old model of banking may not be well-suited to today’s capabilities.
  • Nonbank providers of banking services are stepping up to change the paradigm.

About the Author

David G.W. Birch is an adviser and writer who specializes in digital financial services.

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