I currently don’t have an account with any digital bank but it’s something I have definitely considered. If I opened one, it will be because of the comfort they promise. Open your account in minutes and get your card delivered to your home, what’s not to love?
But therein lies one problem digital banks have. They are competing for customers who already have an account with traditional banks. They do not claim to be targeting the unbanked as one publication accused them of not serving the unbanked. And, not a lot of people are dumping their accounts with traditional banks, at least not yet.
In his latest story, Muyiwa examines what the real market opportunity is for digital banks and what growth could look like for them.
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