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Why US digital-only banks will keep growing in the next 5 years - Business Insider

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ICYMI: A friendly regulatory environment, generous VC funding, and consumers' lingering distrust toward incumbents will bring continued growth to US digital-only banks

of fintech unicorns, many of which hail from the US. Although US digital-only banks, like their UK counterparts, struggle with profitability, this steady stream of funding enables them to maintain a consistent pace of new product rollouts, which in turn strongly positions them to attract new customers.

its direct-to-consumer business as funds dried up in March—we expect levels to rebound before the end of the forecast period, boosting user growth for neobanks in particular.Although consumers still perceive incumbent banks as better able to protect their money than newer banks— during a crisis—incumbents may face backlash once conditions stabilize.

the crisis, consumer sentiment toward incumbents could decline once more. As a result, we think neobanks could benefit from being underdogs in the post-pandemic landscape, which could augment account holder numbers.Join other Insider Intelligence clients who receive this Briefing, along with other Banking forecasts, briefings, charts, and research reports to their inboxes each day.

 

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