, have managed to add customers as well. The trio all have unicorn valuations, with N26 at $3.5 billion, Monzo at $2.6 billion and Revolut at $1.7 billion, according to their most recent funding rounds.
"You will always have a certain segment of the population that likes challenge banks and that is willing to give them a try," Bellens said. "But at some stage, once you've basically gone there, then that's [that]." Being able to quickly add features and services isn't just important as the challenger banks compete against each other. Its also one of the key competitive advantages the young companies hold over big banks — such as JPMorgan Chase, Citi, Bank of America, and Wells Fargo — where the vast majority of Americans park their cash.
Digital banks, Bellens said, are at risk of still playing second fiddle to traditional players, where customers might keep their "big money" because users feel "they're safe," he said.
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