being granted preliminary approval for a National Bank Charter from the Officer of the Comptroller of the Currency . In the UK and Europe , the likes of Monzo and Starling already have such licences . There is , it would appear , much for incumbent banks and financial organisations to be concerned about . While several are making inroads into the development of their own digital hubs or acquiring and entering partnerships with innovators , competition from neo and challenger banks will only increase .
This subject was the overarching theme of one of Money20 / 20 USA ’ s leading keynote debates . The event , which took place in Las Vegas at the end of October last year , was dominated by several key topics , including the ongoing focus on customer experience and personalisation , the use of financial technology and innovations for good or social benefit , and the future of digital banking from a broader perspective . These ideas were neatly bundled into an hour-long debate centred on neo and challenger banks and their disruptive impact on the market . Aptly named ‘ Battle over Billions ’, the unique keynote panel discussion saw Chris Britt , founder and CEO of Chime , Judith Erwin , CEO of Grasshopper and Colin Walsh , CEO and cofounder of Varo , debate the need for an alternative to traditional banks , the importance of customer service and whether acquiring a banking licence can be a gamechanger .
On the shift towards neobanks , challenger banks and fintechs by
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