PAYMENT SOLUTIONS
Nicola Mitchell , Head of Digital Marketing for UK neo bank Novus , said : “ According to a recent report from WWF and Greenpeace , if the UK ’ s biggest banks were a country they would rank 9th in the world for carbon emissions . At the same time , environmental awareness amongst UK consumers has surged in the past year , with 85 % now making more sustainable lifestyle choices , according to Deloitte ’ s latest Sustainable Consumer research .
“ The opportunity is clear : new players that combine intuitive user experience with simple , easy-to-understand sustainability features have a chance to stand out in a whole new way . It ’ s not about bolting on new products to an existing , already-broken system to put a bandage on a broken arm . It ’ s about reimagining the way we bank to make our money a force for good – an idea that opens up a world of possibilities to harness the collective power of our spending and ultimately make a tangible difference in the world .”
For Novus , this means partnering with different NGOs so that consumers can automatically support social and environmental causes when they use their Novus debit card .
“ There is a perception that traditional banks do not offer the customer experience or customer service that challenger banks provide ”
RICHARD LITTLE PARTNER AND HEAD OF CHALLENGER BANKS AND BUILDING SOCIETIES , KPMG UK
How will digital challengers transform banking ? So far , challenger banks and neo banks have spurred traditional players into accelerating their digital transformation , particularly during the COVID-19 pandemic , when more functions moved online . We have seen traditional banks roll out new features and cleaner functionality , but they have also acquired fintechs as a faster means of incorporating new products and services into their business . Usually , digital disruptors can reach a broader customer base by partnering with established institutions . Richard Little , Partner and Head of Challenger Banks and Building Societies at