COVID-19’s ongoing impact on the world has certainly influenced the position of a number of Challenger banks in the US market, which are taking bigger and bigger shares in customer use everyday.
While traditional banks are trying to keep up with the increased rate of US-based Challenger banks expanding their digital banking possibilities, EU-based Challengers are slowly but steadily crossing over the pond to get their share.
To better understand how the market is steadily being reshaped, we chose to analyze 4 different scenarios each representing a digital banking functionality that is increasingly becoming popular among users. For this article, we will investigate which US banks offer currency exchange in a bank account, USD transfers in international accounts, investment options and virtual card payments after a customer has blocked a compromised card. Specifically, we will be taking into account and measuring their iOS capabilities.
Alexandros is the CEO of FinTech Insights, the ai-powered competitive analysis platform for digital banking leaders. FinTech Insights has helped some of the largest banks and financial institutions in the world with digital transformation projects. The platform exhaustively analyses 500K+ legacy banks' and fintechs' user journeys and lets you experience them just as a customer would, so you can find out exactly how your competitors have addressed common challenges, build on their success, and learn from their mistakes.