- Jan Bellens, a global banking and capital markets sector leader at consultant EY, spoke to Business Insider about what challenger banks need to do to stay ahead of the curve in a competitive field in 2020.
- Bellens said the current environment reminds him of how internet companies used to operate.
- “It’s all about customer acquisitions. We don’t need to be profitable,” he said of challenger banks’ approach. “I think that will continue. They will continue to push ads to add.”
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With so many well-funded competitors vying for market share, 2020 is shaping up to be a key year for the startups, commonly referred to as challenger banks or neobanks.
Jan Bellens, a global banking and capital markets sector leader at consultant EY, told Business Insider the landscape reminds him of another industry that rose in prominence a couple decades ago.
“Many of them are now running like the traditional internet companies.