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An EY exec laid out 3 things digital banks like Chime, Monzo, and N26 need to avoid while battling fierce competition in a make-or-break year

  • 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.”
  • Click here for more BI Prime stories.

Upstart digital banks took center stage in the US in 2019 thanks to massive funding rounds and European-based startups migrating across the pond

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.

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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.

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