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Lessons from Britain's digital banking experience

UK experience with digital banks suggests consumer expectations will change, even if incumbents maintain an edge

Despite their strong start, digital banks are expected to face higher compliance costs. They also continue to be perceived as less safe or trustworthy than the traditional banks.


JOSH Longhurst has a savings account with the British bank Nationwide Building Society that pays him 5 per cent per annum on up to £2,500 (S$4,250) of his balance.

In comparison, the money he has stashed with digital bank Monzo will earn at most 1.7 per cent a year -...

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