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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

Joan Ng

Joan Ng

Published Wed, Oct 2, 2019 · 09:50 PM
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London

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 - possibly even less.

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