According to a new study by consultancy firm A.T. Kearney the combination of digital only banks and the fact that customers don’t need to go to branches could have some European banks on the verge of collapse in a few years; “Not all banks will survive the tide of change as customers increasingly favour digital banks and innovative products and services,” said Simon Kent, A.T. Kearney’s Global Head of Financial Services, to AltFi; the study also revealed income per client had fallen 11 percent since 2008; the study does appear to be aggressive as a recent study by AltFi and Streetbees points to the fact that 95 percent of Europeans are happy with their existing bank; digital banks like Revolut and Monzo are impacting the market with a combined 6 million customers between them. Source.
