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Europe's digital banks got a 'wake-up call' in 2020. And consolidation could be coming
In a year when online banking has taken off, you’d think it would be a golden opportunity for Europe’s digital challenger banks to shine. Research from Mastercard last month found that 42% of Europeans handle their finances digitally more frequently than they did before the coronavirus pandemic, while 62% are thinking of switching from physical banking to digital platforms altogether. But many of the so-called “neobanks” have stumbled in 2020, with the likes of Monzo and Revolut revealing deepening losses and getting hit with a multitude of complaints from customers about service. Monzo, whose founder Tom ... (full story)