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Challenging the challengers: Europe’s banks face the competition

Download the Economist Impact report today

Scrappy fintech firms and neobanks took the lead in using new technologies to provide better customer experiences, reach underserved markets. Now Europe’s traditional banks are fighting back.

  • New research from Economist Impact finds that European banks are more likely than other regions to expect neobanks to be their biggest competitors in the next five years – 35% in Europe compared to 25% globally.
  • However, payment players (36%) and technology providers (36%) continue to be top of mind, with payments being the space where European banks predict that new entrants will gain the most market share.
  • European banks are emulating the way that new entrants have used technology to reach new and existing customers and support them in managing their personal finances.
  • Over one in five see moving to public cloud as a strategic priority to ensure that their operations are agile and secure.

To learn more about the latest banking trends in Europe download the Economist report today!