The digital account opening space is heating up.
Large incumbent banks are having to look over their shoulder for the neobanks and fintech companies popping up everywhere as fintech technnology is lowering barriers to entry in the financial services industry.
As acceptance of digital banks (with no physical retail branches) are being accepted in general, more established banks with a network of branches also have an advantage over the pure digital banks.
As the race heats up for customers, it will be interesting how this race plays out and whether a consolidation is in the cards in the near future.
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