57 new banks in 7 years (UK only) – nothing wrong?

Interesting post from the Chris Skinner’s blog. Read full post here.

First new bank in UK in decades opened 7 years ago, Metro Bank. Now 57 (!) new are in process having or trying to get a banking licence. This post discuss positives and negatives and what hurdles besides financing and staffing these challenging banks are in to.

Biggest challenge I think is trust and in the long run, the game of gain and keep of customers. These new “digital only banks” will also meet fierce competition when all traditional is going more and more digital and they are (often) well financed and they have customers.

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