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Betting on ‘banking with backbone’

In a recent blog post, I floated the idea that it might be time to renew the ‘purpose’ of banking by incentivizing ethical behavior, and I asked whether challenger banks – such as Monzo, Metro, Tandem, Revolut, N26 et al. – are actually up to the challenge of rehabilitating the core of the banking industry, which has managed to entirely bankrupt itself of its own currency: trust.

From the 2008 financial crisis to the LIBOR scandal to the Wells Fargo debacle to the latest Barclays episode… well, need I go on? You get the point.

Trust is, unsurprisingly, a bust.

Customers, understandably, have had enough of bad bank behavior. And, AND … enough of reprehensibly bad customer experience.

At least, that is the conviction of neo-bank Aspiration and it looks like they’re not alone. A who’s who of celebrities, investors and celebrity investors joined forces to put their money where their mouth is and invest to the tune of $47 million – the largest Series B funding in FinTech investment history for an online banking company in the U.S. – in an effort to challenge the traditional banking industry.

Read the full article here.

Courtesy of finextra.com

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