Digital challenger banks stockpile cash at record rate

Digital challenger banks stockpile cash at record rate

The UK government has tried for a number of year to encourage more competition in the banking sector by supporting different initiatives to launch challenger banks. Its only in the last 12 months or so that the launch of Digital challenger banks has resulted in some real momentum in this sector. These exciting new startups offer a variety of useful tools to their target clients who prefer to do all their banking via smartphone apps. One gap in this market, however, is the absence of a Digital Islamic bank in the UK. Given that more than 50% of the muslims in the UK are below the age of 30, the potential for such a bank is obvious. However, the survey from Cambridge Judge Business School (see below), is required for a more scientific analysis of this issue. Please share this widely to your LinkedIn family.

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Ayaz Siddiqui, 14th August 2019

GRT Consulting

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