With Revolut kicking up a gear, the UK banking landscape is evolving, and incumbent lenders must innovate to maintain their market position.
As our Strategic Advisor, Jesper Ronald Petersen, recently told The Banker, the big four banks carry a lot of legacy cost, a lot of legacy infrastructure, and they’re not terribly agile.
With Revolut's UK banking licence opening doors to new lending products and primary banking relationships, there’s a clear opportunity for disruption, particularly in mortgages, where innovation could revolutionise the market.
Jesper highlights how challengers like Revolut could capture niches that traditional banks are overlooking.
Read the piece here:
https://www.thebanker.com/content/8ec96a85-a3f3-47ea-a586-ca068ca70b5c
Quotes from Oldenburg
“The big four, as good as they are, carry a lot of legacy cost, a lot of legacy infrastructure, and they’re not terribly agile. They exist because everybody trusts them and they are well established. They must be more innovative.”
“Revolut could revolutionise the market by taking up one of the better products like mortgages. There’s some obvious opportunities in that market for them that they could capture that nobody else is doing and that could be their niche.”
— Jesper Ronald Petersen, Strategic Advisor