Great deep dive on UK challenger banks & current state of their UX by @PeteRamsey. Speed is critical to effective disruptionThe series of articles looks how banks compare on account opening, making first payment, int payments etc
https://builtformars.co.uk/banks/ 
(1/n)

While globally, bank account can be opened in few/ many clicks - even in traditional banks, in India we still have to submit physical documents for KYC to our RM. Digital banking has a long way to go in India.
(2/n)

In the past 20 years, we have seen physical goods and services being sold online. Banking is one of the last few bastions of services still being delivered offline. Great thread on the sector dynamics:
https://twitter.com/lbvc/status/1267043586304065536?s=20
(3/n)

Neobanks seem to be the flavor of the season with VCs in India. Neo banks raised $116 million in 2019, up seven times year-on-year. While the figure is not huge, what’s striking is that many of these firms have raised seed rounds of $5-20mn on paper ideas alone.
(4/n)

The biggest traditional banks in the country are a part of the regulatory body that will dictate how the digital banking policy will evolve. Which means the incumbents may be using the digital upstarts to learn about the space and eventually regulate them out.
(5/n)

Neobanks are still quite a nascent idea in the Indian context, each trying to target a slightly different segment, and solve a slightly different problem. Great article by @vedicakant on the neobanking space in India
https://twitter.com/vedicakant/status/1259360778596937728?s=20
(6/n)

@Gaurav1105 in his podcast with @RavBhatia very beautifully explains the rise of neobanking in India (millenial expectations, non-transactional/ product nature of future banking, 0 marginal cost of customization etc) and how big banks view neobanks.
https://turnaround.substack.com/p/credit-cycles-neobanking-and-fintech
(7/n)

But neobanks in India have unique problems related to product, compliance, business model, revenue streams, customer ownership.They are largely building on top of incumbent products (lipstick on a pig). Thread on challenges facing Indian neobanks.
https://twitter.com/nbobba/status/1267684940138700800?s=20
(8/n)

Finding a winner in neobanks is difficult due to minimal product differentiation. Neobanks need first principle thinking,differentiated products as problems & business models that apply globally don’t apply in India. Will be interesting to see how this space evolves!
(9/n)