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The rise of data-driven, customer-centred models

All over the world, digital banking is emerging into a world where billions of people are comfortable operating entirely online and, in many cases, are growing up with a smartphone constantly in their hands. As internet access broadens, we are starting to see the fulfilment of Bill Gates' prophetic words about people needing banking, but not needing banks.

However, as we show in these pages, many businesses that start as digital banking alternatives progress to applying for full banking licences after trialling their services with consumers. Digital banking alternatives emerge from microfinance, from established industrial conglomerates, from frustrated entrepreneurs, from former investment bankers, from e-commerce platforms, from technologists, from social media networks and from messaging networks. It's a fascinating new world where banks can be put together by arranging digital modules and APIs to plug in to broader financial marketplaces. In this report, case studies have been carefully chosen to reflect this wide array of origins and intentions.

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