People haven’t been willing to change their banks. It has been a lot of paperwork, and if you have a mortgage or other loans, it becomes more complex. People are also conservative with their money and hesitate with new, unknown banks and services that have no branches on the street. But is this finally changing, are people go after better usability and services?
It always takes time for people to change habits of a lifetime. The bank relationship is one of those inherited relationships, where many people still use the same bank as their parents used to. Banks are big black boxes, they have all kinds of services and instruments from normal accounts and home loans to investments instruments, derivatives, and investment banking services. Maybe their enhanced product range has also helped to retain customers.
Regulation for banks has become much tighter since the
There are already quite a few digital neo-banks (banks without any branches) that also handle KYC and AML requirements in a few minutes on a mobile without any paperwork. Most are still relatively small and many people have them in ‘test use’, only to move some money there and test mobile payments and other new things.
Now we start to see evidence that the situation is changing. People are more confident to use new digital banks and their services have also developed. Revolut and N26 are big digital banks in Europe, with already over two and one million customers respectively. Three million people in the EU is still a small number, but it is already a critical mass in some early adopter segments.
Transferwise has offered cost effective money transfers for years. Now they also offer bank accounts, for individuals and businesses, with many currencies. It’s easy to open an account in the Internet and handle all things globally in one place.
My point is not to market these services, but I have followed this market for years, and personally have also many international payment needs and for our companies that operate globally. I also seriously consider if it makes sense to pay higher prices and waste time for much more complex services with traditional banks. Especially when this involves opening a business account online in five minutes and getting confirmation two days later, or having to visit a branch a few times, collecting all kinds of certified documents and then waiting for weeks for a decision.
Basic accounts may be easy, but people and businesses have other needs, too. Now we also see more and more lending services that actually offer competitive interest and different kinds of loans for different needs. Usually the process of making an application is much easier. There are also digital investment and wealth management services.
Of course, some parties, including traditional banks, challenge these new banks and
Better data and better analytics also help make better loan risk evaluation, including better pricing of loans in the secondary debt markets. It also helps to offer better investment and wealth management advice. The time of those wealth managers whose core competence is to offer lunch and dinner will soon be over.
It is no longer complex developing these services. There are numerous finance IT back-office and finance engines available as a cloud service, that allow finance companies to focus on the core business. Availability of these technology services is one disruptor for the market.
It takes time for people to accept new things and they must be sure there is no risk for their money. The network effect will also be important in financial services. When we reach a critical mass, changes will happen very rapidly and people will move from old banks go after better services from new finance service providers. In the emerging markets people will go directly to these new services. It is hard to say, if big changes will happen in the mainstream in two, five or seven years, but it will certainly happen within the next ten years. As my banker friend said, we are approaching “the Kodak moment”.
This post originally appeared on Disruptive.Asia.

Jouko Ahvenainen is a serial-entrepreneur, Chairman of Difitek and co-founder of the Grow VC Group, a pioneer in new funding solutions, including equity p2p investments. He participated in changing US finance regulation, getting the Senate and President to allow crowdfunding and has worked with EU finance regulation. Jouko started his work with crowdfunding models in 2008.
Jouko is a founder, partner and board member in several innovative digital finance companies. Jouko is also an advisor for US, European and Asian investing and finance programs. He has especially worked to plan and implement models to get crowd investing and institutional investor models to work together.
Pingback: viagra otc
Pingback: cialis coupons
Pingback: where to buy cialis online
Pingback: canadian pharmacy cialis 20mg
Pingback: viagra 50mg
Pingback: best ed pills
Pingback: ed medication
Pingback: erectile dysfunction medicines
Pingback: buy cialis online
Pingback: online pharmacy
Pingback: Viagra or cialis
Pingback: vardenafil generic
Pingback: levitra dosage
Pingback: slot games online
Pingback: real money casino app
Pingback: viagra reviews
Pingback: casino online games for real money
Pingback: online gambling
Pingback: loan online
Pingback: quick cash loans
Pingback: free online casino games for real money
Pingback: best real money casinos
Pingback: online payday loans
Pingback: viagra pills
Pingback: best real money casinos
Pingback: real money casino android app
Pingback: best online casino for money
Pingback: generic for cialis
Pingback: 20 cialis
Pingback: generic for cialis
Pingback: generic for cialis
Pingback: jackpot party casino
Pingback: online casinos real money
Pingback: casino
Pingback: viagra price
Pingback: sildenafil 100
Pingback: purchase viagra online
Pingback: best generic viagra
Pingback: viagra canada
Pingback: purchase viagra
Pingback: cheap viagra online
Pingback: discount cialis
Pingback: when to take viagra
Pingback: generic sildenafil citrate 100mg india
Pingback: sildenafil
Pingback: generic viagra without subscription walmart
Pingback: where can i buy viagra in tijuana
Pingback: best price for sildenafil
Pingback: www.jueriy.com
Pingback: buy viagra on ebay
Pingback: buy viagra online
Pingback: buy reload viagra online
Pingback: buy viagra online
Pingback: buy hydroxychloroquine online uk
Pingback: viagra
Pingback: how to purchase Viagra 130 mg
Pingback: viagra
Pingback: Viagra 150mg usa
Pingback: Viagra 100 mg for sale
Pingback: Viagra 50 mg cost
Pingback: Viagra 120mg united kingdom
Pingback: cialis soft generic
Pingback: Viagra 200 mg nz
Pingback: Viagra 120 mg no prescription
Pingback: viagra prices
Pingback: order Viagra 50mg
Pingback: buy sildenafil
Pingback: cialis cost
Pingback: Viagra 25 mg without prescription
Pingback: Cialis 60mg pharmacy
Pingback: where to buy Cialis 40 mg
Pingback: cialis
Pingback: viagra cheap
Pingback: Cialis 20mg purchase
Pingback: viagra without prescription
Pingback: online viagra
Pingback: Cialis 20mg pills
Pingback: viagra
Pingback: Cialis 10mg purchase
Pingback: online cialis
Pingback: sildenafil 130 mg without prescription
Pingback: generic drugs
Pingback: levitra 10mg online pharmacy
Pingback: how to buy lasix 40 mg
Pingback: propecia 5 mg united states
Pingback: canadian pharmacy storm
Pingback: viagra prescription
Pingback: buy generic viagra online
Pingback: abilify 10mg tablets
Pingback: how to buy actos 15 mg
Pingback: viagra sans ordonnance livraison rapide
Pingback: aldactone 25 mg nz
Pingback: allegra 180mg pharmacy
Pingback: amaryl 2mg for sale
Pingback: cialistodo.com
Pingback: amoxicillin 500 mg pills
Pingback: antabuse 250 mg usa
Pingback: viagra online
Pingback: antivert 25mg without prescription
Pingback: strattera 25 mg without prescription
Pingback: aricept 5mg canada
Pingback: discount viagra master card
Pingback: tamoxifen 10 mg over the counter
Pingback: cheap cialis
Pingback: cialis effectiveness
Pingback: atarax 25mg pills
Pingback: buy avapro 150mg
Pingback: buying prescription drugs from canada
Pingback: avodart 0,5 mg uk
Pingback: viagra in hyderabad
Pingback: bactrim 400/80 mg without a doctor prescription
Pingback: cialis in ireland
Pingback: buy cheap viagra
Pingback: buy cialis online
Pingback: cialis results
Pingback: calcium carbonate 500 mg coupon
Pingback: canadian pharcharmy online viagra
Pingback: cardizem coupon
Pingback: viagra 100mg
Pingback: generic viagra without a doctor prescription
Pingback: cialis online
Pingback: how to purchase casodex 50mg
Pingback: catapres pharmacy
Pingback: ceclor usa
Pingback: ceftin 250 mg online pharmacy
Pingback: cheap viagra
Pingback: celebrex 200mg for sale
Pingback: celexa otc
Pingback: vacuum therapy for ed
Pingback: how to buy cephalexin 500 mg
Pingback: viagra side effects
Pingback: cipro 1000mg pills
Pingback: claritin 10 mg without a doctor prescription
Pingback: generic viagra online
Pingback: best online casino usa
Pingback: online casino real money usa
Pingback: casino world
Pingback: real casinos online no deposit
Pingback: real money casino online usa
Pingback: casino games
Pingback: online casino real money
Pingback: generic cialis
Pingback: casino online slots
Pingback: casino gambling
Pingback: doubleu casino
Pingback: direct line car insurance quotes
Pingback: infinity car insurance quotes company
Pingback: insurance quote car
Pingback: genuine viagra best price
Pingback: get a car insurance quotes
Pingback: cheap cialis
Pingback: online car insurance quotes
Pingback: viagra price australia
Pingback: car insurance quotes prices
Pingback: commercial car insurance quotes companies
Pingback: buy erectile dysfunction pills online
Pingback: viking insurance for car
Pingback: motorcycle insurance
Pingback: car insurance quotes companies ireland
Pingback: vacuum pumps for ed
Pingback: personal loans online no credit check
Pingback: fast payday loans near me
Pingback: payday loans with bad credit
Pingback: best online canadian pharmacy
Pingback: payday installment loans
Pingback: buying viagra online legally
Pingback: quick loans mn
Pingback: bad credit loan online
Pingback: payday loans near me
Pingback: personal loans bad credit
Pingback: buy amoxicillin online without prescription
Pingback: cbd oil discount coupons
Pingback: best cbd oil for pain for sale
Pingback: where to buy cbd oil online
Pingback: sildenafil tablets 100mg online
Pingback: cbd oil for sale free shipping
Pingback: online viagra canadian pharmacy online
Pingback: viagra cost in canada
Pingback: side effects cbd oil benefits
Pingback: payday loans
Pingback: generic viagra from us
Pingback: cbd hemp oil capsules
Pingback: cbd oil amazon
Pingback: viagra online canada no prescription
Pingback: c4 health labs cbd oil
Pingback: best online essay writing service
Pingback: write my papers
Pingback: Female viagra
Pingback: generic sublingual viagra 50mg
Pingback: genuine viagra
Pingback: buy essays cheap
Pingback: third grade homework
Pingback: can money buy you happiness essay
Pingback: online paper writer
Pingback: viagra pills over the counter canada
Pingback: fast essay writing service
Pingback: assignment operators
Pingback: writing essays services
Pingback: mass effect assignment
Pingback: cheapest cleocin 150mg
Pingback: female viagra tablets price
Pingback: clomid coupon
Pingback: Best viagra alternative
Pingback: clonidine prices
Pingback: clozaril pills
Pingback: 50mg viagra
Pingback: colchicine 0,5mg online
Pingback: symbicort inhaler for sale
Pingback: is generic cialis from india safe
Pingback: combivent 50/20mcg pills
Pingback: essay writing services recommendations
Pingback: coreg 3,12 mg otc
Pingback: cialis
Pingback: compazine 5mg prices
Pingback: coumadin 5mg canada
Pingback: where can i buy cozaar 100mg
Pingback: help writing an essay for college
Pingback: best research paper writing services
Pingback: real viagra pills
Pingback: Us viagra
Pingback: where can i buy crestor
Pingback: order custom essays online
Pingback: phd dissertations
Pingback: cymbalta otc
Pingback: essay marking service
Pingback: how to get viagra
Pingback: Get viagra
Pingback: i need help writing a thesis
Pingback: help me write a thesis statement for free
Pingback: i will pay you to write my paper
Pingback: dapsone 1000caps price
Pingback: ddavp 0.1mg united states
Pingback: depakote 125 mg uk
Pingback: diamox 250 mg purchase
Pingback: cost of differin
Pingback: diltiazem 60mg tablet
Pingback: doxycycline 100mg without a doctor prescription
Pingback: buy viagra online
Pingback: dramamine usa
Pingback: elavil otc
Pingback: erythromycin 500mg for sale
Pingback: canada drug pharmacy
Pingback: buy etodolac
Pingback: generic Zithromax
Pingback: flomax united kingdom
Pingback: flonase nasal spray generic
Pingback: garcinia cambogia 100caps tablet
Pingback: erectile dysfunction drugs
Pingback: geodon online
Pingback: where can i buy hyzaar
Pingback: order cialis
Pingback: what can i take to enhance cialis
Pingback: imitrex 25 mg united states
Pingback: imodium 2 mg generic
Pingback: over the counter viagra substitute walgreens
Pingback: viagra from canada
Pingback: check
Pingback: how long does it take viagra to work
Pingback: viagra connect usa
Pingback: how does viagra work
Pingback: northwest pharmacy in canada
Pingback: imuran 25 mg nz
Pingback: indocin tablet
Pingback: zithromax prescription online
Pingback: lamisil 250mg without a doctor prescription
Pingback: levaquin 750 mg no prescription
Pingback: generic viagra canada
Pingback: lopid pharmacy
Pingback: lopressor tablet
Pingback: luvox without a doctor prescription
Pingback: generic viagra 100mg
Pingback: macrobid over the counter
Pingback: how to buy meclizine 25 mg
Pingback: viagra forum canada
Pingback: mestinon 60 mg cost
Pingback: best ed drugs
Pingback: online drugstore pharmacy
Pingback: micardis 80 mg online
Pingback: uk pharmacy
Pingback: cheap Plaquenil
Pingback: mobic pharmacy
Pingback: Dramamine
Pingback: motrin 400 mg over the counter
Pingback: trusted online pharmacy reviews
Pingback: nortriptyline online
Pingback: online pharmacy canada
Pingback: periactin 4mg price
Pingback: to buy viagra in kuala lumpur
Pingback: phenergan tablet
Pingback: cheap plaquenil 200 mg
Pingback: cheapest prednisolone
Pingback: canadian online pharmacies
Pingback: prevacid united kingdom
Pingback: prilosec 40mg no prescription
Pingback: where can i buy proair inhaler 100mcg
Pingback: generic viagra
Pingback: procardia 30 mg pharmacy
Pingback: cheap generic viagra
Pingback: proscar 5mg pharmacy
Pingback: buy protonix
Pingback: provigil 100 mg no prescription
Pingback: pulmicort 200 mcg without a doctor prescription
Pingback: where to buy herbal viagra
Pingback: can i buy zithromax over the counter
Pingback: pyridium tablets
Pingback: ancef antibiotic
Pingback: reglan 10 mg tablet
Pingback: remeron canada
Pingback: retin-a cream 0.05% over the counter
Pingback: zyrtec prescription
Pingback: revatio 20 mg online
Pingback: risperdal 1 mg canada
Pingback: robaxin without a prescription
Pingback: rogaine online pharmacy
Pingback: seroquel united states
Pingback: singulair online
Pingback: order skelaxin 400mg
Pingback: spiriva 9mcg cost
Pingback: canadian online pharmacy viagra
Pingback: where to buy tenormin
Pingback: thorazine 50 mg without a doctor prescription
Pingback: toprol 100 mg over the counter
Pingback: mexican viagra
Pingback: tricor otc
Pingback: valtrex online
Pingback: vantin prices
Pingback: buy verapamil
Pingback: voltaren 50 mg australia
Pingback: cheapest wellbutrin 300 mg
Pingback: zanaflex 2mg uk
Pingback: zestril 10mg no prescription
Pingback: cialis soft pills
Pingback: zithromax 100 mg usa
Pingback: see this
Pingback: zocor uk
Pingback: can i buy zithromax online
Pingback: zovirax 800 mg usa
Pingback: zyloprim online
Pingback: how to buy zyprexa
Pingback: buy viagra pzifer buy echeck
Pingback: zyvox 600 mg tablets
Pingback: sildenafil uk
Pingback: tadalafil 40 mg uk
Pingback: furosemide no prescription
Pingback: antibiotic amoxicillin
Pingback: escitalopram 5 mg prices
Pingback: aripiprazole 10mg tablet
Pingback: cheap pioglitazone
Pingback: spironolactone nz
Pingback: ed meds online without doctor prescription
Pingback: fexofenadine purchase
Pingback: where to buy glimepiride
Pingback: meclizine 25 mg otc
Pingback: order leflunomide
Pingback: atomoxetine tablets
Pingback: donepezil online pharmacy
Pingback: anastrozole 1 mg canada
Pingback: buy viagra generic
Pingback: buy irbesartan 300mg
Pingback: where can i buy dutasteride 0,5 mg
Pingback: cost of olmesartan
Pingback: how to buy buspirone
Pingback: clonidine 0.1 mg online pharmacy
Pingback: cefuroxime 125mg online pharmacy
Pingback: citalopram 20mg australia
Pingback: generic cialis reviews
Pingback: cephalexin 500mg generic
Pingback: buy cialis online in australia
Pingback: cialis online
Pingback: ciprofloxacin coupon
Pingback: cialis online america
Pingback: clindamycin 150 mg without prescription
Pingback: cialis
Pingback: how to buy clozapine
Pingback: prochlorperazine 5 mg otc
Pingback: quickest way to buy viagra
Pingback: free generic cialis pills
Pingback: buy cheap prescription viagra online
Pingback: carvedilol 25 mg without prescription
Pingback: warfarin 2mg usa
Pingback: order rosuvastatin 5mg
Pingback: divalproex for sale
Pingback: tolterodine 1mg without a prescription
Pingback: canadian pharmacy generic sildenafil
Pingback: acetazolamide without a prescription
Pingback: order fluconazole 100 mg
Pingback: phenytoin 100mg cheap
Pingback: oxybutynin united states
Pingback: doxycycline without a doctor prescription
Pingback: how to purchase bisacodyl 5 mg
Pingback: venlafaxine without a prescription
Pingback: can you take cialis in the morning and viagra at night
Pingback: viagra generic
Pingback: amitriptyline 25 mg cost
Pingback: permethrin united states
Pingback: cheap erythromycin
Pingback: generic cialis
Pingback: 141generic2Exare
Pingback: where do you buy cialis online
Pingback: estradiol 2 mg price
Pingback: top ed pills
Pingback: fluticasone mcg cheap
Pingback: how to purchase alendronate 70mg
Pingback: ed remedies
Pingback: where can i buy kamagra oral jelly in melbourne
Pingback: nitrofurantoin cost
Pingback: wat is beter cialis of viagra
Pingback: discount viagra
Pingback: glipizide 10mg over the counter
Pingback: buy furosemide online
Pingback: lloyds pharmacy online viagra
Pingback: generic clindamycin
Pingback: cheap isosorbide
Pingback: order cefadroxil online
Pingback: wie schnell wirkt cialis
Pingback: loperamide 2mg without a prescription
Pingback: order trimox online
Pingback: precio cialis en farmacias
Pingback: azathioprine coupon
Pingback: generic for cialis
Pingback: propranolol 10mg canada
Pingback: current cost of cialis 5mg cvs
Pingback: viagra with paypal
Pingback: lamotrigine 200mg coupon