Why is aggregated banking so popular in the US? Are there lessons to be learned for Open Banking?

Title
Somo Snacks
Published:
Winter 2019
Illustration:

Digital-only banks are increasingly popular in the UK, but neobanks have not quite had success in the US — at least not yet.

In this short Somo Snacks report, we explore why traditional banking is still the most popular choice in the US despite a 4 per cent closure rate of banks over the last 12 months. Are there lessons to be learned for Open Banking in the UK?

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