Online marketplaces have enabled us to shop groceries, electronic gadgets and clothes online. Amazon, AirBnB, eBay and Alibaba are said to be the world´s largest marketplaces and for most of the people is the first gateway to discover and buy products. We can even buy insurance – health, life, product, liability, etc online. Gone are the days when we would visit an agent to know about the insurance offerings.
Banking is undergoing a major transformation with the introduction of Open Data culture being enforced in Europe and few countries in Asia in the form of Open banking and PSD2. EU wide and global banks are being born from ground zero. In Europe, N26, Monzo, Revolut, and Starling have been formed in the last 5-6 years and are spreading their wings like wild-fire across Europe and abroad. They have changed the way the users’ bank. You no longer have to visit a bank to open a bank account or to perform transactions unless you want to deposit cash which you can do in your nearest post-office. On the remittance front; Transferwise, WorldRemit, and Remity have revolutionised the digital cross-border remittance by shortening transfer time and offering lower rates than traditional leading players -Western Union and banks.
Big Tech 4’s – Google, Apple, Facebook, and Amazon have launched a number of initiatives across several countries offering payment-related services. Some have acquired banking licenses or are planning to acquire one. Google Pay, Facebook payments, Apple Pay programs are running in several geographies.
Let’s call the hypothetical future marketplace ‘GetYourBank’. Banking products will be commoditized in the next few years and that’s where GetYourBank fills the gap. GetYourBank will let you discover banks from across the globe. You will be able to compare different bank offerings – Credit cards, Debit Cards, Loans, Savings account, Interest rate, Current account, etc. and make a meaningful choice. If you are a long-term traveler or an expat and looking forward to opening a bank account in a foreign country, you will be able to discover eligible banks on GetYourBank. You will not only save time on your research, but you will also be able to filter out unpromising options. If you are a foreign student and looking forward to opening a bank account and student-friendly bank accounts, GetYourBank will have you in choosing the best option.
Here is a sneak a peek on the product’s strategy.
