The Daily Dose

Over the past few years, a seismic shift has taken place in the world of retail banking. Traditional banks are now facing stiff competition from smartphone-only upstarts. In the US, there’s Simple, and in the UK, there’s Monzo, Atom, Tandem, and Starling. By and large, these are all very much in startup mode. They don’t offer the full range of services that an old-school bank would. But despite that, they’re soaring in popularity, particularly with millennials. This is largely because smartphone-only banks are more convenient, and tend to offer lower fees. For the past two weeks, I’ve been using Monzo near-daily. It didn’t take…

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