WhiteSight

2023 Roundup: From Vision to Victory in the Race of Profitability

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Profitability Unlocked: Licences, Service, and Survival The rise of digital banks has sparked a paradigm shift in how we perceive financial innovation. Where once innovation was synonymous with towering skyscrapers housing corporate headquarters, it now resides in lines of code and algorithms powering mobile applications. It’s like the financial industry traded in its power suits for hoodies and traded floor plans for virtual spaces. Amidst the evolving landscape, digital banks have faced a wild array of challenges. This varied from securing essential licences to outshining traditional banks in the realm of face-to-face service or even having enough money to keep going until they become profitable. Our previous blog explored the tumultuous journey of failures and setbacks experienced by digital banks worldwide, leading to closures, market exits, license application withdrawals, or business pivots. We also penned a detailed blog highlighting digital banks that have cracked the profitability code amidst the chaos and what factors led to their growth. In 2023, fueled by our annual reflections and roundups, we witnessed numerous digital banks proudly announcing the achievement of their profitability milestones. While a few were highlighted in our previous blog, this marks a new chapter for them and others as they forge their journey.  […]

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