The collapse of Lehman Brothers 10 years ago wasn’t just a reckoning for the financial system — it was an epiphany for coders and entrepreneurs who thought they could do better.
In Britain alone, the number of new banking players in the market has risen 63 percent since 2005, according to Accenture, and entrants have so far captured 14 percent of total revenues in the sector.
“Since the financial crisis, regulation and digital disruption has changed the banking landscape,” Julian Skan, senior managing director in banking at Accenture Strategy, told CNBC in an email. “We are now looking at a very different ecosystem from 10 years ago. More competition, more business models and more disruption to revenues.”
Skan added: “Although traditional banks still dominate the market, new players… are beginning to generate significant revenues and are challenging the competitiveness of traditional banks.”
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