In the post-Covid era of accelerated banking sector digitalization, publicly owned savings and cooperative banks seem to be the ultimate throwbacks to the nineteenth century, when most of them were founded.
Local management – and, by extension, a deeply branch-based model of banking – is fundamental to both sorts of lender. That makes them seem diametrically opposed to the fast-growing and often international cloud-based neobanks of the twenty-first century.
But neobanks remain minnows in terms of lending.
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