Lanistar is a proposed online banking provider scheduled to be launched in 2020 in the UK. The bank aims to be different from other similar banks that have propped up over the last few years. The experience with this kind of financial institution has been mixed, so far. There are some definite drawbacks with this kind of bank, the foremost being that they do not offer full-scale banking services. Other drawbacks include that they are short on value-added services. However, there are some advantages, too.
Digital-savvy
It captures the imagination of the public more easily. Its promises of a digital-savvy environment where going to the physical bank is not necessary at all appeal to the younger generation. Today is the time when countless start-ups are working day and night to become a one billion unicorn company. Do these start-ups have the patience required to deal with traditional banks? But these start-ups cannot work with modern financial institutions with doubtful integrity.
Transparency
Lanistar believes it can act as a game-changer. It promises complete transparency in its dealings with the customers. It believes that it can encourage and participate in the growth of its customers and their businesses. It will try to empower the customers to reach their full potential. Lanistar believes it can support the financial development of its customers by offering innovative ways of saving.
Customer-centric
It aims to become the most formidable player in customer-centric and technology-driven banking. It wants to position itself as a fintech start-up that would use technology as the main driver of its operations and offerings. It plans to introduce a payment solution that can make intricate transactions easy. It also plans to introduce the most secure and modern debit card.
Final thoughts
Lanistar aims to be one billion unicorn company and for this, it aims to leverage technology in a big way. The launch of Lanistar is awaited keenly by the banking industry.
