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Internet banking attempts to shake up banking - again
Relaunched Internet bank, 20twenty, has chosen to create its own playing field and be the 'un-bank' in the hotly contested banking market. The new entrant has used all the clichéd, negative sentiment which exists in the consumer's mind towards banking and turned this into a proposition.
But, what about the importance of being full service, having a bricks and mortar presence and being a big, credible, safe name? Furthermore, will the recent efforts (internet banking, cell phone banking, increased competitiveness on interest rates etc) of the big four banks, decrease the divide between them and the 20Twenty's of the world?
20Twenty's fate will reveal the answers to these questions. If it can stand up to the operational challenges of banking, overseas examples of 'unbank banks' (firstdirect.com, egg.co.uk, goldfish.co.uk etc) indicate that they will survive and become a player in the market.
The marketing approach which they have adopted is referred to as the 'Challenger strategy'. Taking the challenger approach gives a company and its people a definite purpose - they are always seeking to find better, more aggressive and more creative solutions to problems.
