Millennials are one of the largest target markets for digital only banks as they attempt to cut into the dominant market position of traditional financial firms; Cogni is a new challenger bank backed by Barclays, Guggenheim Partners, the CXO fund and others; the bank is looking to provide an intersection of banking, commerce, and lifestyle in a single place; they are initially launching with fee-free checking accounts and free p2p payments to acquire millennial customers; “We want to be an operating system for users in the same way social media was in the early part of the 21st century, we believe banking is the next part of that ecosystem,” Archie Ravishankar CEO and Founder of Cogni said in an interview with Business Insider. “Lifestyles are changing and consumers want a better digital experience.”; similar to other digital banks they do not have a banking license and will use Community Federal Savings Bank to offer deposits. Business Insider