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What is the outlook for a new challenger bank entering the market?

What is the outlook for a new challenger bank entering the market?

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FintechNews RoundupUSA
··1 min read

Level is a challenger bank which just launched in February 2020; the bank offers a deposit account through their app which features a high interest rate (2.1%), cash back, low fees and great user interface; similar to Chime and Varo they don’t have overdraft fees and allow employees to access wages up to two days early; however, their features are not unique in the market today and the bank faces an uphill battle in trying to get customers to switch bank accounts; Level makes their offering possible through a partnership with Evolve Bank & Trust; American Banker looks more into Level and interviews the CEO about their key differentiators. American Banker

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    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

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