Traditional Banks v Online and Mobile Options

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Currently traditional banking is swamped with numerous competitive challenges, from competitors, some brand new, to others who have been around for a considerable time and are using the latest technologies.

Traditional banks see the disruptive changes that are taking place on the FS landscape and are adapting to their customers requirements faster, through innovation, whilst all the time meeting with the constant flow of regulations and still maintaining systems reliability.

All the major financial institutions consistently review their offering and with this in mind we thought we would outline below and list some of those competing against the traditional providers in FS.


The payment market has become ever more sophisticated and competitive. PayPal which was founded nearly 17 years ago was one of the original disruptors in #fintech moving in on the long established giant Visa to provide a safe way to make electronic money transfers between individuals and businesses, to make online purchases, and to set up a merchant account.

Now PayPal are feeling the heat with competition [in the U.S. only at the moment] from more giants:


Google Wallet - only in the U.S. at the moment

 Google Wallet - currently enabling users to make purchases through a mobile phone and on NFC- enabled smartphones to make electronic payments including paying bills and they have started to offer users free debit cards that can be used offline.

Apple Pay - only in the U.S. at the moment

Along with your iCloud account you will also need a supported card from a participating bank linked to Apple Pay - similar to Google Wallet the app supports NFC to enable contactless payment.


This interesting article from the Independent from April 2014 takes a look at how PayPal views Facebook stepping into the FS sector and giving their users the ability to transfer cash with their online friends.

Facebook: Socially Useful Banking


There is still some way to go in refining robust competition. Paypal and Facebook are not the only Giants taking meaningful steps in this space, just look at Amazon.Those that are already using their services can make payments using account credentials without actually using a credit card.

The global mobile payment market is estimated to reach over € 550 Billion in 2016, and with this in mind we have provided a list, not comprehensive, in no particular order and with no endorsement from Ostia, of fourteen online Financial Service providers as an example of the range of services and choice available.

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Written by : Ostia Solutions