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

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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