Sign in


A Q&A with Liz High, EVP — Nymbus Labs

What are the core components of a niche?

It’s critical for a niche bank to have two major components.

  1. A clearly identified customer. While historically banks have customer segments, a niche bank identifies customers by common, unmet financial needs and emotional connections.
  2. Tailored products and services. Niche banks must go beyond putting a fresh paint of coat on existing products and services. Instead, they must innovate new features or combinations of features to solve their customer’s specific financial needs. …

Space for growth exists between traditional and challenger banking models.

Photo by Micheile Henderson on Unsplash

There are many ways to structure digital bank capabilities for growth while maintaining operational efficiency — a stand-alone innovation lab, a distinct digital line of business or integrating innovation into all new and existing operations.

But as banks compete to capture the 7.1 million unbanked U.S. households, it’s no surprise they’ve ranked business building as a top-three priority. In fact, a recent McKinsey survey found 65 percent of financial services saw revenue growth above that of their competitors as they extended their product offerings to engage new customers.


Niche is the new local

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store