Our archives on Maya

Digital banks serve customers far more cheaply than incumbents, but most generate less revenue for every dollar spent on servicing. Nubank and WeBank stand out, generating 4.1x and 3.8x their servicing cost in revenue respectively, outperforming leading incumbents. Most other digital banks fall short of incumbent benchmarks, showing that lower cost-to-serve alone does not guarantee stronger economics.

GCash has evolved from a payments platform into a bank-like lender, with a loan book and profitability exceeding those of the Philippines’ licensed digital banks. Lending now drives growth, but rising credit losses pose a growing challenge to profitability. Without a bank’s deposit base or banking regulatory framework, GCash’s model combines competitive advantages with structural risks.

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