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Retail Banks across the globe face enormous cost for maintenances of bank branches, employees, Maintenances of ATM’s and kiosks and Service outlets to service their customers. As competition increases among the banking players, innovative technology solution
helps banks to provide mobility banking solutions to serve the customers without compromising on security and compliance as per regulatory standards.
Challenger Banks are small retail banks which are operational in the United Kingdom. These banks provide banking services through
Omni-channel platform to its customers. The Major advantages of challenger banks are
Some of the leading challenger banks in UK & Europe markets are MONZO, N26, REVOLT , Finn and Starling Bank .
In Near future, we can see only very few large banking players will have bank branches to serve their customers. As large banking players would like to have their own challenger banks, with help of their brand image & loyalty to attract more customer base
via digital banking platforms. As these new entrants will provide tough competition to existing banking players in terms of technology, revenue, growth & profitability.
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This post is from a series of posts in the group:
Digital Banking trends and Industry Intelligence for Bankers, Fintechs, and Solutions Providers