Long gone is the era of queuing up in banks, speaking to customer assistants and tedious cumbersome paperwork. One marked change that has been the buzzword and the new characteristic of the last decade and continues to make waves in the industry is the rise of challenger digital banks.
With fintech experimentation and evolved customer experience, these emerging neo banks are broadening the competitive digital banking playing field in the UK. A step into the future, they are 100% digital and hence, have proven to be popular and disruptive within the fintech industry.
As these players allow people to take control of their finances and make better decisions, they are using cashless payments, blockchain technology, artificial intelligence and customers’ preference for mobile banking to increase penetration within and outside the UK market.
Catalysing the banking sector and showing huge market share growth in just a few years, the three biggest players in the field in the UK, namely Wise, Monzo and Revolut have also been in the news in the past few weeks for raising monster…
