Banks have always been top of the food chain. The threat of FinTechs (Challenger Banks are included in that term here) have done little to change that fact in terms of numbers of customers and sheer size. When the phenomenon of FinTechs hit the banking scene it was very much as competitors.
A Valentines proposal for Banks & Fintechs: Engagement, Partnership or Separation?
[fa icon="calendar'] 12-Feb-2021 08:39:25 / by David Woolcock posted in Banking, Regulation, partnership, Payments, challenger banks, digital bank, fintech
Are mobile payments a challenger? Ding-Ding, Round two!
[fa icon="calendar'] 01-May-2020 07:55:14 / by David Woolcock posted in Banking, Payments, PSD2, Banking Regulation, APIs, SWIFT, PRA, challenger banks, Growth
In my last blog, looking at the rise of the challengers to the traditional banking industry, I stated “these ‘lightweight’ contestants in the banking market have harnessed new technologies and processes to deliver a better customer experience.” The blog elicited a comment from Kevin Gillespie when posted on LinkedIn – “You missed the entrance of mobile phone companies in payments ... mPesa in Kenya is 45% owned by Vodafone and operates payments in Romania on the same platform ... the new competitors may not even bother to get in the ring and still win the fight as they invent new ways of exchanging value”.
Lightweight versus Heavyweight – will it always be a foregone conclusion in the ring?
[fa icon="calendar'] 16-Apr-2020 09:17:58 / by David Woolcock posted in Banking, Payments, PSD2, Banking Regulation, APIs, SWIFT, PRA, challenger banks, Growth
Since the Global Financial Crisis (GFC) the banking industry, especially in the UK, has experienced significant growth with the advent of the “Digital Challenger”. These ‘lightweight’ contestants in the banking market have harnessed new technologies and processes to deliver a better customer experience.