{"id":16088,"date":"2021-06-16T16:39:18","date_gmt":"2021-06-16T16:39:18","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=16088"},"modified":"2021-06-16T16:39:18","modified_gmt":"2021-06-16T16:39:18","slug":"how-challengers-banks-changed-retail-banking","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/how-challengers-banks-changed-retail-banking\/","title":{"rendered":"How Challengers Banks Changed Retail Banking"},"content":{"rendered":"<p>Challenger banks have gained traction over the past few years by developing streamlined, digital-first retail banking services such as checking and savings accounts, loans, insurance and credit cards. Challenger banks, which rely on mobile and desktop platforms as their main \u2018branches\u2019, first made inroads by developing different business models that charged customers transparent low fees, provided faster services and delivered better user experiences. They also targeted underserved clientele such as lower-income brackets and those lacking a credit history. The COVID-19 pandemic has further accelerated the growth of these digital-first banks as the masses embrace a more digital lifestyle. Seeing the proverbial writing on the wall, traditional banks are now scrambling to develop their own digital offerings and making significant investments into digital transformation.<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-16088 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor  27th February &#8211; 5th March'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-27th-february-5th-march\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/03\/finteh-daydzhest-27-fevralya-5-fevralya-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-14598\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14598'>\n\t\t\t\tBFC FinTech Monitor  27th February &#8211; 5th March\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Video: Big Data challenges and opportunities'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/video-big-data-challenges-and-opportunities\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/11\/Video-Big-Data-challenges-and-opportunities-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-13954\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13954'>\n\t\t\t\tVideo: Big Data challenges and opportunities\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Interest in central bank digital currencies surpasses that of Bitcoin'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/interest-in-central-bank-digital-currencies-surpasses-that-of-bitcoin\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/10\/e55a7203-5213-4af0-9de5-4a90bbf9c6e21-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-15457\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15457'>\n\t\t\t\tInterest in central bank digital currencies surpasses that of Bitcoin\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Challenger banks have gained traction over the past few years by developing streamlined, digital-first retail banking services such as checking and savings accounts, loans, insurance and credit cards. Challenger banks, which rely on mobile and desktop platforms as their main \u2018branches\u2019, first made inroads by developing different business models that charged customers transparent low fees, &hellip;<\/p>\n","protected":false},"author":12,"featured_media":16089,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[],"class_list":["post-16088","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-fintech","category-international-fintech","bulletin_edition-06_june-fintech-2021","bulletin_edition-fintech-2020","b_post_type-the-fintech-world"],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=16088"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16088\/revisions"}],"predecessor-version":[{"id":16091,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16088\/revisions\/16091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/16089"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=16088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=16088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=16088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}