{"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='The Transformation of the Digital Banking Chief Information Officer (CIO)'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-transformation-of-the-digital-banking-chief-information-officer-cio\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2016\/10\/digital-cio-100693749-large-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-3672\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-3672'>\n\t\t\t\tThe Transformation of the Digital Banking Chief Information Officer (CIO)\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Using Fintech to Power Transformation and Inclusion'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/using-fintech-to-power-transformation-and-inclusion\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/05\/3439095c-b9a1-06e4-2733-6a5e84fd08cc1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16025\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16025'>\n\t\t\t\tUsing Fintech to Power Transformation and Inclusion\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='AI\u2019s Potential for Dishonesty Highlighted in Stunning Demonstration'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/ais-potential-for-dishonesty-highlighted-in-stunning-demonstration\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/12\/edb7d7d3-29e0-5f1c-0e3d-58b9aa4ad1981-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17388\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17388'>\n\t\t\t\tAI\u2019s Potential for Dishonesty Highlighted in Stunning Demonstration\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":[],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16088"}],"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}]}}