{"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='FinTechHub created to train Russian youth in digital technologies'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/fintechhub-created-to-train-russian-youth-in-digital-technologies\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/03\/fintechhub-created-to-train-russian-youth-in-digital-technologies-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12416\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12416'>\n\t\t\t\tFinTechHub created to train Russian youth in digital technologies\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Fintech Solutions Can Help Consumers Achieve Financial Wellbeing'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/fintech-solutions-can-help-consumers-achieve-financial-wellbeing\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/02\/cabe7c70-3aed-462b-cf4a-85f6410f441e1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16994\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16994'>\n\t\t\t\tFintech Solutions Can Help Consumers Achieve Financial Wellbeing\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Singaporean mobile wallet providers form payment consortium'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/singaporean-mobile-wallet-providers-form-payment-consortium\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/cropped-image-of-woman-inputting-card-information-and-key-on-phone-or-laptop-while-shopping-online_1423-68-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9551\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9551'>\n\t\t\t\tSingaporean mobile wallet providers form payment consortium\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}]}}