Welcome to the Battle of the Challengers!
When the first challenger banks hit the market in the early to mid-2010s, nobody had experienced anything like them before.
Account open in under 48 hours? No queues or paper forms to fill in? Instant payment notifications on your phone?
Woah! Where do I sign up?
The landscape is very different in 2020.
But like traditional banks, not all challengers have progressed at the same pace or meet the high bar the trailblazers set almost a decade ago. So we started asking ourselves: who are the leaders? And, more importantly, what has propelled them to the front of the pack?
Our Battle of the Challenger Banks series is an attempt to answer these questions.
Every third Thursday of the month, we’ll be using our market intelligence platform Fintech Insights to look into a different aspect of how challengers do what they do and reporting our findings.
Ready to dive in?
But, wait a second.
Who are these challengers we speak of? What makes them “challengers” as opposed to traditional banks?
We had a pretty heated discussion at Scientia HQ. But we finally settled on a few criteria.
For us, a challenger bank is
Challenger banks do what traditional banks do, except they promise to do it better, faster, and more transparently. They’re more accessible and offer a smoother user experience. They have clear fee structures. And their savings and investment products tend to have higher interest rates than what you’d get from traditional banks.
In short, challenger banks work hard to make banking a pleasure, instead of an experience you break out in a cold sweat just thinking about.
MEET OUR CONTESTANTS
We’ve picked six prize fighters to kick off our battle of the challengers. They are:
We’ll be adding more Challengers to our list as we go.
HOW IT WORKS
We’ll be running our challengers through FinTech Insights to analyse their digital platforms, features, and overall user experience to uncover their strengths and weaknesses.
We’ll focus on:
LET THE BATTLE BEGIN...
So here we are.
The stage is set, and the contestants are all lined up and raring to go. It’s time for the first round: customer onboarding and e-KYC checks.
Who is going to snag the win?