The past decade has seen the rise of the challenger bank. It’s an agile, tech-savvy new prospect designed to place the consumer at the centre of the financial universe and rob legacy institutions of their fiercely-guarded market hegemony.
Whilst measures like PSD2 and the Capability and Innovation Fund have allowed numerous challenger banks to thrive in the UK, few have picked up the kind of momentum required to unsettle the City’s old guard. However, there are 4 digital banks who might just have what it takes. Monzo, Revolut, N26 and Starling are all making serious noise and here we’ll compare and contrast the fortunes.