Banking is continuing to evolve and there has been a trend to talk about how the challenger banks will take...
Wells Fargo is still digging out from a PR disaster last week when the bank went offline for a large...
According to Techcrunch, UK digital challenger bank Monzo has quietly begun working on a US launch; they have setup a...
CYBG recently made a takeover approach of rival Virgin Money as challenger banks look for solutions in what has become...
The UK fintech sector has shaken off the worries of Brexit to take in the second highest amount of capital from VC’s in 2017; they have overtaken China and only trail the US in terms of VC funding; according to data from Innovate Finance UK fintech investment was up 153 percent in 2017 from the year earlier; 24 per cent went into challenger banks, 21 percent into money transfer and foreign exchange, 17 percent into alternative lending and financing and 11 percent into personal finance/wealth management; VC investment globally reached $14.4bn across 1,824 deals, representing an 18 per cent decrease from 2016. Source.
A new survey by credit card specialist Fraedom shows that 80 percent of banks believe challengers have impacted their business...
The UK’s banking market has seen a number of new entrants since the financial crisis but it hasn’t been easy...
In the UK Revolut has rolled out a peer to peer payments feature called “Near Me” which lets their users...
Savings rates at UK challenger banks are more than 1 percent higher than their high street counterparts; research by challenger Gatehouse Bank revealed the statistics; challenger banks and digital banks are still finding wide knowledge of open banking a challenge; “Sadly too many savers still opt for products from household names as they are unaware of the best buys that exist beyond the high street,“ said Charles Haresnape, CEO of Gatehouse Bank, to AltFi. Source.
UK based challenger bank Clydesdale and Yorkshire Banking Group announced they would increase minimum salaries by 11 percent in an effort to boost pay to their female workforce; the bank released news that men were paid 37 percent more than women, mostly due to men being in higher paying roles; the bank signed up for the government’s Women in Finance Charter to help increase their proportion of women in senior roles to 40 percent by 2020 and 50 percent in the long term. Source.