Please read what John Ellmore, Director, Know Your Money, has to say on how challenger banks are distinguishable for their modern fintech practices and how they further can differentiate.
Challenger banks have distinguished themselves by revolutionising the banking process. They pose a disruptive presence to retail banking across the value chain. It’s no secret that challenger banks employ attacking business models. With market saturation not far away, challenger banks can differentiate themselves more than ever and stand out from the crowd by -
1. Leveraging data they collect to generate insights, realise value and effect a hyperpersonal approach to their customers
2. Challenger banks would be well advised to seek streams of income from beyond the realm of traditional banking.
3. Driving down costs with digital capabilities by using data and analytics and leverage automation and AI to drive down the cost to serve, minimise human touchpoints and improve both cross-sell ratios and service levels.
4. Challenger banks would be well advised to vie for the finest talent by looking beyond the usual rewards to both attract and retain their workers.
5. Evolve the business strategy models
6. Reshaping the fintech ecosystem
Read on
How can challenger banks differentiate themselves?
Challenger banks are distinguishable for their modern fintech practices-but with market saturation never far away, how can they further differentiate?
