1.1 Challenger Banks and Fintech

Question 1

Challenger bank (retail bank)

Answer 1

Relatively small, recently created retail bank
Good innovation and service
291 CB globally

Question 2

Three category’s for challenger banks

Answer 2

• banks with a high street presence
• digital only banks
• challenger banks focusing on business services

Question 3

Banks with a high street presence

Answer 3

Offer fully banking service through branches and digital channels
Examples - metro bank and virgin money
Nickel is a French challenger bank

Question 4

Digital only banks

Answer 4

No physical branches, exclusively app based
Main digital bank - Shawbrook, Aton bank, Monzo+ Starling bank

Question 5

Challenger banks focusing on business services

Answer 5

Example - Aldermore ( provided by providing services to SMEs

Question 6

Fintech

Answer 6

Financial and technology combined
It allows you to digitally access and manage your finances and make financial transactions.
156 new fintech unicorns (value more than $1 billion)
Have license to operate as a bank example Zopa

Question 7

Examples of fintech companies

Answer 7

Challenger banks
Payments processors
Budgeting apps