The Revolution of UK and European FinTechs and NeoBanks.

The Revolution of UK and European FinTechs focusing on Challenger Banks

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The emergence of FinTechs and challenger banks in the UK and Europe has led to innovation and disruption all over the world.

FinTechs have challenged the way that people interact with their banks and finances, all over the world.

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The introduction of technological advances over the past few years has transformed the way financial providers interact with their customers. From online banking apps to online only banks, challenger banks are disrupting the market and revolutionising the way banking is viewed.

FINTECHS & CHALLENGER BANKS - EUROPE

Open Banking legislation, which allows banks to share customer data with third-party providers, and the implementation of the Second Payment Services Directive (PSD2), has had a positive and powerful impact on emerging challengers, making financial lives easier for everyone.

The UK is home to the most extensive network of challenger banks in Europe. Changing customer expectations and a shift towards digital banking have all contributed to a rapid growth of the industry.

They are also winning market share by putting customer-centric products in the heart of their business as they are able to respond to change and improve the user experience quickly.

Some of Europe’s biggest success stories mention Revolut, Monzo and N26, who are all differentiating themselves from other challenger banks by targeting specific customer segments and offering a more modern approach to traditional banking.

Responding to changing customer expectations and with an offering of a more comprehensive suite of solutions within the Smart Open Banking initiative, sync. is stepping in with a tailored proposition. Supported by innovative technology, sync. allows you to bring all your bank accounts together in one application, making managing your financial life easier and more simple.

"The UK is home to the most extensive network of Challenger banks in Europe."

FINTECHS & CHALLENGER BANKS - AROUND THE WORLD

Challenger banks are also gaining traction in many other regions of the world. New opportunities are emerging in Latin America, Southeast Asia and Africa for new players to disrupt stagnant industries.

In Latin America, where around 70% of the adult population doesn’t have a bank account, emerging NeoBanks are offering solutions to meet everyday banking needs. Nubank, for example, is tackling the bureaucratic nightmare of the Brazilian banking system by offering to serve people through mobile services to gain financial independence and to get access to fair credit products. This has disrupted the legacy of the traditional banking system.

Southeast Asia is a diverse and rapidly growing market and historically, an underbanked region. A large portion of the adult population in countries such as Thailand, Indonesia, the Philippines and Vietnam do not have access to the formal banking system.

FinTech companies are creating a presence in many rural parts, where change is driven by cheaper mobile phones and more affordable data plans, ready to adopt financial solutions via mobile devices.

BigPay, a recently launched NeoBank in Malaysia, offered a state-of-the-art technology platform, delivering transparent financial services across the Southeast Asian market, which has become the largest and fastest growing challenger bank in the region.

In parallel with the African continent, with the ever increasing rise of mobile phones, challenger banks now have the ability to penetrate a market where two thirds of adults do not have a bank account.

Tyme Bank, South Africa’s first challenger bank, disrupted the local banking industry by offering digital only banking services to its customers. Their ability to provide new customers with a Visa debit card via a Tyme Bank kiosk, located at various stores and supermarkets, has allowed them to rapidly meet the demands of customers not served by normal banking institutions.

FINTECHS & CHALLENGER BANKS - SUMMARY

In the past few years, we have witnessed a steady rise in international challenger banks due to the rise and successes of European challenger banks. They have redesigned the user experience worldwide and found their niche in targeting unserved or underserved demographics. Starting from scratch, they have managed to secure their position in the market while driving global innovation and making a permanent impact around the world.

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