By their very nature, challenger banks are more technology- and digital-focused in their operating models and service delivery compared to their traditional incumbent counterparts. After the financial crisis of 2008–09, the banking sector, especially in the developed markets, suffered a massive loss of trust and has been undergoing incremental reform ever since. To this day, legacy technology systems and processes remain constant for most banks globally. Traditional banks have been trying to adopt new technologies, but progress has been slow. These traditional banks are now facing competition from FinTech players and others that are young, dynamic, and more a ... |
