Challenger banks are small but innovative banking institutions that provide a modern, customer-focused service. This challenges the established banks. This means that the Challenger adapt above all to the new expectations of customers. They offer services that traditional providers do not and push themselves between customers and banks.

Here's a short overview of the current players in the market
The 'challenger' banking industry is one of the most fascinating examples of digital financial services strengthening, thanks to its pace of innovation and its strong focus on technology-driven customer focus. Challenger banking has evolved into a microcosm of fintech trends and innovation - with a level of competition and different trends across the various regional markets, making it an ideal observation ecosystem.

A Challenger Bank is a company that seeks to disrupt the function of traditional banks in a disruptive way. They have challenged the banking process with a new set of products and offerings that are highly digital, with new customer service channels, new processes, and/or a high degree of personalization that takes advantage of new technologies.
Emerging markets have emerged where challenger banks are using technology to capture customer segments that have never been on the radar of traditional bank organizations. A high degree of personalization based on this data, which is newly available, creates more relevant and meaningful offers and features.
Challenger banks definitely bring in opportunities and challenges for all involved ...

Link list Challenger Banks