We interview Mark Miller, director of insights at Comperemedia, about what’s driving the popularity of challenger banks. Also known as neobanks, challenger banks are upstart banks that usually operate solely online, offer innovative features and tend to target specific groups of tech-savvy customers. Join us as we discuss what’s behind this innovative banking trend, how it’s impacting traditional banks and what the future holds for challenger banks.

Jump ahead to these highlights:

1:15 - About Comperemedia

1:35 - Background on challenger banks and what’s driving their success

2:23 - How challenger banks are differentiating themselves and the impact on traditional banks

3:35 - Who is attracted to challenger banks

4:37 - Customer expectations of challenger banks

6:48 - Challenger banks find riches in niches

6:33 - Challenger banks’ use of alternative data

7:44 - Regulatory landscape for challenger banks

8:26 - How challenger banks market to customers

9:07 - Consumer concerns about challenger banks

RESOURCES:
For more insights, check out the Comperemedia blog and Mintel blog. 

For more information about our podcast, visit https://www.equifax.com/business/data-dialogues-podcast/