Challenger bank

Overview

A challenger bank is a type of retail bank that has emerged in recent years to compete directly with the longer-established banks in the UK. These banks often focus on areas underserved by the traditional 'big four' banks, such as online banking and mobile banking services.

Key Features

• Online banking and mobile banking services

Challenger banks often prioritize digital channels and user experience, offering a range of products and services that are accessible through online platforms and mobile apps. They may also offer more competitive interest rates and lower fees compared to traditional banks.