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Challenger Banks Business Drivers and Success Imperatives

Challenger banks are steadily making a dent in the customer base of the large incumbent banks by offering higher returns and value on their service offerings.<br>Read more: https://www.cigniti.com/blog/challenger-banks/

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Challenger Banks Business Drivers and Success Imperatives

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  1. Challenger Banks: Business Drivers and Success Imperatives

  2. Challenger Banks: Business Drivers and Success Imperatives Challenger Banks are the new age banks that have come into existence riding on the waves of technological and regulatory enablement.  These banks, in general, are completely digital and don’t have a branch, saving loads of money, which makes the entire process convenient and cost-effective for the customer.  These banks build on the weaknesses of the incumbent large banks in terms of customer experience, legacy infrastructure, and slower adoption of industry trends while driving down the cost of service significantly.  The introduction of Artificial Intelligence (AI) among challenger banks, coupled with the pandemic, served as a game changer in the way people avail banking services.  Benefits of Challenger Banks: Digital or app-based banking has many more benefits. Some of these are that by not operating as an in-person branch system, they can avoid the high costs associated with it, which can be utilized into better services and innovation of products, and sometimes even by giving lower costs to customers.  

  3. Challenger Banks: Business Drivers and Success Imperatives While opening a bank account at any physical bank might take a couple of hours, with a digital bank, the process is done within a matter of minutes.  Consumers have more options than ever, and they continue to demand to have these options in all industries, which applies to banking as well. Maintaining higher levels of customer experience (especially for new age customers) such as convenient, easy, hassle-free solutions is key to business growth and retention. Cigniti, with its experience of being the core banking digital transformation and testing partner for pioneering mobile-only banks in the US and UK, has vindicated its capabilities in areas such as omni-channel banking, retail banking, corporate banking, centralized banking, mortgages, cards, and payment gateways. Cigniti has in-depth experience in testing across diverse industry standard products such as T24, Finacle, Flexcube, Bancs24, and Vision Plus, and compliance with regulations such as BASEL, BCBS 239, SEPA, AML, FATCA, etc. Need help? Talk to our Banking domain experts to learn more about the business drivers and success imperatives of challenger banks. Read the full blog to know more: https://www.cigniti.com/blog/challenger-banks/

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