How challenger banks can grow despite economic upheaval

Lola Neves

In times of upheaval, consumers turned to trust institutions and big brands. For smaller financial services brands, this can create an uphill battle to grow, especially in a category where inertia is an issue.

We’ve seen a ‘neo-bank’ and fintech revolution in recent years, with a raft of challengers emerging and disrupting the sector. The big challenge for these newcomers is to move into the mainstream in the face of major barriers, not least an uncertain financial climate.

The ‘neo’ or challenger banks are on the back foot when it comes to brand-building, with low awareness and a lack of understanding among consumers. When it comes to consumer behaviour, inertia is a key issue in banking. This inertia is particularly hard to overcome when you haven’t established your brand and people don’t know who...

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