Challenger banks have been a black cloud looming over the “big four” for the past few years. The traditional High Street banks have been braced for these challengers to shake things up and create an entirely new environment, just as budget airlines did to the aviation industry in the nineties. And with the UK’s FCA keen to see consumers benefit from “effective competition” for regulated financial services, the time seems right.
While those working in the industry are tracking every move of the challengers and what they offer, this awareness has yet to filter down to customers. With the big four still holding over 90% of the UK market, and consumer awareness of challenger brands failing to gain momentum, is the impending shake-up going to happen, and if so, when?
