The landscape of business banking has transformed since the 2008 financial crisis. SMEs are no longer limited to using a traditional high street bank for their business banking needs, like they once were, as a range of challenger banks and alternative finance providers have emerged. They compete with the established names and give businesses more options to choose from to manage their finances
With over 27,000 SMEs switching to challenger banks in the first half of 2019, we look at how these newer platforms are changing the business banking industry.
What is a challenger bank?
A challenger bank is a small, retail bank that offers an alternative to the “big four” established brands. The majority of these challenger banks operate online and utilise the latest fintech, which means they can often provide a more flexible and specialised service to their customers.