An emergence of new technology and new start-up participants in the banking sector has caused a stir in recent years.
According to data from AT Kearny, more than one in five people in the UK use challenger banks in some shape or form. More than a third of UK residents in the millennial age group use a challenger as their primary bank.
The UK market is certainly one of the most populous when it comes to new entrants and challenger banks. Our own comprehensive list records over 100 of them.
The attraction for neobanks and start-ups is their ease-of-use and mobile application functionality. Fujitsu data from 2019 shows that 46% of people are interested in challengers due to their reputation for new technology.
But how do these new entrants really stack up against their competition in the UK marketplace?
FinTech Futures recently had the opportunity to get to grips with FinTech Insights, a digital banking analysis platform from Scientia.
The system allows users to compare and contrast a variety of features and functionalities inherent in banking applications, based on their real processes.
For the purposes of this test, we decided to pick out thirteen popular UK banks – both challenger and incumbent – and compare how their tech stacks up.
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