The USA market: are EU-based Challengers coming to rustle up some feathers?

COVID-19’s ongoing impact on the world has certainly influenced the position of a number of Challenger banks in the US market, which are taking bigger and bigger shares in customer use everyday.

While traditional banks are trying to keep up with the increased rate of US-based Challenger banks expanding their digital banking possibilities, EU-based Challengers are slowly but steadily crossing over the pond to get their share.

To better understand how the market is steadily being reshaped, we chose to analyze 4 different scenarios each representing a digital banking functionality that is increasingly becoming popular among users. For this article, we will investigate which US banks offer currency exchange in a bank account, USD transfers in international accounts, investment options and virtual card payments after a customer has blocked a compromised card. Specifically, we will be taking into account and measuring their iOS capabilities.

Read the whole study here