Challenger Banks

In the last few years, challenger banks sprang up in the UK marketplace offering customer friendly app & online based solutions and alternatives to the legacy banks. But most are still unable to provide meaningful lending solutions and so find it hard to step into the current breach immediately and win over customers desperate for choice. However, that will change, and I fully expect the gradual roll-out of services to include secured and unsecured lending products. Against this backdrop of the creation of a new financial services niche much of it in London, BREXIT reared its ugly head and started to create regulatory uncertainty and unintended consequences such that some challenger banks have already departed these shores (German bank N26 decision to depart in Q1 2020) & others are reported as thinking about it. At a time when we need as many industries as possible providing social distancing friendly services & non office-based jobs the UK simply cannot afford to lose yet another innovation sector. #saveourchallengerbanks

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