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Challenger banks and neobanks are well positioned to meet the challenges and reap the benefits of the new digital economy. As market disruptors, they are shaking up traditional branch-based banking systems and forcing the industry to become more competitive and agile.
The resulting changes are a big win for consumers who need banking services and not just banks. In fact, the impact of this banking evolution has been compared to the digital disruption in other sectors like Uber and Lyft’s transformation of transportation where similarly, consumers emerge as the primary winners.
So, what is in store for the innovators of the industry in 2022? Here are the trends to watch: