Is Fighting Financial Crime a Tougher Challenge For Challenger Banks?
Challenger Banks have undoubtedly been a great idea as they have redefined banking with a brand-new model. But they cannot side-step the foundational principle, i.e. banking is a business of trust – something that can be impacted with just one unexpected incident. While their innovative customer-centric strategies make Challenger Banks agile and responsive, the rush to make customer onboarding fast and effortless also makes them more vulnerable to the growing threat of financial crimes.