The Real Challenge from Challenger Banks
This IDC Perspective discusses the competitive advantage that the modern neo or challenger bank has over traditional financial institutions. In the past, these types of banks had limited appeal and were based on simple strategies of cost savings, but today's challenger bank has an advantage deeply rooted in its IT agility."Neo banks finally have a chance to beat the traditional banks at their own game," says Jerry Silva, research director at IDC Financial Insights. "With their inherently component-based technology infrastructure, they are agile, flexible, and fundamentally able to connect to external ecosystems to provide products based on market demands."
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