2021 – the year of the Challenger Bank?
The answer depends on whether venture-backed bank alternatives are catalysts for change within the walls of traditional banks – or viable competitors with sustainable long-term business models.
CB Insights Analyst Conor Witt walks through everything you need to know about challenger banking’s challenges and opportunities heading into 2021, as well as what the implications are for incumbent banks.
Conor provides an overview of what to watch for Challenger Banks in 2021 to discover:
- What it will take for challenger banks to develop a meaningful share of the banking market
- How challenger banks are expanding beyond the debit card to diversify revenue streams and own more of the digital wallet
- How incumbent banks are responding to the pressure from challenger banks
- A walkthrough of how this information was generated, using data from the CB Insights platform
Conor Witt is an intelligence analyst at CB Insights where he covers fintech, banking, and payments. His work has been cited in Bloomberg, CNBC, TechCrunch, Wired, and the LA Times, among others.
Prior to joining CB Insights, he worked at Citi where he focused on corporate strategy and business development for the U.S. Consumer Bank. Before Citi, he was a strategy consultant at Capco focused on the financial services sector. Conor has a B.A. in government from the University of Virginia.