New business models, not new banks, are the real competition

An excellent summary from our friend Dave Birch on why traditional banks are not worried about “challenger banks” but about new fintech-based business models.

https://www.forbes.com/sites/davidbirch/2021/03/14/broke-challenger-bank-woke-challenger-money/

If the challenger banks aren’t really a threat to the incumbent giants, then who are their real challengers? Surely the threat is new business models, not new versions of the same old businesses.