A report released by Burnmark studying challenger banks globally includes a market sizing of the space, along with some case studies on new technological models emerging in the sector.
The report notes that in the UK, over 30 challenger banks have applied for a banking licence in the past four years, but that just eight banking licences were granted by regulators between 2010 and 2015. In May 2016, Masthaven Bank received the first banking licence of the year followed by Starling Bank in July and Monzo Bank in August. The report says that the trend is similar in other parts of the world with the US, Mexico, Germany, France, China, Singapore and Australia launching challenger banks in increasing numbers. Challenger banking is thus fast becoming one of the largest categories by interest, and innovation, within fintech.
As well as listing the current challenger banks, the report also explores the geographies and markets where challenger banks are relevant, how regulatory regimes affect this segment of the banking sector, and the technology structures that challenger banks are using.
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The two partners said they will deliver a blockchain-based digital identity network for consumers to strengthen privacy and security for consumers.