Challenger banks explained: Emergence, challenges, compliance gap

Описание: Put simply, a challenger bank is a newer, digital institution that competes with more established high-street banks. Challenger banks are driving digital transformation among the larger entities in the UK financial services sector.

These firms are app-based, technology-driven, and designed to be more user-friendly through faster onboarding, lower fees, and more favourable services.

While challenger banks have many positive attributes, there’s a compliance gap. Customers can install the app and sign up in minutes, but how can these banks prove that consent was meaningful and not just a matter of ticking boxes?

This #AscertiaOn episode delves more into the subject, hosted by Ascertia CPO Mike Hathaway and featuring independent lawyer Richard Oliphant and Ascertia Channel Manager Tanya Knight.

Timestamps:
00:00 Introduction to challenger banks and regulatory challenges
03:19 Understanding FCA's consumer duty and compliance expectations
06:20 The role of digital signing in enhancing compliance
09:17 Ascertia's solution for challenger banks
12:02 Balancing customer experience with regulatory compliance

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