Challenger banks explained: Emergence, challenges, compliance gap

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 ----- Ascertia has been delivering high-trust digital signature and PKI solutions since 2001. Visit our website: https://www.ascertia.com Read our blog: https://blog.ascertia.com Follow us on LinkedIn:   / ascertia   #Banks #ChallengerBanks #AscertiaOn