Challenger bank

A challenger bank is a bank that's kind of like a new kid at school. Just like how new kids have to work hard to make friends and get noticed, challenger banks have to work hard to get customers and compete with bigger, more well-known banks.

But why are they called "challenger" banks? Well, it's because they are challenging the traditional ways of banking. They often offer new and innovative services like mobile banking, budgeting tools and savings pots that aren't available at the big banks. They also sometimes have lower fees and better interest rates.

Challenger banks use technology to make banking faster and easier. They don't have physical branches like traditional banks, but instead use apps or websites to allow customers to do things like deposit checks, transfer money, and pay bills from their phone or computer.

So, just like how a new kid at school might need to impress their classmates with their cool new toys in order to make friends, challenger banks impress customers with their cool new banking features. They are trying hard to show that they can be just as good, if not better, than the big traditional banks.