/ Finance

The Problem With Challenger Banks

Free currency exchange, cheap money transfer, multi-currency wallets, budgeting, rewards and so much more. Challenger banks have become the talk of the fintech space in the past couple of years, and for good reason. They have managed to capitalise where traditional banks have fallen behind. With better mobile apps comes better accessibility and more control.

Mobile Challenger Banks - Challengers Or Complements?

As challenger banks are typically only available as mobile apps, they have chosen to prioritise the aforementioned everyday banking services which complement the better accessibility that comes with mobile-app banking.

But while challenger banks may be better for everyday tasks, they do not provide fundamental banking services like savings, loans, mortgages, etc; and if they do, it’s very limiting. This means that while challenger banks claim to be alternatives, sporting slogans like, ‘better than your bank account’ and ‘bank of the future’, they are only offering secondary services.

Necessity Of Traditional Banks

That being said, there is still a solution here. Most consumers who adopt current accounts with challenger banks will also keep an account with a traditional bank. This allows you to use one platform for money transfer, overseas spending, budgeting, etc. While using your high street bank for savings, mortgages and other fundamental banking services.

However, while this may save you time and money, it means more cards to carry, more passwords to remember, and a generally more complex experience. This is where synchronised finance has been introduced to the market by sync.money.

All Cards In One Solution

Firstly, like Yolt, the platform links your existing bank accounts to one platform, making them easier to access and manage. So even if you don’t intend to use challenger banks, this platform promises to simplify your banking.

Perhaps you want more than linked bank accounts? Well, sync. offers an ‘x account’ which links to your platform just like your other bank accounts. The x account is where you find the services typical of a bank account. Features like free user to user transfers, a multi-currency wallet, spending analytics and a number of features new to the challenger bank market.

So, is this the ultimate solution? An all-in-one platform for your existing bank accounts and an account for better everyday banking. This certainly seems to solve the trade-off between better banking or simpler banking.

Find out more at www.sync.money

By Sam Allen