Professionals from Coeus Consulting have helped a client in the banking sector find a digital partner, who will help modernise the bank’s core platform to adapt for the challenger bank market. In order to facilitate this, the consultancy helped draw up a rigorous contract for the partnership, as well as ensuring a competitive selection process to ensure value for money.

Throughout the banking new challenger banks and FinTechs are attacking business models, with newcomers rapidly making inroads into the sector’s profits by offering agile, digitalised alternatives. In retail banking, the disruption of challenger banks is visible across the value chain, from customer contact and lending to mortgages, payments and alternative financing. At the same time, the likes of Monzo, Starling and TSB have all launched a marketplace banking offering. In response to this, many traditional banks have looked to protect their market share by collaborating with digitally savvy startups, rather than fighting them.