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oapen-20.500.12657-532502023-12-05T13:44:52Z Chapter 10 Challenger bank as a new digital form of providing financial services to retail customers in the EU Internal Market Polasik, Michal Widawski, Paweł Lis, Andrzej bond markets; digital financial markets; digital financial markets; Digitalization of Financial Markets; financial institutions; financial markets; financial technologies; FinTech; ICT impact financial markets; information and communication technologies; stock markets bic Book Industry Communication::K Economics, finance, business & management::KF Finance & accounting::KFF Finance::KFFK Banking bic Book Industry Communication::K Economics, finance, business & management::KJ Business & management::KJD Business innovation bic Book Industry Communication::K Economics, finance, business & management::KJ Business & management::KJE E-commerce: business aspects bic Book Industry Communication::K Economics, finance, business & management::KC Economics bic Book Industry Communication::K Economics, finance, business & management::KC Economics::KCB Macroeconomics bic Book Industry Communication::K Economics, finance, business & management::KF Finance & accounting::KFF Finance bic Book Industry Communication::K Economics, finance, business & management::KC Economics::KCB Macroeconomics::KCBM Monetary economics ‘Challenger banks’ are banks or non-banking start-ups, the operations of which are based on digital technologies and which challenge big, traditional banks. It is a new approach to provide financial services, where an agile organization and new technologies are the key success factors. The aim of the study is to explore the operations of challenger banks and their new digital approaches to provide banking and investment services to retail customers as an innovation in the financial market. The case of Revolut is used as a unit of analysis. The study makes an attempt to identify and explore: (i) What product innovations have been implemented by Revolut in regard to the customers’ access to financial markets? (ii) How does Revolut compete with other challenger banks and traditional financial institutions? (iii) What are socio-economic consequences of innovations introduced by challenger banks? (iv) What is the legal formula of Revolut's operations? From the perspective of management theory, the study identifies the mechanisms of developing and implementing innovations in the financial sector, in the context of digital transformation and the changes in legal regulations. 2022-03-08T10:10:15Z 2022-03-08T10:10:15Z 2022 chapter 9780367558345 9780367558406 https://library.oapen.org/handle/20.500.12657/53250 eng application/pdf Attribution-NonCommercial-NoDerivatives 4.0 International 9781003095354_10.4324_9781003095354_10.pdf Taylor & Francis The Digitalization of Financial Markets Routledge 10.4324/9781003095354-5 10.4324/9781003095354-5 7b3c7b10-5b1e-40b3-860e-c6dd5197f0bb 9b47960a-f182-4557-808a-3578ee68ce99 405ca504-bdcb-41c2-aa6e-2af19926a275 9780367558345 9780367558406 Routledge 20 Uniwersytet Mikolaja Kopernika w Toruniu Nicolaus Copernicus University in Toruń open access
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‘Challenger banks’ are banks or non-banking start-ups, the operations of which are based on digital technologies and which challenge big, traditional banks. It is a new approach to provide financial services, where an agile organization and new technologies are the key success factors. The aim of the study is to explore the operations of challenger banks and their new digital approaches to provide banking and investment services to retail customers as an innovation in the financial market. The case of Revolut is used as a unit of analysis. The study makes an attempt to identify and explore: (i) What product innovations have been implemented by Revolut in regard to the customers’ access to financial markets? (ii) How does Revolut compete with other challenger banks and traditional financial institutions? (iii) What are socio-economic consequences of innovations introduced by challenger banks? (iv) What is the legal formula of Revolut's operations? From the perspective of management theory, the study identifies the mechanisms of developing and implementing innovations in the financial sector, in the context of digital transformation and the changes in legal regulations.
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