Challenger banks are a global phenomenon that is catching the eye of consumers.  Cool, agile, user-friendly, price worthy, and underdogs.  In the shadow of incumbent banks, challenger banks are biting at the ankles of their big brothers.  Consumers like challenger banks, with their creative marketing, personalized social themes, and friendly pricing they are becoming the “Uber” of the financial world.

But when it comes to cold cash, bread, bucks, moolah … people fundamentally distinguish between like and trust.

When it comes to banks – trust is an emotion that supersedes like, admiration, or even respect. People put their earnings/savings into banks and assume they will be safeguarded and managed on their behalf. They have faith in traditional banking systems, process and they rely on an infrastructure that they neither see nor comprehend. They depend on banks as a fundamental component of day-to-day life.  And, for the most part, once they have chosen a bank, they stick with it, rarely switching to another – even when there appear to be rational arguments for doing so.

For challenger banks to truly win the hearts of consumers and stay competitive they need to shift consumer perception from like to trust.  How can that be done?

According to a recent Recontour report, there are three main tech factors that would increase consumer trust:

  • Reliable fraud protection (36%)
  • Technology solves my problems (13%)
  • Useful mobile application (9%)

Better fraud protection capability stands out as one major trust-builder while designing technology that is useful, effective, and easy to use is another key area to consider.

This is exactly what Paygilant provides challenger/neo banks – robust fraud prevention and frictionless user experience.  With Paygilant, mobile and digital transactions become fraud-less, friction-less, and effort-less.

Paygilant’s unique mobile 1st approach integrates and correlates multiple intelligence sets to provide robust fraud prevention. Without impacting and imposing on the user, Paygilant operates in the background of the bank app to seamlessly alert suspicious transactions before they occur.