Bank Challengers as an Alternative to Traditional Banking Model

Hidden bank fees, pointless products, as well as being regularly on hold waiting for assistance — this all makes clients frustrated, so they start looking for a more streamlined and user-friendly solution. This is where booming fintech banking startups may become real game-changers. Some of them have been on the market for a long time while others are just evolving. However, they are all entering the market intending to make banking a piece of cake and reduce the size of commissions.

So, without any further delay, let’s have a look at the list of the most popular fintech banking platforms in 2019.


Chime is a relatively young challenger bank that ensures fee-free checking and deposit accounts. Unlike traditional banks, it allows users to receive their salaries or any other types of payments two days earlier which makes it a tidbit among clients.


Launched by PayPal, Venmo has become one of the most popular software on the market of peer-to-peer mobile payment services. Not only does Venmo allow transferring funds to other users through the application, but it also makes it possible to accept payments as a business.


Simple was launched ten years ago to make banking an easy thing. While relying on modern technology, this branchless bank challenger enables its clients to create accounts with just a few clicks, access direct-deposited amounts of money, Visa debit cards, and more. This fee-free system also provides for 3rd party payment services like PayPal, Venmo, and Square, which helps to meet the needs of as many clients as possible.


Moven is another startup that was at the origins of mobile-only banking systems. It entered the market in late 2011 with an offer to register bank accounts using a mobile application. On top of that, Moven ensures real-time spendings monitoring which helps people save cash and spend it rationally.


Aspiration founders call it a community that has “set out to build a better world” and “bring the best financial solutions to everyone”. Spend & Save account with up to 1.00% APY interest, zero monthly fees, 5 free monthly ATM withdrawals, and no fossil fuel funding — it is all about the Aspiration platform. Among other extra features, Aspiration ensures deposit checks in the app, phone protection for free, bill payments schedule, Apple/Android Pay built-in, and more.


Like many other bank challengers, Varo guarantees fee-free and user-friendly mobile banking services. No ATM, foreign transactions, and monthly fees, paycheck up to two days early, and automatic savings tools are all available across this platform. Another thing that makes Varo stand out among other like services is the use of machine learning. With the help of algorithms, the platform predicts how much money left after monthly payments which you can spend without hitting your wallet.

Final Word

Summing up, the transition to more modern banking services can significantly improve clients’ experience and help you earn their loyalty. So, if you feel like it’s high time to leave the traditional banking system behind, come to and we’ll tailor a software solution right to your fintech company.

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