Challenger banks blamed for tarnishing high street lenders' image.
Global Banking News-September 11, 2019--Challenger banks blamed for tarnishing high street lenders' image
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Global Banking News - 11 September 2019
Challenger banks such as Monzo, Revolut, and Starling have been blamed for tarnishing the brand image of traditional high street lenders.
Traditional lenders have lost a total of USD1.4bn in brand value over the last 12 months. Figures show that brands of nine of UK's biggest banks declined by an average of 7 percent last year. This means banks have lost a total of USD2bn of notional brand value.
The growth of challenger banks has been affecting the value of traditional banks.
It is believed that Barclays Plc (LSE: BARC) saw the biggest decline in its brand value among traditional high street banks.
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