Challenger banks like Monzo, N26 and Chime pose a disruptive threat

Goliath begins to worry for David.

According to a recent survey, the main street banks believe that new companies like Monzo, N26 and Chime, known as competing banks, pose a significant threat to their businesses.

Fraedom, a credit card specialist working with companies such as Visa, SunTrust and the Bank of Montreal, asked bankers about the most important consequences for their business in 2019. The vast majority (80%) of competing banks have 30% considered new competitors as the biggest disruptive threat to their business in 2019.

Read more: Meeting of the new bank with millions of customers trying to disrupt the "contradictory" US banking system

As a result, the creation and improvement of current technology platforms are two areas in which bankers believe that investments will be made this year. Nearly half of the respondents said that the technology inherited from their company was the biggest obstacle to their development.

According to Deloitte, banks typically spend 80% of their technology budget on maintaining existing technologies, which is billions of dollars. Technology management has been a major driver of the recent SunTrust-BB & T merger.

Challenger banks' digital offerings have become increasingly attractive, especially for younger consumers. These new banks quickly seized market shares of traditional players, regardless of their luck. Chime, which would approach a valuation of $ 1.5 billion, opened 10,000 new accounts in 24 hours following the recent failure of Wells Fargo, according to Chris Britt, co-founder and CEO of Chime.

The big banks did not remain complacent, however. In addition to investing more in their technology platforms to deliver a better customer experience, they have been able to gain more and more technology talent outside of Silicon Valley.

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