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Tech challenge
Key points
- Challenger banks work in a different way from the traditional banks.
- The focus must be on the customer.
- Much of the technology used in tax compliance was built in the early 2000s.
- Machine learning would be well suited to tax transactions.
- Tax software must be intuitive and serve more of a day-to-day purpose.
Readers may not have heard of the term ‘challenger banking’ but they will almost certainly have heard of Monzo Starling and Revolut who are considered the ‘new wave’ of banking. They are still small compared with the traditional banking behemoths but they are catching up – fast. Monzo was recently valued at £2bn only four years after it was founded and a recent study conducted on behalf of Crealogix found that one in four UK adults under 37 use a challenger bank ( tinyurl.com/y5htp77b). These figures are hard...
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