As most challenger banks rely on transaction fees to survive, you’d expect a global economic downturn to hold them back. The threat is there, but right now, they’re thriving. In fact, over 40 new challenger banks have sprung up in the last year, and our data shows significant growth in the number of people logging into several of these apps monthly.

While success isn’t set in stone, fintech services and digital banks have a lot of great selling points. Many already offer real-time updates on spending, as well as budgeting and saving features, which will be incredibly useful as more start to feel the pinch.

Still, the opportunity is huge and isn’t being fully realized. Companies in this space could do more in terms of raising awareness, addressing security concerns, and offering educational resources.