Three-tier challenger landscape in 2026

About this episode:

For years, banking has been framed as a battlefield: incumbents defending their turf while fintech challengers attack with better tech and customer experience.

But in 2026, that picture may have changed.

Ross Gallagher and David M. Brear (11:FS) are joined by Richard Davies (Allica Bank) and Sophie Guibaud (Building Alpha) to explore how the banking battlefield has evolved - and whether it has gone three-dimensional.

From challenger bank profitability (Monzo, Starling, Revolut) to embedded finance, Big Tech and infrastructure platforms, the panel asks where power in banking really sits today - and what the next structural shift might be.

This week’s guests:

Richard Davies - CEO of Allica Bank  

Sophie Guibaud - Strategic Sparring Partner, Building Alpha

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About Fintech Insider:

Fintech Insider by 11:FS is a bi-weekly podcast that covers everything from finance and banking to technology and the latest trends in financial services.

Our expert hosts, with hands-on industry experience, are joined by key decision-makers, VCs, and top reporters from across the financial landscape, including guests from companies like Stripe, Revolut, Plaid, PayPal, and Monzo. Together, they break down the biggest news and innovations shaping the space.

Our weekly news show drops every Monday, covering major stories like mergers, new product launches, regulatory shifts, and emerging tech trends. On Thursdays, our Insights show goes deeper into the hottest topics driving the future of finance, including AI in banking, decentralised finance, and the evolving landscape of embedded finance.

Whether you're already in the fintech game or just starting to explore, this is the #1 podcast for you.

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