The banking industry is one that rarely would be described as ?innovative?, with all players seemingly taking a ?what's good for one is good for all? approach where no-one particularly upsets the status quo in anything but small and incremental ways. If the latest evidence from the European market is anything to go by, however, the potential exists that a major shakeup could be in the offing as a host of so-called ?Challenger? banks are bursting onto the scene. Whether from upstart financial services organizations, of companies entrenched in non-related fields such as retail, new entrants are coming to market that having nothing invested in old school processes, not in the semi-competitive landscape that currently exists. Change is coming and Financial Services CIOs need to look to their own house to ensure the people, processes, and technologies are in place to respond to this new threat.