Special digital banks crawl into the banking space, giving customers the ability to open accounts and start transacting in minutes.
These intruders, sometimes referred to as neobank, are revolutionizing the way customers can manage their finances by clicking a button or by tapping their smartphone.
This is a great attack on the banking industry, similar to what Uber did by taxi.
Up is among the new banks, which were launched in October, and the founder and Dom Pym said they now have more than 20,000 customers.
MORE: How to ensnare the best currency exchange rates
MORE: A simple way to cut your debt
"Smaller players can be nimble and respond more quickly to customer needs," he said.
"The average time to register is two minutes and two seconds, you only need at least one form of identification.
"In three minutes you can make Apple Pay up and running and actually pay for something."
New bullies include Xinja, Volt and 86 400 and are looking to compete with large banks by grabbing a piece of their market share in savings and loan products.
They have set out to offer low-cost products and better understand technology.
Daniel Vassilev, 22, said "the behavior of the four big banks was really very terrible" and this was one of the reasons he registered with a digital bank.
"I already know the challenger bank. In England and Europe they have it and I've seen it from a distance, "he said.
"I signed up in a few minutes and set up Apple Pay so that I can transfer money and use it immediately without needing a card."
Many challenger banks operate at a low cost without account storage fees and there are no international transaction fees for jet aircraft.
One of the founders of Xinja, Van Le said it was offering a prepaid tap-and-go card and was looking at branching into the home loan market.
"Customers have told us their experience with other banks is out of date … they are looking back, not looking forward," Le said.
"We believe money must be easy and not too difficult to track where you go."
Up: Supported by Bendigo and Adelaide Bank. Offers daily transactions and savings accounts.
Xinja: Have a limited banking license. Has 23,000 registrations. Offer prepaid cards and go cards.
Volt: Has an official deposit taking license, the product planned to arrive in 2019.
86 400: Supported by Cuscal. Planning to offer products in 2019.
Judo: Offering loans only to small and medium businesses.