In the wake of last episode's eulogy for JPMC's Finn, your hosts explore exit strategies for the top challenger banks. Who buys these companies and do they get bought at technology premiums? Josh and Zack are both skeptical that they have a clear exit strategies. They discuss IPOs, and getting bought by large banks, telecoms, and payment companies.

Next up, Zack spoke about TransferWise's launch of a debit card for US customers. This product -- telegraphed for a long time -- moves TransferWise a step closer to being a banking alternative. Zack referenced Tearsheet research that showed financial professionals do recognize the money transfer firm as a competitor in consumer banking.

If TransferWise is a sleeper challenger, who else is, too? Josh suggests that telecoms -- following on the heels of T-Mobile's banking launch -- can turn into banking options given their size and the amount of data they have on their customers. Zack thinks PayPal/Venmo and Square Cash look like formidable competitors in the long term. Josh also mentioned Ant as a global competitor with tech and ambition. Zack thinks investing firms, like Robinhood and Stash, have sticky userbases and can further leg into banking services.