Liquid Death reached a $1.4 billion valuation selling water in cans. Meanwhile, banks spent $500 billion on transformation last year and still struggle to stand out. The gap isn't money - it's courage.

Most banks are still designed to protect the status quo. Risk avoidance dominates, small changes are called progress, and true creativity rarely makes it through the internal process to reach customers.

Challenger brands like Liquid Death don’t win because they spend more or market louder. They win because they decide who they’re for, what to stand for, and how to build a culture that supports being a challenger, even when it creates discomfort.

I’m joined by Eric Fulwiler, co-founder and CEO of Rival. We discuss their recent study of the top 50 challenger brands and what makes them distinctive. We also uncover what has to change if financial institutions want to stand out instead of blending in.