"challenger bank" means: A small, recently created retail bank in the United Kingdom that competes directly with the longer-established banks, sometimes by specializ.... This is a fairly neutral word with no inherent risk attached. There is no real cause for parental concern; it is descriptive vocabulary rather than something dangerous. If your child uses it, context will usually make the meaning clear. A brief, curious question about where they heard it is generally enough to know whether to follow up.