What if all the frustrating aspects of traditional banking went away? That’s the future proposed by founders of neobanks. Neobanks are 100% digital, direct banking platforms that users can access on their phones and computers only.
Users love them. Traditional banks are scrambling to compete. Neobanks inspire cutting-edge innovation across traditional banking, fintech and big tech. Neobanks will shatter the access barrier by offering a user-friendly, always-on financial platform to the underserved, unbanked and underbanked – a staggering 25% of adults worldwide. What does the future of banking look like? Mostly rosy, but there are some important risks and red flags to consider. Neobanking will be a true force in the financial revolution, but not everyone is invited to the party.