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Neobanks — digital-only banks with industry-leading capabilities that don't operate physical branches or rely on legacy back-ends — have exploded onto the global scene in recent years.
Business Insider Intelligence
Increased consumer interest in neobanks is stimulating competition globally, creating an increasingly competitive landscape which has driven neobanks to roll out extravagant features, like overdraft protection and sign-up incentives.
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See Also:
- Mastercard's US switched volume posted positive growth in June
- Citibank complaints highlight how customer service missteps can be magnified in times of crisis
- N26 survey respondents reveal unexpected bank fees are a major pain point for Irish customers
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