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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:
- Bank of America, Citi, JPMorgan Chase, and Wells Fargo reported a plunge in card spending in Q2 2020
- Goldman Sachs' consumer deposits see record $20 billion growth
- Chase's mobile banking user growth decelerated in Q2 2020 despite lockdown measures
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