Neobanks are 100% digital. They run exclusively through mobile apps, with no brick-and-mortar premises. They offer customers a user-first design, and promise low cost banking operations.
There are more and more neobanks around, drawing in millions of users and rivalling traditional banks, although they don’t technically hold the same status. Don’t confuse neobanks with digital banks, which are usually the online-only arms of bigger players in the banking sector. You may have heard of the SanFrancisco based neobank Chime, which is the leader in the US at the moment. But brands like N26, Revolut and Monzo are also bringing over their expertise from Europe, where the online-only trend is further ahead. All were created in the late 2010s.
So why would I want to try a neobank then? So what about our traditional brick-and-mortar banks? They’re not just going to disappear are they? In under 3 minutes, we answer your questions !
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A podcast written and realised by Joseph Chance.
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