Neobank

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A neobank is a type of direct bank that is 100% digital and reaches customers on mobile apps and personal computer platforms only.[1][2][3] Neobanks do not operate traditional physical branch networks. Neobanks are technology-driven and may adopt machine learning and artificial intelligence technologies whilst not being constrained by legacy systems of traditional banking competitors.[4][5]

History[edit]

The term neobank first became prominent in 2017 to describe fintech based financial providers that were challenging traditional banks. There were two main types of company that provided services digitally, companies that applied for their own banking license and companies that partnered with a traditional bank to provide those financial services.[6]

List of neobanks[edit]

Neobank Region
Brubank Argentina
Ualá Argentina
86 400[7] Australia
Up Australia
Tyro Payments Australia
Volt Bank Australia
Xinja Australia
Nubank Brazil
WeBank[8] China
bunq Europe
N26 Europe
Tinkoff Bank Russian Federation
Atom Bank United Kingdom
Monzo United Kingdom
Revolut United Kingdom
Starling Bank United Kingdom
Chime United States
Simple United States

See also[edit]

References[edit]

  1. ^ Daet-Gibson, Blake. "How a NeoBank in Australia today, can fit into your financial setup". Medium.com. Medium. Retrieved 22 October 2019.
  2. ^ CrouwdfundUp team. "What is a Neo Bank and how are they disrupting traditional banking models?". Medium.com. Medium. Retrieved 31 December 2018.
  3. ^ "The unstoppable rise of neobanks". World Finance. World Finance. Retrieved 31 December 2018.
  4. ^ Popper, Nathaniel. "The 'Neo-Banks' Are Finally Having Their Moment". New York Times. New york Times. Retrieved 31 December 2018.
  5. ^ Crosman, Penny. "First wave of neobanks resets for new offensive". American Banker. American Banker. Retrieved 31 December 2018.
  6. ^ "Mapping the Global NeoBank Landscape". Techfoliance. January 19, 2017.
  7. ^ Swan, David (10 September 2019). "Smart banking on the way in 86 400 launch". The Australian. Retrieved 10 September 2019.
  8. ^ Wildau, Gabriel (5 January 2015). "Tencent launches China's first online-only bank". Financial Times. Retrieved 16 February 2015.