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Does the future of Banking lie in the hands of NEOBANKS

Does the future of Banking lie in the hands of NEOBANKS

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Global Business Review Magazine
Friday, August 12, 2022
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Does the future of Banking lie in the hands of NEOBANKS

Does the future of Banking lie in the hands of NEOBANKS

Utilising several of the new waves of disruptive technologies such as big-data analytics, artificial intelligence (AI) and cloud computing, neobanks across the world are fundamentally transforming the very notion of banking. And given the restrictive impact that the coronavirus pandemic is having on the global population, there is now a growing belief that this new digital model of banking will play a critical role in addressing the shortcomings posed by traditional lenders.

Simply put, a neobank is a type of bank that operates exclusively through digital channels. It has no physical branch network or legacy infrastructure, meaning that all neobank business is conducted through digital means, such as mobile apps and online platforms. As a term, it is often used interchangeably with challenger bank. And while they both rely heavily on the digital realm, there are some key differences to highlight. For one, neobanks are exclusively digital and tend to rely on a partner bank to obtain the appropriate licensing and regulatory approval, whereas challenger banks have their own full banking licenses. Challengers also typically offer a much broader suite of financial products and services and will tend to, but not always, have at least some physical brick-and-mortar presence, although the range of offerings that are available at neobanks is growing all the time.

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With their business models focused entirely on the digital world, perhaps the biggest advantage neobanks hold over traditional financial institutions during these troubling times of virus-induced economic gloom is that there are no physical bank branches to monitor—or, indeed, to close down. Neobanks thus represent a tempting alternative to traditional banks by offering virtually the same range of products and services to customers without the need for them to visit a branch. This also benefits bank staff, who can work remotely rather than having to be physically present at a branch.

And thanks to cloud-based infrastructure, neobanks can quickly adapt to customers’ changing needs and wants; indeed, those changes may transpire quickly and abruptly given the ongoing uncertainty brought about by the pandemic. “Integration with APIs and micro-services is widely available as the ecosystem around the cloud grows, allowing neobanks to get their products to market at a tremendous speed,” Eelco-Jan Boonstra, managing director, EMEA, of software-as-a-service banking platform Mambu recently told fintech news source Finextra.

With COVID-19 set to usher in some permanent changes that will dramatically boost the need for comprehensive digital-banking capabilities, therefore, neobanks will play a hugely important role within the global banking industry during the next few years.

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Tesla loses $ 126 BLN in value amid Musk Twitter deal funding concern

Twitter denies Musk’s assertions that he was duped

Tesla loses $ 126 BLN in value amid Musk Twitter deal funding concern

Twitter questions centre on Musk’s efforts to scuttle a $44 billion deal

Dollar stands tall as Covid stalks kiwi

U.S. banks are struggling with a trillion-dollar reverse repo

Support measures push Japanese corporate bankruptcies to 50 year low

Share markets fluctuate, dollar loses ground to the yen

Fed taper talk lifts dollar ahead of inflation test

Inflation strikes U.S. young, low-income individuals’ finances

Eurozone gets Inflation Positive

As inflation takes a pinch, the U.S. economy moderately recovered in the second quarter

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • Twitter denies Musk’s assertions that he was duped
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  • Inflation strikes U.S. young, low-income individuals’ finances

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