Neobanks, leading the banking revolution with user-friendly apps, thrive in Europe (e.g., N26, Revolut) and grow steadily in North America (e.g., Chime, Varo). Despite regional differences, these mobile banks reshape global finance.
How do these digital banks stay solvent and make money if their customer base grows to several million or perhaps tens of millions? Do they make any money at all? How can users be persuaded to pay for specific services?
Neobanks are gaining popularity around the world, and even big banks are developing 'flanker' brands to break into the market. But how will this banking innovation impact the future?
Neobanks might be new but they're still highly regulated and must comply with many security and quality standards before they can even start offering their products and services in the UK or Europe.