Why Are Some Neobanks Reinventing Their Business Models?


Neobanks started a paradigm shift in financial services with a customer-centric core, which legacy banks could not offer. They also managed to gain customer trust with cost-effective, simplified, relevant, and improved targeted services. 

Growth of Neobanks 

A rise in the number of digital-savvy customers has led to the emergence of neobanks over the past six to seven years.

Here’s a look at some leading neobanks across the world

Regulatory rollouts such as PSD2, UK’s Open Banking Standards, and UPI have enabled neobanks to develop as the new players within the banking ecosystem.

Chime is the largest US neobank with the most sought-after mobile features among the top neobanks. The number of …