There seems to be no end to the rise of neobanks. By 2021, in just over a decade, neobanks grew to $47 billion in market value. Creating user-friendly digital systems and tools to address basic savings, checking and budgeting, neobanks have capitalized on needs that have gone unfilled by traditional banking services.
However, large financial institutions are moving fast to create offerings that mimic neobanks, with an estimated 9% increase in digital innovation spending per year through 2025. In order to stay ahead of the increased competition, neobanks need to work with third-party partners to broaden their offerings and increase their customer base.
Explore this detailed look at how neobanks can maintain their growth and capture new opportunities quickly, while continuing to provide the amount of service and support their customers expect. Read now to learn about:
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