Neobanks are supposed to like banks, but only better. They’re online only, they have an app, and they are the future of banking according to the neobanks. Some of them have taken to calling themselves financial wellness platforms, which sounds a bit too new age for a bank.
Perhaps we’re overdue for a revolution and neobanks are the beginning of a huge transformation in the banking sector? We certainly think of traditional banks as dinosaurs. Maybe, like the dinosaurs, their time has finally come. Millennials and Generation Z are having a huge influence on the way business is being done in a number of different sectors, it makes sense that banking is one of them.
If so, then maybe this is the time to start figuring out which neobanks are going to prosper in this brave new banking world? Opportunity could be knocking.
Some more information here: https://www.canstar.com.au/savings-accounts/neobanks/
Am curious to hear what people think about neobanks and the future of banking.