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 90 days ago

What Are Neo-Banks and How Will They Shape the Future of Finance?

Quick Summary

Given their growing influence on the finance market, neo-banks are also expected to change consumer perception of finance services and generate important market trends. Unlike traditional banks, which may offer online services, but typically rely on their physical branches, neo-banks are digital-only financial institutions. This caused a boom in startup activity, enabling disruptive companies like Revolut and Monzo to compete with traditional banks. Now, neo-banks are regulated just like traditional banks and they’re becoming a lucrative business model in North America and China. For the following years, experts expect this sector to expand even more and engulf a higher percentage of the finance market.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by StartupAround.

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