Neo Upstarts: Virtual Banks in the Real World

An overview and a brief history of digital banking, by Vlad Lounegov, CEO of Mbanq

Think back to years past: do you remember how bank branch visits were a regular thing for almost every household? Fun at times, but mostly tedious, it seemed as though the paperwork would never end.

However, in recent years, we’ve seen an increase in smartphone usage. What’s more, access to the internet grew rapidly for the global population and created a vast new customer base for digital banking – this led to the digitization of other segments in the FinTech ecosystem, including payments, lending, and insurance. Against this background, we’re witnessing the emergence of neobanks as contenders to traditional banking solutions.

A quick overview: n ...

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