Neobanking 2.0

What the present and future look like for virtual/digital-only banks

Feature-level benchmarking of global virtual/digital-only banks

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At the turn of the millennium, in 1999, movie theaters around the world witnessed the release of the massive box-office success The Matrix. A revolutionary movie for its time, it featured a protagonist named "Neo," who was the savior of a world in crisis. Leveraging advanced technology, he was able to alter the very fundamentals of his environment. Something not too dissimilar has occurred in the financial services industry.

Fast-forward to 2016: a new breed of technology-driven and customer-centric financial institutions, aptly named "neobanks," is working to transform the banking landscape as we know it. MEDICI's new report on neobanking takes a deep-dive into this fascinating and rapidly-growing segment, offering a comprehensive analysis of the subject from various angles.

Table of Contents

04

Introduction

The Rise of Neobanks

08

The Era of Digital Banking

  • Characteristics of Neobanks
  • List of Neobanks
  • Growth of Neobanks Over the Years
  • Funding Analysis
  • Top 15 Funded Neobanks

21

Technology/Core Banking Solution

  • Core Banking Solutions Used by Neobanks
  • Neobanks Leveraging Open Banking
  • Case Study

31

Exploring Growth Via Partnerships

  • Partnership Continuum (Infographic)
  • Neobank-Incumbent Bank Partnership
  • Neobank-FinTech Partnership

35

Neobanking Globally: Region-Wise Analysis

  • Region-Wise Analysis
  • Geographiy – Deep Dive

61

Emerging Battlegrounds for Neobanks

  • Brazil
  • India
  • Mexico
  • United States
  • Australia

67

List of Independent Neobanks

76

Prominent Global Neobanks: A Deep Dive

  • Snapshot of Leading Neobanks
  • Evaluation Metrics: Competitive Analysis
  • Case Study

107

Segmented Analysis of Leading Global Neobanks

  • Competitive Analysis of Prominent Neobanking Players

109

Neobanks Serving the Underserved Economy

  • Value Addition by Neobanking Players in Underserved Customer Segments
  • Case Study

118

Counter Maneuver by Traditional Banks

  • Digital-Only Initiatives by Traditional Incumbents
  • Global Analysis of Incumbent Banks’ Standalone Mobile-First Offerings
  • List of Digital-Only Initiatives by Banks
  • Where Banks Have the Edge
  • Case Study: JP Morgan – Failure of Finn
  • Stakeholder in Neobanks – Is It the Right Way?

122

List of Digital-Only Initiatives by Incumbents

132

Conclusion

A) Incumbent Banks
  • Incumbent Banks Tackling the Threats Posed by Neobanks
  • Why Banks Have the Edge
B) Independent Neobanks
  • Grown-Up FinTechs Are Turning Into Banks: The Great Rebundling Has Begun
  • Why Customer Acquisition Is More Important and Can Provide a Winning Edge but Profitability Is Also Important
  • Now That They Have Established Themselves, What’s Next?
  • Neobanks: Weathering the COVID-19 Storm

143

Future Outlook

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MEDICI INNER CIRCLE MEMBERSHIP
  • $318 Annual Membership
  • Immediate Access to the Neobank report
  • 6000+ FinTech Insights
  • 35+ Strategic reports
  • 13,000+ Company profiles
  • Monthly analysis of key FinTech players
  • Exclusive access to a global FinTech community on WhatsApp

Regulatory Framework:
Geography-Wise Analysis

Neobanks Accelerating Time-to-Market Through Partnerships

Deep Dive into Prominent Global Neobanks

The report encompasses a detailed analysis of over 15 prominent neobanks in the world. Gain access to all this and more!

Emergence of Digital-Only Initiatives across Geographies

Contrary to popular notion, digital/online banks aren’t a new trend. Since the 1990s, incumbent banks have launched online-only banks that offered banking services via internet/mobile/tele-network channels. Between 1997 and 2019, there were several traditional banks that came up with separate digital banking app/brand/tech platforms for customers as a new standalone bank. ING – one of the first banks that launched a direct banking service – started ING Direct to customers with a branchless model. The service was very successful in Canada, and ING expanded its services to other countries, including Australia, the United States, France, Spain, Germany, Italy, and the United Kingdom.

To understand the segment even further, this report on neobanks was prepared by MEDICI as a deep-dive study that presents the pulse of underlying global currents in the challenging landscape that banks compete in around the world. Learn about how neobanks are emerging as the new wave of disruption with unprecedented success stories in banking in terms of geographic growth, customer acquisitions, valuations, and more. In this report, you will uncover the story of the evolution of neobanks across the world, profiles of noteworthy neobanks, business models, core technologies, and partnerships.

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