In an era of an increasingly complex economy, booming technology, the financial and monetary industry has begun to have significant changes. As a business, you don't have to deal with your cash flow in traditional ways anymore. Instead, you can simply rely on digital platforms, with their clever way of doing your job completely.
This continues to lead to a complete disruption of the previous norms and priorities for traditional banking. What should be concerned here is that a new ecosystem is born, when neobanks appear, what will traditional banks look like?
Neobank definition is an online fintech platform system that provides traditional banking-based solutions through smart digital and mobile. These banks do not have any branch transactions, no transactions are made between people. As a result, Neobanks can freely expand the reach of its customers, increase the reach by its smart processor, and thus serve customers around the world with just one mobile phone...
The basic and extended services that Neobank provides:
The banking system started to operate in Europe around 2015. Since then, they have tried to find a strong foothold in Asia to overcome the barriers of the US and Australian markets. Thanks to their agility, absorbing new technologies and the ability to stay ahead of trends, they have created a specific niche for themselves.
In Vietnam, the concept of digital banking - neobank is relatively new. However, they showed off their presence for a very short time. Although there is no standing position in the world, with breakthrough steps, soon Vietnam will put its name on the track for the highest position. Some neobank is welcoming new technology in Vietnam such as Momo, Zalo Pay, Vnpay, FinFan - the neobank in Viet Nam,...
Top of neo-banking startups and the future
And here are the three biggest neobanks in the world:
Tide is the best neobank UK supplies corporate banking services to small businesses, freelancers and solitary traders. They have no branches and operate entirely digitally. They have three pricing plans for different business needs. They have such a range of features that have made them beloved by more than 130,000+ UK businesses:
WeBank is the second-largest neo-banking in the Asia market. As the biological child of Tencent China, WeBank caters to the specific needs and requirements of individuals, small and medium enterprises.0
Monzo Bank Ltd is the best neobank based in the UK. Monzo is one of the earliest application-based venture capital banks in the UK.
It was originally operated through smart mobile apps and prepaid debit cards. But in April 2017 its UK banking licensing restrictions were lifted, allowing it to offer deposit accounts. Some of the services provided by Monzo include:
Monzo's new packaged accounts are intended to help users better budget, with the ability to customize spending categories.
See more, the list of neobanks in the world.
Although many neo-banking have not yet completed the best features and are most user-friendly. However, the benefits of neo-banking still meet the needs of customers such as:
Furthermore, new banks also tend to provide a competitive advantage that many conventional banking facilities do not - mobility, automation. Regardless of your geographical location or your physical limitations, with a digital bank, you can really do it all on a regular phone.
How neobanks are changing the Financial Industry
As times change, top neobanks platforms will begin to conduct a complete renovation in the global financial, monetary ecosystem. This can easily be judged by the fact that even their current growth rate in the global market is desirable to develop as high as 50.6% by 2020.
Slowly and steadily, neobanks will begin to be the most preferred option for both B2C and B2B operations and personalize them for user-friendliness. In such an environment, it would be wise if mainstream banks accept themselves. Choosing to associate with digital banks or build yourself a complete technical project.
And what is the future of neobanks In Vietnam? The mainstream banks are also preparing to take steps in technicalization, change infrastructure. Therefore, adapting to this new banking solution is an inevitable trend in the future. As for the neobank like FinFan, preparing to take good momentum, it is not so difficult anymore.
FinFan - Neobank in Vietnam
Hotline: +84 28 6685 3317