Legacy infrastructure, branches, manual operations, real estate- these all define a Traditional Bank, whereas neobank is a digital bank without any branches. App-based digital banking service is disrupting the banking landscape by delivering a rich customer experience.
As neobanks continue to outpace other challengers, we will see more aggressive investments shortly. Neobanks are the future, and the path to growth and profitability requires to enrich customer experience for the tech-savvy customers.
Check out our new checklist to become a "customer-first" neobank.
In 2020, neobank increased its customer base by 6%, but the report also indicates a low switching rate. Neobanks, to be the disruptor, need to act fast. Today, the “one-size-fits-all” concept has gone, neobanks need to become customer-first banks. In the coming age, we will see trends surrounding the “customer-first” concept.
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