NEOBANKS
Neobanks have been disrupting the status quo in banking for some time now . Last month , we drew the battle lines between neobanks and incumbents heading into 2024 , exploring how challengers have taken significant market share from their legacy counterparts and what incumbents are doing to catch up .
Now , we hone in on neobanks and look at the technologies and innovations they are deploying to stay ahead in the technological banking race , and ask : can neobanks keep the ‘ neo ’ tag and maintain their pulling power ?
Neobanks : Their pulling power today Today , it ’ s clear neobanks hold an advantageous position , technologically speaking , leveraging AI , machine learning and cloud services to provide more convenient customer services .
But , as we explored last month , legacy banks are in the process of overhauling old architectures and repositioning themselves in today ’ s digital landscape with the latest tech .
Their staying power has been customer loyalty , but Jeremy Grinbaum , Area VP for EMEA at Amplitude , suggests incumbents have somewhat shot themselves in the foot during the process of transforming their operations . fintechmagazine . com 63