neobank
App-based financial institution
A neobank is a financial institution that operates entirely online, without physical branches.
Unlike traditional banks, neobanks exist only as apps and websites, typically offering checking accounts, payments, and basic financial services with lower fees: I switched to a neobank for the better interest rates.
Most partner with established banks to hold deposits and provide FDIC insurance.
Digital tools for money
- disruptionForceful interruption of process
- open bankingAuthorized account data access
- payment gatewaySoftware routing card transactions
- data analyticsExamining information for patterns
unbundling · rebundling · aggregator · digital infrastructure · licensing
Mobile device software
- mobile depositPhone-based check processing
- e-walletElectronic payment storage system
- virtual cardDigital payment credential
- push notificationsAutomatic messages from applications
biometric login · instant transfers · QR payments · cloud-based · two-factor authentication · digital wallet · contactless payment · face recognition
Easy to operate
- intuitiveKnown without reasoning
- seamlessWithout visible joins
- frictionlessHaving no resistance
- streamlinedMade smooth and efficient
accessible · cashback rewards · financial wellness · personalized · minimalist design · underbanked · unbanked · customer-centric
Startup growth financing
- seed fundingInitial startup capital infusion
- Series AFirst major funding round
- unicornMythical one-horned horse
- founderOne who begins something
scaling · burn rate · valuation · pitch deck · disruptor · growth stage · customer acquisition · market share
Clearly disclosed cost structure
- hidden feesConcealed additional costs
- subscription modelRecurring payment arrangement
- freemiumHybrid monetization approach
financial technology
Digital tools for money
- disruptionForceful interruption of process
- open bankingAuthorized account data access
- payment gatewaySoftware routing card transactions
data analytics · unbundling · rebundling · aggregator · digital infrastructure · licensing
app
Mobile device software
- mobile depositPhone-based check processing
- e-walletElectronic payment storage system
- virtual cardDigital payment credential
push notifications · biometric login · instant transfers · QR payments · cloud-based · two-factor authentication · digital wallet · contactless payment · face recognition · encryption
user-friendly
Easy to operate
- intuitiveKnown without reasoning
- seamlessWithout visible joins
- frictionlessHaving no resistance
streamlined · accessible · cashback rewards · financial wellness · personalized · minimalist design · underbanked · unbanked · customer-centric
venture capital
Startup growth financing
- seed fundingInitial startup capital infusion
- Series AFirst major funding round
- unicornMythical one-horned horse
founder · scaling · burn rate · valuation · pitch deck · disruptor · growth stage · customer acquisition · market share · IPO
transparent pricing
Clearly disclosed cost structure
- hidden feesConcealed additional costs
- subscription modelRecurring payment arrangement
- freemiumHybrid monetization approach
- fintechfintech, mobile banking, digital wallet, mobile payment, digital wallets
- digital bankingmobile banking, internet banking, mobile deposit, banking apps, digital wallets
- financial institutionsbanks, commercial banks, investment banks, credit unions, savings and loan
- bankingbanks, ATM, ATMs, account, accounts
- European Bankingeurozone, euro, HSBC, Barclays, Santander
neobankretail bank
Bank serving individual customers
community bank · savings and loan · credit union · building society · commercial bank
neobankincumbent
Current position holder
JPMorgan Chase · Bank of America · Wells Fargo · Barclays · HSBC