neobanks
App-based financial institutions
Neobanks are digital-only financial institutions that operate without physical branches, typically through smartphone apps.
They emerged in the 2010s as alternatives to traditional banks, often offering lower fees, streamlined interfaces, and features like instant notifications and budgeting tools.
Most neobanks partner with established banks to hold deposits rather than obtaining full banking charters themselves: I switched to a neobank for the better app experience.
Digital tools for money
- unbundlingSeparating combined offerings individually
- transaction feesCosts for processing payments
- subscription modelRecurring payment arrangement
- freemiumHybrid monetization approach
underbanked · unbanked · remittances · multi-currency · microloans
New business enterprise
- venture capitalStartup growth financing
- seed fundingInitial startup capital infusion
- unicornMythical one-horned horse
- valuationAssessment of monetary worth
Series A · founder · pitch deck · scalability · burn rate · customer acquisition · IPO · licensing
Easy to operate
- intuitiveKnown without reasoning
- frictionlessHaving no resistance
- streamlinedMade smooth and efficient
- transparent pricingClearly disclosed cost structure
customer-centric · personalized · gamification · rewards · cashback · financial wellness · onboarding · accessibility
Having no offshoots
- cloud-basedStored on remote servers
- digital walletVirtual payment storage
- mobile-firstPrioritizing portable device design
- real-timeOccurring without processing delay
push notifications · biometric authentication · encryption · two-factor authentication · virtual cards · contactless · instant transfers · seamless integration
financial technology
Digital tools for money
- unbundlingSeparating combined offerings individually
- transaction feesCosts for processing payments
- subscription modelRecurring payment arrangement
freemium · underbanked · unbanked · remittances · multi-currency · microloans
startup
New business enterprise
- venture capitalStartup growth financing
- seed fundingInitial startup capital infusion
- unicornMythical one-horned horse
valuation · Series A · founder · pitch deck · scalability · burn rate · customer acquisition · IPO · licensing · compliance
user-friendly
Easy to operate
- intuitiveKnown without reasoning
- frictionlessHaving no resistance
- streamlinedMade smooth and efficient
transparent pricing · customer-centric · personalized · gamification · rewards · cashback · financial wellness · onboarding · accessibility · Gen Z
branchless
Having no offshoots
- cloud-basedStored on remote servers
- digital walletVirtual payment storage
- mobile-firstPrioritizing portable device design
real-time · push notifications · biometric authentication · encryption · two-factor authentication · virtual cards · contactless · instant transfers · seamless integration · paperless
- fintechfintech, digital wallet, mobile payment, digital wallets, digital payments
- alternative financecrowdfunding, microfinance, microlending, peer-to-peer lending, DeFi
- Banking Accesschecking accounts, savings accounts, credit unions, ATM access, debit cards
- financial institutionscredit unions, savings and loan, thrifts, savings and loans, building societies
- lenderslenders, mortgage lenders, microfinance, loan services, S&Ls
- bankingATM, ATMs, account, accounts, deposit
neobanksretail banks
Banks for ordinary depositors
community banks · credit unions · savings and loans · building societies · regional banks
neobanksJPMorgan Chase
Multinational banking corporation
Bank of America · Wells Fargo · Barclays · HSBC · megabanks