THE EVOLUTION OF THE US NEOBANK MARKET: Why the US digital-only banking space may finally be poised for the spotlight
Trending News
This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.
Neobanks, digital-only banks that aren't saddled by traditional banking technology and costly networks of physical branches, have been working to redefine retail banking in major markets around the world.
That's largely because of an onerous regulatory regime, which has made it very difficult to obtain a banking license, and the entrenched position incumbents hold in the financial lives of US consumers. Navigating the tedious and costly scheme for obtaining a banking charter and appropriate approvals has been a major stumbling block for the country's digital banking upstarts. However, developments over the past year suggest these startups are finally poised for the spotlight in the US.
In this report, Business Insider Intelligence maps out the factors contributing to this shifting tide, examines how key players are positioning themselves to take advantage, and explores how incumbents can embark on their own digital transformations to stave off disruption.The companies mentioned in this report are: Aspiration, Chime, Goldman Sachs' Marcus, JPMorgan Chase's Finn, N26, and Revolut.
Here are some of the key takeaways from the report:Interested in getting the full report? Here are two ways to access it:
The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of the fast-moving world of Fintech.
Copyright © 2021. Times Internet Limited. All rights reserved.For reprint rights. Times Syndication Service.
Next