Neobanks now number in the hundreds and new ones continue to open — all striving to satisfy consumers’ and businesses’ preference for banking digitally. How do all these digital players stack up? A new report breaks it down, country by country.
he introduction of the iPhone in 2007 changed the banking industry forever. Sure, some internet banks existed well before then, but the Apple product radically changed consumer habits almost overnight. It didn’t take long for innovators to figure out that a smartphone could make digital-only banking more appealing and more far-reaching.
Simple and Ally Bank both launched in 2009, Moven in 2011 and Chime in 2013. Then the floodgates opened in 2015. Now there are hundreds around the world, with new ones popping up regularly.