Global Neobank Report 2020: Digital banking has quickly become a core part of the banking experience, with its ease and speed of use encouraging many consumers to bank from the convenience of their own home. In particular, mobile banking services are gaining traction and, with it, the appeal of purpose-built digital neobanks. RFi Group's Global Neobank Report 2020 is a comprehensive review of the rise of neobanks, exploring how the growth of mobile services has led to shifting attitudes towards digital providers across ten international markets of Australia, Canada, China, France, Hong Kong, India, Mexico, Singapore, the UK, and the USA. The report sheds light on the key drivers and barriers to the growth of neobanks, as well as the impact of increasing digitalisation on consumer expectations for the digital banking experience.
Mobile banking services are gaining traction across all age groups, paving the way for the emergence of neobanks. Consumers are more comfortable than ever with the idea of using a digital-only provider and FinTech adoption is growing steadily. The rise in split banking has also allowed for neobanks to break through, with consumers looking to access financial incentives and support with budgeting. Neobanks are proving popular thanks to their user-friendly design, with many of their personal financial management features considered to be very innovative by consumers. However, trust remains the banks' significant competitive advantage, and neobanks will need to work to establish their brand as consumers look for stability in uncertain times.