NEO bank - your bank?
Are you satisfied with your bank? What is its added value? Can you use modern payment methods? Do they also offer you other, not necessarily bank-related, services?
If you do not have a loan from your bank, you can read on. Modern, these neo banks, offer users a user experience and services that traditional banks cannot currently compete with. In the last decade, technological development, at least in terms of simplifying the user experience and additional services, has been on the sidelines for most banks. Their position in the financial services market allowed them to do so.The bigger banks became even bigger, and with the concentration of power and the defense of their position in the market, the focus was elsewhere. Especially not on the users.
In the last 5 years, fortunately for users, start-ups in the financial sector (these fintech companies) have ensured that it also started to move in the direction of improving the user experience, total digitization and offering new services. All neo banks have in common that everything happens on the phone and that there are no more physical branches, as we know from traditional banks. You handle everything over the phone, including opening an account.
In addition to significantly better user experience and related services, the price of the banking services we use is also essential for us users. And here neo banks are, at least at the moment, significantly ahead of traditional banks, as they offer most of their services free of charge.
Neo banks (mainlyN26, Revolution inVividin Europe) managed to relatively quickly acquire several million users who opened an account with them. In the beginning, mainly as a secondary account, which was used to test the innovations introduced by neo banks. Some of these users started using neo banka as their primary bank after the "trial" period. All of this is the result of the slow response and adaptation of the larger, traditional banks, which initially did not see any danger in neo banks. Indeed, in the short term, and especially until neo banks start offering loans and deposits, market shares will remain more or less unchanged. With the introduction of these two services, users can change their existing bank significantly faster.
Is it time to change banks? Check alternativesVivid, N26,Revolution...
