Neobank

neobank is a type of direct bank that is 100% digital and reaches customers on mobile apps and personal computer platforms only.[1][2][3] Neobanks do not operate traditional physical branch networks. Neobanks are technology driven and may adopt machine learning and artificial intelligence technologies whilst not being constrained by legacy systems of traditional banking competitors.[4][5]

History

The term neobank first became prominent in 2017 to describe fintech based financial providers that were challenging traditional banks. There were two main types of company that provided services digitally, companies that applied for their own banking license and companies that partnered with a traditional bank to provide those financial services.[6]

Notable neobanks

Neobank Region
Ualá Argentina
86 400[7] Australia
Up Australia
Tyro Payments Australia
Volt Bank Australia
Xinja Australia
Nubank Brazil
WeBank[8] China
bunq Europe
N26 Europe
Tinkoff Bank Russian Federation
Atom Bank United Kingdom
Monzo United Kingdom
Revolut United Kingdom
Starling Bank United Kingdom
Simple United States

Comparison

Company Native Currencies Banking License Joint Account Support Direct Debit Support Card Network PIN Choice Apple Pay / Google Pay Foreign Exchange Rate source Foreign Exchange Commission ATM Support 3D Secure SEPA Support SWIFT Support Top-up via Card Within Eco System transfers App Offering Platforms Web Interface Telephone Support Transaction Statement Format Cashback Perk Sign-up Referral Perk Insurance Perk Airport Lounge Concierge Country Availability Under 18s Welcome Monthly Costs
2gether Euro, Litecoin, Stellar Lumens, Bitcoin, Bitcoin Cash, Ethereum, EOS (cryptocurrency), Ripple (payment protocol) managed by Pecunia Cards E.D.E., an Electronic Money Institution regulated under European directive 2009/110/EC[9] No[10] No[10] Visa Inc. Set by operator, not user changeable[11] No Yes[11] No No[12] No[12] Yes No Apple App Store[13]

Google Play Store[14]

No No None None Sliding scale of own 2GT token[15] None None None Europen Union countries which use the EUR[16] No None
Bunq EUR Yes[17] Yes[18] Yes[18] Mastercard, Maestro (debit card) Yes, in app[19] Both[20][21] Mastercard Interbank[22] None
EUR Yes[17] Yes[23] Yes[23] Mastercard, Maestro (debit card) Yes, in app[19] Both[20][21] Mastercard Interbank[22] None
EUR Yes[17] No No Mastercard Yes, in app[19] Both[20][21] Mastercard Interbank[22] None
Curve (payment card)
Ferratum
Monese
N26 (bank)
neat
Paysafecard
Revolut
Skrill
Starling Bank
TransferWise AUD, GBP, EUR, PLN, USD, NZD with bank details

GBP, EUR, NZD, AUD, CAD, USD, AED, IDR, PEN, ARS, ILS, PHP, BDT, INR, PLN, BGN, JPY, PKR, CHF, KES, RON, CLP, KRW, RUB, CNY, LKR, SEK, MAD, SGD, CZK, MXN, THB, DKK, MYR, TRY, EGP, NGN, UAH, GEL, NOK, VND, HKD, NPR, ZAR, HRK, HUF to hold a balance and transfer out[24]

Electronic Money Institution regulated by the Financial Conduct Authority (FCA) in the UK[25] No[26] Yes (GBP only)[27] Mastercard[28] Yes, in ATM, or in App (for USA only)[29] None[30] Mid-Market[31] 0.35%-2.85%[32] Yes, free up to a monthly cap, then 2% thereafter. No ATM support for Singapore accounts[33] Yes[34] Receive: Standard

Send: Instant[35]

Receive: No

Send: Yes[36]

WeSwap

References

  1. ^Daet-Gibson, Blake. “How a NeoBank in Australia today, can fit into your financial setup”. Medium.com. Medium. Retrieved 22 October 2019.
  2. ^CrouwdfundUp team. “What is a Neo Bank and how are they disrupting traditional banking models?”. Medium.com. Medium. Retrieved 31 December 2018.
  3. ^“The unstoppable rise of neobanks”. World Finance. World Finance. Retrieved 31 December 2018.
  4. ^Popper, Nathaniel. “The ‘Neo-Banks’ Are Finally Having Their Moment”. New York Times. New york Times. Retrieved 31 December 2018.
  5. ^Crosman, Penny. “First wave of neobanks resets for new offensive”. American Banker. American Banker. Retrieved 31 December 2018.
  6. ^“Mapping the Global NeoBank Landscape”. Techfoliance. January 19, 2017.
  7. ^Swan, David (10 September 2019). “Smart banking on the way in 86 400 launch”. The Australian. Retrieved 10 September 2019.
  8. ^Wildau, Gabriel (5 January 2015). “Tencent launches China’s first online-only bank”. Financial Times. Retrieved 16 February 2015.
  9. ^“2gether – The first collaborative financial platform”. www.2gether.io. Retrieved 2019-11-04.
  10. ^ Jump up to:ab “2gether – The first collaborative financial platform”. www.2gether.io. Retrieved 2019-11-04.
  11. ^ Jump up to:ab “2gether – The first collaborative financial platform”. www.2gether.io. Retrieved 2019-11-11.
  12. ^ Jump up to:ab “2gether Whitepaper” (PDF).
  13. ^“2gether: Financial Platform”. App Store (in Spanish). Retrieved 2019-11-11.
  14. ^“2gether The first collaborative financial platform – Apps on Google Play”. play.google.com. Retrieved 2019-11-11.
  15. ^“2gether – The first collaborative banking platform”. www.2gether.global. Retrieved 2019-11-13.
  16. ^“web2gether”. www.2gether.global. Retrieved 2019-11-13.
  17. ^ Jump up to:ab c “bunq Depositor Information Sheet” (PDF).
  18. ^ Jump up to:ab “Business”. bunq. Retrieved 2019-11-13.
  19. ^ Jump up to:ab c “How do I change my card’s PIN code? – bunq Together”. together.bunq.com. Retrieved 2019-11-13.
  20. ^ Jump up to:ab c “Ireland: Supported payment methods – Google Pay Help”. support.google.com. Retrieved 2019-11-13.
  21. ^ Jump up to:ab c “Apple Pay participating banks in Europe and the Middle East”. Apple Support. Retrieved 2019-11-13.
  22. ^ Jump up to:ab c “Introducing bunq ZeroFX! – bunq Together”. together.bunq.com. Retrieved 2019-11-13.
  23. ^ Jump up to:ab “Personal”. bunq. Retrieved 2019-11-13.
  24. ^“Bye bye bank fees, hello world”. TransferWise. Retrieved 2019-11-04.
  25. ^“Is my money covered by a financial protection scheme? | TransferWise Help Centre”. transferwise.com. Retrieved 2019-11-04.
  26. ^“How does Transferwise verify my identity? | TransferWise Help Centre”. transferwise.com. Retrieved 2019-11-04.
  27. ^“How do I set up a Direct Debit? | TransferWise Help Centre”. transferwise.com. Retrieved 2019-11-04.
  28. ^“TransferWise Card – Borderless”. TransferWise. Retrieved 2019-11-04.
  29. ^“How do I find the PIN for my TransferWise debit Mastercard? | TransferWise Help Centre”. transferwise.com. Retrieved 2019-11-04.
  30. ^“Does my TransferWise debit Mastercard work with Apple Pay, Google Pay, or Samsung Pay? | TransferWise Help Centre”. transferwise.com. Retrieved 2019-11-04.
  31. ^“Borderless account pricing: What are the fees?”. TransferWise. Retrieved 2019-11-04.
  32. ^“Borderless account pricing: What are the fees?”. TransferWise. Retrieved 2019-11-04.
  33. ^“What are the ATM fees for my TransferWise debit Mastercard? | TransferWise Help Centre”. transferwise.com. Retrieved 2019-11-04.
  34. ^“Where can I use my TransferWise debit Mastercard? | TransferWise Help Centre”. transferwise.com. Retrieved 2019-11-04.
  35. ^“Transferwise joins instant payments system via Bank of Lithuania”. InstaPay. Retrieved 2019-11-04.
  36. ^“What type of payments can I receive into my borderless account? | TransferWise Help Centre”. transferwise.com. Retrieved 2019-11-04.

Ofer Abarbanel online library

Ofer Abarbanel online library

Ofer Abarbanel online library