Compared with its steam-powered counterpart, the findustrial revolution was swift. In only a few years, financial technology (fintech) revolutionized finance. Fintech-enabled neobanks put much of the focus on banking, and some now rival traditional banks in terms of customer numbers.
An emerging parity with traditional banks is testimony to neobank success. But disruption was the easy part, and neobanks are now under intense pressure to take their customer engagement and digital innovation solutions beyond core banking services.
As Alexis de Tocqueville once mused in his writings on revolution:
“The most difficult part to invent is the end.”
- Alexis de Tocqueville, Souvenirs (1863)
The pressure is coming from many sides. It brings with it five main opportunities for neobanks:
- Product line extensions
- Global expansion
- Continuous innovation
- Operational improvements
- Gap filling
Download “After the findustrial revolution: How neobanks can continue to thrive” to learn how banks can best address the five opportunities and achieve their end goals.