The number of digital banks (neobanks) in the world is constantly changing, as new digital banks are launched and some existing ones may merge or go out of business. As of March 2023, there were over 320 digital banks globally. The total number of digital banking users will exceed 3.6 billion by 2024, up from 2.4 billion in 2020 (a 54% increase). This growth will be driven by the rise of digital-only banks and the ongoing focus on digital transformation.
Neobanks in Europe (55)
Neobanks, short for "new banks," are financial institutions that operate exclusively online without traditional physical branch locations. They are a type of digital bank that provides financial services over the internet or through mobile applications, catering to customers who prefer managing their finances digitally. Neobanks are transforming the financial landscape by providing innovative, exclusively digital services, expanding banking access to millions of customers.
Aggregator ComBanks.com explores the top players in this transformation. Historically, major banks and financial institutions have held sway in the world of finance. Yet, a recent paradigm shift has occurred, led by a cohort of independent disruptors, known as neobanks. These entities are at the forefront of change, offering groundbreaking digital services and extending banking accessibility to a significantly larger customer base.
Neobanks aim to challenge traditional banking models by providing more accessible, convenient, and technologically advanced financial services. It's important to note that while neobanks offer various benefits, potential users should consider factors such as regulatory compliance, security, and the range of services offered before choosing a neobank for their financial needs.