I Want More From My Neobank!
Digital banks are seeing a surge in interest due to COVID-19, but can they capitalize on it? The article explores the current state of digital banks, highlighting their strengths like modern interfaces and lower fees. However, the author argues that a truly successful digital bank needs to go beyond the "wow" factor and offer a more comprehensive experience.
The article uses Revolut as an example of a bank with a great user experience but limited product offerings. Ideally, a digital bank would combine a user-friendly interface with a wider range of services, allowing customers to manage most of their financial needs in one place. The author even proposes features that leverage AI and machine learning for a more efficient and powerful experience.
This article is a must-read for anyone interested in the future of digital banking. Download the full PDF to see specific examples of features a winning digital bank should offer and delve deeper into the potential for mergers and acquisitions in this space.