Too Long; Didn't Read
The past 12 months have seen an explosion in the digital banking (or neobank), industry, with a wave of new high-quality online banks bursting on to the market. Initially, many of these new banks were simply third-party banking apps with very limited functionality, focusing largely on students and travelers looking to save money with reduced fees. However, these same characteristics are what make neobanks both affordable and attractive to young professionals, Millennials, and entrepreneurs - especially the more tech-savvy amongst them. Neobanks are increasingly seen as a challenge to traditional financial institutions.