蘑菇AV

The law enforcement agency is seeking civil penalties against the neobank, replacing the FTC鈥檚 original lawsuit.

The FTC鈥檚 lawsuit against the neobank alleges that it misled and deceived consumers.

The neobank has big credit card aspirations as it looks to become a one-stop shop for financial services, but its new programs may struggle to secure uptake.

At banks, insurance is back on the table: So-called 鈥渂ancassurance鈥� is becoming a thing again as neobanks bundle up and embed services for their customers鈥� convenience.

This means traditional banks鈥� major differentiator of in-person service鈥攕omething digital-only banks can鈥檛 offer鈥攊s losing its power. Click here to view our full forecast for Canada traditional digital bank account openings. Digital-only banks will experience relatively more digital account growth over the next four years.

Monzo Split also helps the neobank reach new customers when users share links among friends and family, building brand awareness and potentially attracting new customers. We forecast Monzo鈥檚 bank account holders will total 5.8 million this year, growing 7.6% YoY and accounting for 12.6% of all UK digital banking users.

Fueled by high engagement鈥攅ven among low-income users鈥�neobanks like Nubank and Mercado Pago dominate the region鈥檚 fast-growing digital banking landscape. Latin American fintechs didn鈥檛 stumble into success鈥攖hey earned it by monetizing financial inclusion.

Digital-only banks are also aligned with young consumers鈥� top financial priority of saving money, as they tend to offer higher savings rates than traditional FIs. Click to view our full forecast for US digital-only bank account openings. Consumers ages 65 and older offer the biggest growth runway for digital account opening.

Structure rewards and perks around high-value Gen Z spending categories (e.g., food delivery, subscriptions, and travel) to compete with fintechs and challenger banks. Introduce engaging, intuitive interfaces, savings challenges, and interactive budgeting tools that encourage financial literacy and responsible spending habits. And banks must continue to build trust with Gen Zers.

Millennials are willing to switch banks: Even though most currently bank with large institutions, nearly half are open to switching to a credit union, online-only bank, or community bank鈥攊f their needs aren鈥檛 being met. Win millennials, win Gen Zers too: For millennials and Gen Z, digital banking and personalization aren鈥檛 just nice-to-haves鈥攖hey鈥檙e a must.

In 2023, 92.3% of the 5.2 million accounts opened digitally will be with incumbent banks, as digital-only banks fall victim to economic uncertainty and intense fintech competition.

This fourth annual study ranks the four largest US neobanks by customers based on their support of 47 emerging mobile banking features, weighted by consumer demand for each feature.

The valuations of Revolut and Varo Bank were slashed amid question marks over both 苍别辞产补苍办蝉鈥� bottom lines.

Gen Zers in Great Britain are more likely to switch to a neobank, for example, per June 2024 YouGov data. And digital wallet use is much more pronounced among this cohort鈥�27% of 18- to 29-year-olds in the UK use digital wallets daily, and 33% use them weekly鈥攖he most of any age group, per January 2024 YouGov polling for Brite Payments. Interest and adoption of AI is particularly high among Gen Z.