Tagged: neobanks

Mobile Biometric Authentication Firm Daon to Offer Digital Identity Verification Solutions to TONIK Digital Bank

Fairfax, Virginia-based Daon announced that it will be offering essential mobile onboarding and identity verification solutions to TONIK Digital Bank, which is an all-digital bank that is expected to launch in the Philippines later this year. TONIK Bank will reportedly be using Daon’s cloud-powered IdentityX… Read More

Major Australian Digital Banks 86 400, Volt Bank, Up Slash Savings Account Interest Rates, Following Reserve Bank Cuts

Three major Australian neobanks have slashed their interest rates by 0.25% during the past few days, following the decision taken this month by the nation’s reserve bank to reduce rates. 86 400 was reportedly the first Australian digital bank to reduce the maximum interest rate… Read More

Digital Bank Revolut Appoints New US Chief Executive

Leading digital bank Revolut has been rolling out new features for its digital banking platform. The bank recently introduced new features that allow users to earn cashback or avail special discount offers when they spend. Revolut has also launched a new gold trading service for… Read More

Digital Banks are Providing Improved Card and Money Management Features in Comparison to Old Banks: Report

Digital banks are establishing new financial industry standards when it comes to better usability, and are introducing handy features such as card management and personal money management. For digital bank users, this will come as no surprise. A recent study published by the consulting company… Read More

Fearing Fintech: 76% of Traditional Banking Executives Fear Competing Services Offered by Apple Pay, PayPal, Stripe, and Venmo: Survey

Traditional banking executives have expressed concerns about the increasing competition form Fintech firms or challenger banks. The Promontory Interfinancial Network recently published a survey that revealed that 76% of 543 senior management professionals, working at traditional banks, noted that they fear new financial platforms being… Read More

Banking Challengers Attracted Record Levels of Investments Last Year: Report

Digital Banking Banking challengers have been introducing innovative financial products in order to compete with traditional banks. Challenger or neobanks attracted $5.2 billion in funding last year, which is more than triple of what they received back in 2018 ($1.6 billion). Italy-based Nexi, a digital… Read More

Indian Finance Minister Nirmala Sitharaman Recommends Allocating $1.14 Billion to Boost Nation’s Fintech Economy, with Investments in AI, Machine Learning

The Indian government recently revealed its Union budget for the FY 2021. Following the announcement, it appears that the nation’s Fintech industry has been given special attention, as Indian finance minister Nirmala Sitharaman proposed on February 1 to introduce a policy for creating data center… Read More

Austrlia’s Digital Banks Xinja, Judo Bank, 86 400 Attracting Millions in Savings After Launching High Interest Rate Accounts

Australia-based digital banks Xinja, Judo Bank and 86 400 have been attracting millions of dollars worth of savings from the nation’s banking clients after the introduction of their high interest rate accounts. Traditional industry players like ANZ, Westpac, NAB and Commonwealth Bank have reportedly lost… Read More

Survey: Almost 50% of Australians Have Not Heard of Neobanks or Digital-Only Banks

Several digital banks have been launched in Australia during the past few years. However, these direct banks that are 100% digital currently face challenges around awareness and consumer trust. This, despite millions of customers being dissatisfied with traditional banking services, according to the latest research… Read More

Report: OakNorth and N26 Have Received the Most Funding Out of All US and European Digital Banks

Digital-only banks, or neo-banks, are not dependent on outdated, legacy financial infrastructure. These virtual banks are more efficient than traditional banking institutions because they operate without the costly networks of physical branches. Neobanks have been working towards transforming the retail banking sector in major financial… Read More

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