Starting a Neobank: An Outline of the Essentials

Denis Astapchenia

Denis Astapchenia

Head of Financial Services at Andersen

Financial Services
Oct 5, 2022
8 minutes to read

Today, making a transaction by simply swiping across the screen of a mobile device is becoming the new normal. As technology excels, both market behemoths and fintech startups must consider leveraging artificial intelligence, cryptocurrency payments, blockchains, and other achievements of the digital era to gain a competitive edge. One of such novelties is digital-only banks. Having been around for the last fifteen years, they are now gaining momentum as more and more clients take for gra nted the ability to make instant, fee-free, multicurrency, and highly secure transactions. What is their role in the financial landscape, what products do they offer, and is it worth founding one? Read on for our professionals’ opinion.

What is a neobank and how does it work?

The banks that most of us are