Neobanks Set Focus on Customer Concerns and Outflanking Incumbents
Neobanks have cemented themselves as the banking sectors first-movers, leveraging the latest technology offerings and pioneering new customer experience benchmarks. By running on completely digitized operations and contemporary business models, they succeed in the key factor of having a clear focus on solving customer pain points and addressing user experience related worries.
Revolut is a prime example of this. The UK-based neobank has consistently set the benchmark for digital consumer banking players and forges alliances with various providers to speed up time to market and to maintain the focus on the core value proposition. Most neo and challenger banks are driving segmentation in the market by initially setting a priority on providing customers with one product or service, and then outperforming traditional brick and mortar banks on customer service and product offerings to bring their service to market, with Revolut in particular having done this in the market of international transfers. The traditional brick and mortar banks have, so far, be…
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