As traditional banks step up their mobile efforts, neobanks will face long-term headwinds from incumbent competition and regulatory oversight:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Banking subscribers.UK neobanks like Revolut, Monzo, and N26, among others, are soaring: Digital banks operating in the UK now have over 13 million customers in Europe, and saw five million new accounts opened in the first six months of 2019 alone, according to research from AccentureAnd they are expected to hit 35 million customers worldwide next year, nearly tripling their current numbers.
Traditional banks are stepping up mobile efforts. In order to stave off challengers looking to poach their customers, UK neobanks are innovating to offer their own proprietary digital banking tools, hoping to satisfy clients before they can be lured away by neobank offerings.
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