Neobanks and challengers are leading the way for the future of fintech, leaving traditional banking institutions in the dust. With Ulster Bank out of the Irish market and KBC on the brink of leaving, new banks have an opportunity to grab customers with more flexible features and lower fees. Digital banks tend to have more innovative features than their traditional counterparts, and they’re forcing incumbents to up their game or lose customers. With apps as the key point of contact for digital banks, they must be reliable and offer everything the customer needs in an easily accessible format. The lack of physical branches for digital banks means lower overheads, which translates into lower fees for customers. However, customers should also be aware of the limitations of digital banks, particularly with regards to lodgement of cheques or cash, and availability of in-person support. When looking to make a banking change, it’s worth considering the main players in the digital banking space such as Revolut, N26, Bunq, and Irish-founded Money Jar. Customers can enjoy a wide range of services like savings accounts, personal loans, and travel insurance.
