Which smartphone bank is right for you?

A smartphone and a few minutes of time is all you need to open a bank account, wherever you are in the world. With the increasing popularity of smartphones, the banking landscape has been thoroughly shaken in recent years. The traditional banks are increasingly being challenged by fintech players, mobile banks and neobanks such as Revolut, N26, Bunq, Monese… But the traditional players are not sitting still either. In 2013, BNP Paribas Fortis launched Hello Bank!, a separate digital brand for young people. KBC does not have a separate neobank, but customers can use the bank’s app to do fully mobile banking.

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And now Belfius is launching the Banx app together with the telecom operator Proximus. The new digital brand is strongly committed to sustainable banking. And soon we can expect an additional player on the market with Rise, aimed at teenagers.

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‘The arrival of new players has given differentiation strategies a boost. We see this as an asset for consumers, who can now find a bank that best meets their needs, be it a traditional bank or a neobank,” said Quentin Denis, CEO of comparison site Topcompare. According to him, the neobanks mainly distinguish themselves by the services they offer. ‘For example, the niche neobank Wise focuses on citizens who have to juggle different currencies, whether it is to send money to their family abroad or to receive their salary in a currency other than the euro.’

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Consumers can now find a bank that best meets their needs, be it a traditional bank or a neobank.

Quentin Denis

CEO Topcompare

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Is becoming a customer of such a smartphone bank something for you? We selected a number of players and listed which accounts and cards they offer.

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What they all have in common: you can open an account in no time. You start by downloading the app. Before you can open an account, you must of course enter some personal details (name, address, telephone number) and upload your identity card via a photo. It doesn’t take more than a few minutes. At HelloBank! the questionnaire has been expanded and is also asked about your profession, your employer and your income. The British smartphone bank Revolut works with a code that is sent to your smartphone before you can start.

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Full screen display

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Most players offer a free current account, which usually also includes a debit card. With the German N26, which already has 150,000 customers in our country, this is a virtual card that you use via your smartphone. A physical copy costs 10 euros. If you are looking for more extensive services, you can opt for paying formulas. Think of extra payment cards or insurance, such as purchase insurance or a travel assistance package. You can also do budget management.

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Not all players offer credit cards. And it is not always possible to open a joint account. If you want to take out a mortgage loan, you will still have to knock on the door of the traditional banks. You will not find a savings account with every player either. Aion Bank is at the top of the market with its savings accounts. And Banx has an investment offering.

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It is good to know that your (savings) money is protected with the above-mentioned players via the deposit guarantee scheme up to 100,000 euros per account holder per bank.

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