Use omnipresent smartphones in daily life has changed consumer behaviour and habits. These various revolutions have not spared the financial brokers, of new actors appear. Mobile application banks, nicknamed « neobanks »have emerged and introduce new financial policies. These fintech companies are objective of providing banking services to reduced prices, adapted precisely to current needs.
The new banks make up the Central link in services and have exceeded customer expectations in the digital age. The neobank changes face, and could one day eclipse traditional banks. Many non-banks could merge with digital banks. In all cases, neobanks focus more on the supply of banking services through smartphones and other appliances.
How to define this new banking system?
The different banks of this new technology are economic companies offering only online financial services and do not have physical branches. This is new technologies who have no problems managing most of their resources through an application on smartphone or any other motive.
The neobanks are propelling themselves to The vanguard of new technologies. By removing knives and moving things online, neobanks save often on several bank costs. This allows them to reduce fees and extend their services in France and abroad.
Neobanks are not identical in terms of offer or structure. But they generally differ from credit unions and traditional banks (including online banks) on the following points:
- They are not registered as banks by state regulators.
- They are developed mainly to facilitate operations with mobile devices
- Conventional banks deal with unsuspecting customers and have federal deposits.
- Do not credit (e.g. overdraft)
How does the neobank work?
Opening a New Bank Account is done entirely without encumbering. Mobile banking services are no different from traditional banking services. But these offers are limited and particularly relevant to the following;
– Current accounts and savings
– Payment services and money transfers
– Study tools
Register and open an account
Opening an account New Bank is simple and easy. This may be done in seconds via mobile app or the mobile bank website. The registration process is very simple and guides the user step by step to create his account.
Unlike traditional banks, no proof of income is required to open an online account within a neobank. However, you must provide valid identification and additional guarantees, as required by the payment agency.
Registration fees
The price is one of the main advantages New banks compared to traditional banks. Some mobile banks, such as N26 or Revolut, offer a free bank card account at the beginning of the offer. Others suggest that Basic formula for about 20 euros, which includes free payments and transfers. These fees are equivalent to the account fee of a traditional bank.
New banks are also particularly Competitive with regard to international transactions. They propose fees for payments abroadwithdrawals outside the euro area, etc. These fintech companies also favour a transparency policy in their offers. A customer with a basic account may use a free credit card provided that a number of transactions are made in that account. If this condition is not met, the customer must pay a additional monthly fee.
Methods of payment
By returning to their neobank personal account, the customer will receive a payment card. As a standard bank card, this form includes a payment method and a PIN code. It can also be moved or transferred with a simple click via the mobile app on your smartphone or website.
For example, Nickel Bank customers have access to services worthy of the black and gold suit. Their cards are freely customizable (colors, metal textures, personal message patterns, etc.) and tend to be very expensive.
Offers
New bank offers are very simple and limited. After confirmed online subscriptionThe customer opens a payment system with the bank and receives a card. They can then perform the usual operations (balance verification, transfers, levies, etc.) in a secure and autonomous manner. All transactions such as payments and withdrawals on the customer's account are stored and referenced in real time.
In addition, some neo-banks offer their customers the possibility ofGetting microcredits. Other mobile banks also offer cashback (online reviews) based on customer habits. Also, the neobank offers special features For example, a crypto wallet available on your smartphone.
What kind of clients do non-bank institutions need?
A neobank or « Neobank » is a leading market that develops thanks to smartphones and their ever-increasing use in everyday life. In order to adapt to new lifestyles and consumption, non-bank institutions such as neobanks offer simple and fast banking on smartphone. The clientele of these new players is therefore relatively small. The main non-bank retail companies are Revolut, Anytime, N26, Orange Bank and C-Zam Account.
Beyond this young and connected clientele, the new banks have decided to developing commercial proposals. As non-physical management services for individuals evolve, professionals still need to benefit from quality online banking services. Several new banks have decided to meet this need by addressing professionals: Anytime, N26, Qonto, Monaize...
Drafting opinion
For all your money transfers, the new banking system Don't stop gaining ground. It offers customers the opportunity to make transactions through bank cards you choose according to the ceiling that suits you. Don't hesitate to make a comparison of the different rates to make sure you made the good choice for your neobank.
A neo-bank is a kind of online banking which allows you to make payments and withdrawals from your smartphone. It knows no geographical limits, it is available in France and abroad. It is one of the flagship products of the banking system.