Neobanks: Keeping Their Irresistible Pull?

TLDR: Neobanks are employing technologies such as AI, machine learning, and cloud services to offer convenient customer services. They excel at customer-centricity and deliver a superior level of customer experience, making them attractive to customers looking for more personalized banking services. Neobanks can curate and design products and services more effectively compared to incumbents by leveraging customer-specific insights, tracking customer engagement, and offering tailored recommendations. With the global neobank market expected to grow at a CAGR of 54.8% until 2030, neobanks need to continue leveraging the latest technologies and tailoring them to meet evolving customer needs. It is crucial for neobanks to engage with customers in real-time and take pre-emptive actions to retain customer loyalty. Additionally, neobanks should focus on helping customers achieve their desired financial goals and aim to improve task efficiency. They can also explore hyperautomation to deliver faster and more cost-effective services. By understanding customer goals and ensuring that their product supports users, neobanks can come out on top and achieve long-term growth.