In the UK, we have seen a lot of neo-bank activity recently. Monzo has hit 500,000 customers1, Starling Bank is now offering business solutions and Tide will soon provide an international payments service2. In Europe, we’re similarly seeing new players emerge, such as N26, a mobile retail bank, and Penta, also German, but aimed at small to medium business customers.
The message from the neo-banks to incumbents is clear: we’re here to stay and we’re coming for your clients.
- Should incumbents be worried?
- How do you turn a neo threat into an opportunity?
- What are the options?
- What should banks do next?