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  "text": "Neobanks are the new kings of banking. With almost 40% of the new banking relationships worldwide, 52% satisfied with their bank, and 72% of consumers now have two or more banks.\n\nA few years ago, there was a serious debate about whether neobanks were just a passing trend or here to stay.\n\nThese numbers don’t lie with big neobank gains worldwide:\n\n↳ 39% of new banking relationships\n\n↳ 19% of all bank accounts\n\n↳ 5% of revenue share\n\nWhile the 5% revenue share figure above may raise eyebrows, don’t expect this low figure to last.\n\nThere are clear signals of increased profitability, with revenue per customer jumping to USD 100 per account per year, up from USD 75 just 24 months ago.\n\nThis increase comes from users becoming more comfortable with digital-only services and shifting lending, deposit, crypto, and investment activity.\n\nCritics were correct in that initially, there were far too many neobanks, and the overall number of neobanks has declined.\n\nBut the global leaders that remain are a real threat with rates and low fees that incumbents can’t match.\n\nNubank and Revolut alone added more than 50 million users in the past 24 months, making them the fastest-growing banks in the world.\n\nGlobally, more than 20 institutions now exceed 10 million customers, and roughly 100 have passed the one-million-user mark.\n\nThe few areas where incumbents still lead are trust, fraud protection, and customer support.\n\nTrust was always neobank’s “Achilles heel” and remains a shrinking advantage for incumbents.\n\nI’ll use myself as an example. I went from four primary incumbent banking relationships to seven, with three neobanks added in recent years.\n\nYes, the incumbents have more of my money, but frankly, that is changing by the month.\n\nCan incumbents keep up?\n\nDon’t count on it.\n\nHampered by legacy tech and mentality, they will have a hard time besting fast-moving neobanks with new products, gamification, low-fee monetization, and leveraging AI.\n\nThis doesn’t mean incumbents are doomed, as they have deep societal connections that will keep them afloat for years.\n\nThat said, we can expect them to have dwindling relevance, particularly to clients in their 30’s (or older ones like me!) who are comfortable with digital relationships.\n\nThe question remains: Who’s the new banking king?\n\nIt’s the neobanks.\n\nTheir rise is unstoppable.\n\n#fintech #tech #finserv #AI\n@BetaMoroney\n@efipm @BrettKing\n@spirosmargaris\n@jasuja\n@enricomolinari\n@mikeflache\n\n https://t.co/nABMTV2NvY",
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