Chart of the day

Is now the time for neobanking?

Source: The Payments Association

A neobank is an online bank that operates exclusively online, without operating traditional physical branch networks. Neobanks are becoming a key part of global banking systems due to their ease of use and lower fee structures. They also allow greater financial inclusivity, by providing underbanked populations easy access to credit cards and checking accounts. As such, the largest percentages of people expected to have a neobank account by 2027 are domiciled in developing economies, such as India, Mexico, and the United Arab Emirates.