What’s the Neobank Market Growth Opportunity?
The Neobank market is a very large high-growth market, with Neobanks offering consumers digital-only banking with attractive cost and convenience. Consumer demand for digital-only bank accounts is forecast to grow to over 50 million accounts in the U.S. by 2025.
Beanstox sees this as a growth opportunity, with potential to provide clients an attractive combination of “automated wealth and digital banking”. We also believe Fintech will continue to innovate and evolve, with opportunities for Beanstox to provide clients an expanding set of financial services.
How Neobanks differ from traditional banks:
- Digital-only, no physical branch
- Known to be faster and cheaper
- Accessed by desktop computer or mobile
- Usually partner with an FDIC insured partner bank
- Can have advantages of less regulation, less credit risk, and leveraging new technologies
- Usually offer perks including lower or no fees, overdraft protection and sign-up incentives
How fast are Neobanks growing? According to Insider Intelligence, there may be over 50 million US digital-only bank account holders by 2025.
Growth Forecast of Digital-Only Banking, 2021-2025
Although we are excited by the Fintech growth opportunities for Beanstox, we are also mindful of the fact that for every 1 success story, there could be many others which are not as successful.
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