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The Neo Reality

Enterprises across all industries are facing the urgent need to transform to do a newer way of business. At the same time, new technologies are set to transform the financial services market. Banks need to adapt. To stay competitive in the wide-ranging fintech landscape banks need to become more agile and embrace new technologies. Fintechs and banks are in a race to innovate and shape the future of financial services. As new technologies emerge, traditional banks will have to adapt quickly to provide their customers with what they expect, and this will lead to the emergence of new business models across the financial services sector. This accelerated momentum called ‘the Neo Reality’ is changing customer expectations. Just as with Uber and Airbnb, customers also want to dictate how and when they interact with their financial services providers, using the platform of their choice. Essentially, there are five pillars that are used to guide digital transformations at the financial institutions: “The first pillar is moving to agile. Second is moving to a more modern architecture. Third is doubling down the engineering talent at the bank, and fourth is being more efficient and transforming the technology cost structure. Finally, the fifth pillar is maniacally focusing on security and availability.”

Banking has traditionally been a monopoly with high barriers to market entry. But the relaxation of regulations in countries around the world has paved the way for neobanks to take the initiative and attract customers with the promise of lower fees, convenient mobile banking and improved customer experience that removes in-store banking. That’s why the neobank sector was valued at $30 billion+ in 2020 and is projected to grow at a Compound Annual Growth Rate of 47.7% over the next eight years. Neobanks are also attracting the unbanked customers with a combined purchasing power of $1.2 trillion. As more.