The rise of neobanks in 2020

A credit card on a laptop. Illustrative photo. (GABRIEL SANCHEZ / MAXPPP)

This is what emerges from a survey carried out by the consulting firm Exton Consulting and revealed by The figures are impressive. Since January 2020, 72 new neobanks have emerged on the planet, which represents an opening every six days. In Europe, digital banks now have 50 million customers. According to Exton Consulting, the Old Continent is the most advanced with three particularly innovative markets: the United Kingdom, Sweden and France.

Some countries have no such bank. This is particularly the case for Poland. Unable to open an online bank account. There remains the question of profitability. In this very competitive world, more than thirty neobanks have gone bankrupt in recent years. The economic model is sometimes fragile. But the clientele is there, often to the detriment of small neighborhood bank branches. The proportion of account holders who visit their branch several times a month fell from 62% in 2007 to just under 20%. Not to mention the young clientele who now carry out almost all of their transactions via the internet. Nearly one in three bank accounts opens on the Internet today.

Regardless of the agencies, if we look at the phenomenon of neobanks globally, Western society is not the only one concerned. In Africa for example, in the sub-Saharan part, 5% of adults have a bank account. In a country like Kenya, 60% of account holders manage it through their mobile phones. Countries that started from scratch and where operators made the choice to immediately invest in the latest technologies.

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