For years now, ‘neobanks versus traditional banks’ has been a heavily contended topic. Traditional banks have been consistently shrouded in some controversy since 2008, eroding customer confidence and trust in basic commercial and retail banking. Neobanks or as some may refer to as ‘challenger’ banks (as they ‘challenge’ legacy infrastructure and outdated practices and processes at traditional banks) have stepped up to fill a banking void around customer satisfaction and customer’s best interest. Many express a desire to revamp ‘greedy, money mongering, doesn’t care about the customer’ image of banks.
Whether that impression is rightfully deserved or not,