{"id":738,"date":"2019-12-17T20:14:01","date_gmt":"2019-12-17T20:14:01","guid":{"rendered":"https:\/\/wp.ull.es\/dibaf\/?p=738"},"modified":"2024-11-28T08:42:26","modified_gmt":"2024-11-28T08:42:26","slug":"fintech-and-neobanks","status":"publish","type":"post","link":"https:\/\/wp.ull.es\/dibaf\/2019\/12\/17\/fintech-and-neobanks\/","title":{"rendered":"Fintech and Neobanks"},"content":{"rendered":"\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Fintech &amp; Neobanks\" width=\"525\" height=\"295\" src=\"https:\/\/www.youtube.com\/embed\/ADEVqVlIe7Q?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>What is FinTech? <\/strong><\/li><\/ul>\n\n\n\n<p>Financial\ntechnology, FinTech for short, describes transformation and evolution of\nfinancial services and technology.<\/p>\n\n\n\n<p>The term\ncan refer to start-ups, technology companies or even legacy service providers.<\/p>\n\n\n\n<p>&nbsp;It is increasingly difficult to know where\ntechnology ends and where financial services begin. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Who\u2019s doing this and what does a typical FinTech company look like? <\/strong><\/li><\/ul>\n\n\n\n<p>When people\nthink of FinTech, they often focus on startups, breaking into areas that banks\nand other legacy financial institutions have dominated. But we must think of\nall participants in a larger FinTech ecosystem:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Well-established financial\ninstitutions such as Bank of America.<\/li><li>Big tech companies such as Apple,\nGoogle, Facebook, and Twitter.<\/li><li>Disruptors: fast-moving companies,\noften startups, focused on a particular innovative technology or process. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>What&#8217;s a neobank? <\/strong><\/li><\/ul>\n\n\n\n<p>We can\ndefine neo-banks as an institution that provides some combination of checking\naccounts, savings accounts and debit cards via digital channels\u2014primarily\nmobile\u2014without any physical bank branches.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>How else do neobanks differ from traditional banks?<\/strong><\/li><\/ul>\n\n\n\n<p>Financial\nanalysts say neobanks stand out because of these features:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Low cost structure<\/li><li>Large ATM networks with no fees.<\/li><li>No overdraft fees because the\nchecking products are prepaid, reloadable debit cards.<\/li><li>A simple and engaging mobile\nexperience, unlike banking on a phone with a traditional bank.<\/li><li>Intuitive budgeting and\nmoney-tracking tools.<\/li><li>Real-time balances.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>What are the disadvantages of a neobank?<\/strong><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>If you need bank branch access, a\nneobank won\u2019t be a good fit. <\/li><li>If you\u2019re paid in cash, a neobank\nisn\u2019t likely your first choice, either. While there are options to deposit cash\nvia Green Dot sites, as mentioned above, sometimes the sites charge a fee.<\/li><li>Also, if you\u2019re looking for a bank\nthat will grow with you as your needs evolve, a neobank might not be the best\nchoice. That is not to say neobanks themselves aren\u2019t evolving, and this\ncriticism might not be true within a few years. <\/li><li>When you\u2019re ready to buy a house,\nyour neobank might be in the mortgage business, or when you inherit some money\nthey might a wealth management product. However, they might not.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>What is the future of neobanks?<\/strong><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Existing neobanks will likely expand\ninto new product lines and look to become chartered banking institutions. <\/li><li>Traditional banks will look likely\nfor ways to tap this market with new sub-brands like Wells Fargo\u2019s Greenhouse\nor Chase\u2019s Finn. <\/li><li>And fintech players in other lines\nwill look to get into the deposit business.<\/li><\/ul>\n\n\n\n<p>The other\nvariable is the global landscape. Neobanks are known as \u201cchallenger banks\u201d in\nEurope, and several of them have their eyes set on the U.S. market but are\nlooking for more clarity on how they might navigate the American banking\nsystem, which is fairly complex given the national chartering structure, the\nstate chartering structure and the laws surrounding delivering services without\nbranches. <\/p>\n\n\n\n<p>As it stands now, many of those hurdles are enough to keep many on the other side of the Atlantic.<\/p>\n\n\n\n<p>Resources:<\/p>\n\n\n\n<p><a href=\"https:\/\/relayto.com\/pwc-financial\/questions-and-answers-fintech-b0zaegbp\">https:\/\/relayto.com\/pwc-financial\/questions-and-answers-fintech-b0zaegbp<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.bankrate.com\/banking\/5-questions-to-ask-before-trying-a-neobank\/\">https:\/\/www.bankrate.com\/banking\/5-questions-to-ask-before-trying-a-neobank\/<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is FinTech? Financial technology, FinTech for short, describes transformation and evolution of financial services and technology. The term can refer to start-ups, technology companies or even legacy service providers. &nbsp;It is increasingly difficult to know where technology ends and where financial services begin. Who\u2019s doing this and what does a typical FinTech company look &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/wp.ull.es\/dibaf\/2019\/12\/17\/fintech-and-neobanks\/\" class=\"more-link\">Continuar leyendo<span class=\"screen-reader-text\"> \u00abFintech and Neobanks\u00bb<\/span><\/a><\/p>\n","protected":false},"author":114,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[5],"tags":[29,38],"class_list":["post-738","post","type-post","status-publish","format-standard","hentry","category-banking","tag-evideo","tag-fintech"],"_links":{"self":[{"href":"https:\/\/wp.ull.es\/dibaf\/wp-json\/wp\/v2\/posts\/738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.ull.es\/dibaf\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.ull.es\/dibaf\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.ull.es\/dibaf\/wp-json\/wp\/v2\/users\/114"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.ull.es\/dibaf\/wp-json\/wp\/v2\/comments?post=738"}],"version-history":[{"count":2,"href":"https:\/\/wp.ull.es\/dibaf\/wp-json\/wp\/v2\/posts\/738\/revisions"}],"predecessor-version":[{"id":1544,"href":"https:\/\/wp.ull.es\/dibaf\/wp-json\/wp\/v2\/posts\/738\/revisions\/1544"}],"wp:attachment":[{"href":"https:\/\/wp.ull.es\/dibaf\/wp-json\/wp\/v2\/media?parent=738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.ull.es\/dibaf\/wp-json\/wp\/v2\/categories?post=738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.ull.es\/dibaf\/wp-json\/wp\/v2\/tags?post=738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}