Neobanks: The future of banking - or the same product in a new guise?

Neobanks have internalised the idea of being able to do your banking from your smartphone. But how do their products differ from those of the more established financial institutions? — dpa

The days of having to rush to the bank to transfer money or take out cash before it closed are long over. Thanks mostly to the rise of online- and mobile-only direct banks, even the most traditional financial institutions have to offer internet options.

And now a new generation of so-called neobanks – N26, C24, Tomorrow, Revolut and Klarna, just to name a few – are entering the market, targeting consumers who grew up with the internet and prefer doing all their financial transactions completely online.