With the advent of apps and smartphone, people now want to, effectively, carry their banks in their pockets. Indeed, the major banks all have apps that let customers check their balances, move money, set up direct debits and so on.
But all these major banks still run huge branch networks. And their mobile activities can be seen as an additional services to this existing infrastructure. Hver the last couple of years a new generation of mobile only banks has emerged to challenge them. These newcomers Neobanks offer purely mobile banking, with no branches and everything done through the app.
What is an app-only bank or Mobile Only Bank?
App-only Bank, Mobile Only Bank (or digital-only bank) , are challenger banks that offer accounts that are set up and managed solely via an app on your smartphone. They belong to the financial technology (fintech) sector as they don’t have costly branch networks or vast call centres to maintain, but it’s all about the app. With emphasis on convenience, mobile only banking is becoming increasingly popular in customers, real-time balance information, biometric security, simple money transfers, and predictive banking are some of the new catchy services and features offered on these apps.
List of app-only bank or Mobile Only Banks
These challenger banks are making a lot of noise and acquiring thousands of customers, especially among younger people. Here is the List of Best Mobile Only Banks around the world. 😀
If you know of any other mobile only banks that are missing feel free to add to discussion.