A neobank is actually pretty easy to use
E.g. Revolut app lets you send a transfer to your contact in a matter of seconds…and without requesting you to fill in any of the details. A typical banking app would require you to spend a few minutes for that unless you have a template saved.
A neobank comes with tons of preloaded features
Splitting a payment with Revolut or any other neobank is a piece of cake. Next to this, you can access a useful PFM, cryptos, and lots of other things that are not likely to be accessible with your bank.
Neobanks call for innovation
I’ve been using banks for about 13 years, for now, …and honestly, the overall experience with banks haven’t changed much. Obviously, there were some additions and updates, but I am still not feeling like the banking service is something I should be using. Considering that Fintech Startup Revolut has received EU Banking license ahead of Brexit, I am sure it will release an even better set of products.
The fees of neobanks are either low or non-existent
The fees, of course, strongly depend on the bank you use. Some banks are charging pretty low or no fees, but not the vast majority. E.g. one of the banks charges me 10 EUR for a transfer. And when it comes to FX fees, the costs are sky high. You can easily bypass all of the high or unnecessary costs with a neobank.
The online support of neobanks is superb
Most of the services that I use are actually online services. Payments, domains, hostings, food delivery, transportation etc. Hence, I already got used to submitting a support ticket when I need some help. Obviously, banks provide some sort of online help, but if you want your query to be solved fast - you either need to go to a branch or call. This is not the case with neobanks.
What’s the disadvantage of neobanks then?
For me personally, neobanks are great for day-to-day operations as they provide outstanding value at a fraction of the costs. However, you still need to use old banks simply because they offer offline services through branches.
Imagine you want to cash our a large sum, typically your card limit will not let you do that. But even if there is no limit, it will simply be way too time-consuming as there is a limit for a transaction.
Hence, I will feel like big banks are great for storing your capital, while neobanks are amazing for using daily operations.: