great Twitter thread discussing the evolution of Neo Banks. About a five-minute read, but embedded links will take you to on the deep dive.
Comment: Neo Banks are useful for incumbents, as they deploy and field test new services. Which are promptly adopted by incumbents. For example, I’m with HSBC and its recently adopted the Neo Banks digitally rich current account e.g., immediate notification of cash in / out, end of month cash balance forecasts, etc. These incessant and often shrill predictions that Neo Banks will take over the role of incumbents are totally, massively wrong. As I’ve been pointing out for, literally, years.