Providing virtual cards can also help incumbent banks erode what is currently a competitive advantage for neobanks: Only seven of the top 25 US banks by assets provided the capability in our 2020 “US Mobile Banking Competitive Edge Report,” compared with three of four neobanks in our 2020 “US Neobank Competitive Edge Report.”.

Most customers who used mobile banking apps more often during the crisis said they’ll keep their current habits or increase it, per new research—and data points to a large potential market for neobanks.

Digital-only banks—and neobanks in particular—have emerged as potent threats to incumbents, and many disruptors that could further shake up the US banking market loom large. But incumbents can still secure digital account holders by adopting digital best practices championed by challengers.

Through our exclusive interviews with heads of digital at 12 of the largest financial institutions and three top neobanks across the US, UK, and Canada, this report illuminates the biggest challenges and opportunities these executives are facing.

This inaugural scorecard, weighted based on responses to a primary consumer survey, ranks the four largest US neobanks by user count according to their advanced mobile banking capabilities. The report presents detailed benchmarking data on the availability of 47 mobile features, selected by analysts based on the features’ propensity to help neobanks differentiate themselves from competitors. It is a companion to the 2020 US Mobile Banking Competitive Edge Report, which ranks the 25 largest US financial institutions by assets.

Three Key Questions This Report Will Answer:. What are some interesting use cases of banks using AI across the front and middle office? What is the return on investment that incumbents will see in the next 5 years from the AI opportunity? Which are the winning strategies incumbents can employ for AI adoption? WHAT’S IN THIS REPORT?

Three Key Questions This Report Will Answer:. What can banks gain from providing effective and widely-used digital ID solutions? Which successful bank-led digital ID schemes help lay that groundwork? What key trends will shape the future of the digital ID space going forward? WHAT’S IN THIS REPORT?

WHAT’S IN THIS REPORT? This report will explore how digital transformation is reshaping the banking industry, the drivers behind this wave, and best practices in digital transformation.

In this report, Insider Intelligence will examine the moves that three of the biggest US tech giants—Apple, Google, and Amazon—are making to gain a larger foothold in the global financial services industry. We will then detail each tech company’s threat to incumbents and outline potential next steps based on their existing moves in the financial services sphere.

The cost savings from banks’ chatbot usage alone will reach $7.30 billion worldwide by 2023, up from an estimated $209 million in 2019, according to a February 2019 report from Juniper Research. Chatbot integration in mobile banking apps is expected to make up 79% of chat-driven customer interactions in 2023.

Freelancer-centric Lili doubles users in six months: The neobank reached the 200,000 customer mark as it raised $55 million in its third funding round in less than a year, showing signs that its niche market play is paying off.

Digital-only challenger banks are attracting increasing consumer interest. Neobanks are on the rise in the US, gathering a substantial number of customers: The portion of US consumers who are clients of at least one digital-only neobank is expected to double from 8.9% in 2020 to 17.8% in 2024, per Insider Intelligence forecasts. This consumer interest is accompanied by substantial funding, too.

Klarna has ambitions of building a financial “super app,” which, given its scale, poses a direct threat to neobanks. Klarna has a massive global reach that it could leverage to launch banking features in more markets. Klarna raised $650 million in September 2020, giving it ample funds to build out the business, as well as the title of Europe’s most valuable fintech.

US Neobank Emerging Features Benchmark, of the top four US neobanks. US Mobile Banking Emerging Features Benchmark, of the top 25 US FIs. Canada Mobile Banking Emerging Features Benchmark, of the top seven Canadian FIs. UK Neobank Emerging Features Benchmark, of the top four UK neobanks. Key Points.

WHAT’S IN THIS REPORT? This report provides an overview of the proximity mobile payment landscape in France, including adoption trends and key players. It also includes our forecast for proximity mobile payment users in France through 2023.

Incumbent D2C companies, meanwhile, may struggle the most to establish a niche in this space, as brand recognition has long been their trump card against more tech-savvy competitors like fintechs and neobanks.

On the other hand, Australian neobank Xinja has taken a drastically contrasting approach, choosing to hold its 2.25% interest rate steady, despite a central bank rate cut, but suspending new account opening to limit costs. 3. Consumers who can't go to work could drive short-term loan and credit activity.