The opportunity: Nubank has excelled at acquiring younger customers—and this should worry incumbents because the neobank has added a sizable group of people who have years of expected future earnings growth. The company’s success is also important because Gen Z—defined as anyone born between 1996 and 2016—makes up 30% of Brazil’s population and 35% of Mexico’s, per a BofA Global Research report.

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.

This benchmark evaluates four US neobanks across seven categories and weights their scores according to the results from a survey of US mobile banking users. It highlights the most in-demand mobile banking features that an incumbent, fintech, or neobank can offer to attract, retain, or monetize users.

In this report, we explore how digitization is reshaping the banking CMO’s role, responsibilities, and priorities through exclusive interviews with 10 banking industry CMOs in the US and Canada.

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.

Over the past five years, neobanks have advanced on two fronts: user growth and richness of mobile functionality. But they’re still chasing profitability, launching new financial services offerings and reserving some of their most innovative features for paying customers. This second annual study stacks up the top four UK neobanks against one another, scoring their mobile app capabilities based on consumer demand for 48 emerging features.

The pandemic sparked greater global awareness of environmental issues and a renewed commitment to finding solutions. Climate change ranked as the top personal concern of Gen Z adults worldwide, ahead of both unemployment and disease prevention (amid a global pandemic), per Deloitte in February 2021.

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.

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.

Four of the five largest global banks use Socure. Digital account openings are soaring, pushing banks to adopt digital ID solutions to remove friction from the onboarding process and face off against their neobank competition, per Insider Intelligence’s “Account Opening in the Next Normal” report. Payments.

The German neobank will pursue growth in established markets and make a push into Eastern Europe. This prioritization clarifies its strategy and is in line with other big challengers.

Neobanks fear that the worm has turned. Mainstream banks are hitting back at the potent threat of neobanks by adopting the digital best practices that the challengers first championed, per The US Digital-Only Banking Revolution report. To the detriment of neobanks, this includes partnering with third-party vendors and making strategic acquisitions to increase their digital account holder volumes.

The UK-based personal finance management app seeks to raise $128.2M in two years to go global. Expanding to less mature markets can help it its rapid user growth.

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.

JPMorgan bumps up against high fintech valuations, tight talent market: The banking giant’s strategy to maintain its competitive standing against fellow incumbents and neobanks in consumer-facing financial products is under pressure.