Summary List Placement
This is a preview of The Global Small Business Neobanks research report from Business Insider Intelligence.
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Neobanks — digital-only banks with industry-leading capabilities that don’t operate physical branches or rely on legacy back-ends — have exploded onto the global scene in recent years.
While neobanks focused on retail consumers tend to dominate headlines, these players’ biggest impact could be in the $850 billion annual SMB banking segment, as incumbent banks have struggled to appropriately serve this industry.
Because they’re built on a modern technology stack and lack the costly network of physical branches, neobanks have been able to serve SMBs much more efficiently than legacy players. Key neobank offerings include quick account opening, multitiered — and often fee-free — accounts, and integrations with third-party tools like accounting and bookkeeping software to further streamline SMB business operations.
In The Global SMB Neobanks Report, Business Insider Intelligence explores the key factors driving an explosion of neobank activity in the SMB segment and the strategies these upstarts are leveraging to capture shares of this lucrative banking vertical. First, we examine …read more
Source:: Businessinsider – Finance