What are Neobanks and how can you use them to your advantage:
Neobanks are direct banks that offer their services exclusively online. Therefore, they are often called online banks, internet banks or digital banks. Unlike traditional banks, they do not have a service branch network. Instead, everything runs via online services. In the following, we explain what neobanking is and how you can use it to your advantage.
What are Neobanks?
A distinction is made between companies that have their own banking licence and those that work with traditional banks without their licence. These companies are often referred to as FinTechs. FinTech stands for Financial Technology and is a collective term for companies that offer digital or technological innovations and services in the financial sector.
In recent years, N26, Revolut & Co. have grown up in Europe. In the meantime, they are also conquering the market in the United States and Asia. Their little sisters, the neo-banks for professionals, seem to be just as successful. Neobanks can be divided into three categories:
- Neobanks intended for VSE SMEs (Holvi, Qonto, Oaknorth Bank, etc.)
- Neobanks intended for freelancers (Shine, Tide, etc.)
- generalist Neobanks that also offer services to professionals (Monzo, N26, Revolut, etc.)
Advantages of Neobanks:
- Easy to use: Neobanks have specialized in online banking with the help of smartphones. This makes it easier to use and you can access your account conveniently when you are on the move.
- Speed: The account can be opened online in a fraction of the time normally required. Thanks to Video Identification technology, the account is usually available on the same day. The following applications are therefore also immediately available.
- Make bank transfers
- Deposits and withdrawals synchronized in real-time
- User-friendliness: online banking is simple, fast and conveniently set up Neobanks score points with good usability and user experience
- Cheaper: lower operating costs mean lower prices and higher interest rates
- Banking apps, instant bank transfers, free credit cards and other offers
- Customer care: personal relationship, all-round care, local proximity, security and trust are guaranteed by online 24-hour service centres.
Easy account setup
Opening an account with a traditional bank can be very complicated and time-consuming. Setting up an account at an online bank eliminates this tedious process. As a result, you can open the account in just a few minutes!
Seamless international payments
Traditional banks often do not have debit cards that can be used anywhere in the world or that can be used to conduct international transactions.
If you have an account with an online bank, you don’t need to worry about this. Your card can be used to purchase online or make transactions while you are abroad.
At Neobanks, everything revolves around providing an outstanding customer experience. Their apps are very clear, concise and easy to use and well-tailored to customer needs.
Transactions made via online banks are executed immediately. The transaction details are filled in immediately, so you are always informed about the current account balance. All your transactions and payments are clearly displayed in the app.
Online banks for your expansion abroad
Especially for companies expanding abroad, such online banks can be a real alternative to traditional banks. The fast account opening and high user-friendliness are also very attractive for companies.
For business in foreign markets, it is also important to have a qualitative and efficient communication strategy. Marketing content requires a certain amount of specific know-how. Smylingua is a professional translation agency specialising in the following services:
- Marketing translation, whose principle is not only based on the translation of your advertising content. Our experts, who have extensive experience in international marketing, will also take care of its revision. Regardless of the type of medium (physical, digital or online), we guarantee efficiency and quality for your website, flyers, brochures, emailing, etc.
- Expertise in SEO translation, which will enable you to greatly increase the number of visitors to your websites and thus raise your international coverage. By constantly updating the algorithms of the main search engines, SEO specialists adapt to the latest developments to ensure you good visibility on the Internet.
- Translation of digital applications specifically designed to improve your communication strategy. Everything has been thought out down to the smallest detail to achieve personalised local conversions, considering the usage behaviour of the target customers.
- Complete digital translation services, from legal translations to sworn translations, audio transcriptions, language audits, subtitling and more
Smylingua also provides you with a team of qualified project managers who will guide you step by step through the management of your complex projects. We take care of all the necessary steps to ensure the high-quality development of your international communication.
For further information please contact us by e-mail or call us on +33 176 43 32 76.
For more information you are welcome to read our other articles about:
- Expanding internationally – Our insider tips
- Business in Italy
- La Rentrée: How your marketing campaign becomes a success