The rise of neobanks: opportunities, challenges and risks

Musaeva Aizat (2022) The rise of neobanks: opportunities, challenges and risks. Külkereskedelmi Kar.

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Absztrakt (kivonat)

Following the 2008 financial crisis, changing economic and regulatory environments, as well as an increase in customer expectations for digital experiences and rapid technological advancements, have given rise to a new type of bank that could forever change the banking environment. These new banks are known as neobanks, which are financial institutions that do not have physical branches and operate independently. As neobanks are referred to as the "bank of the future," and because there is a scarcity of research on the subject, I was inspired to write this thesis.  This study aims to examine the opportunities, risks, and challenges related to neobanks and whether they can replace the traditional banks?  To help the reader better understand neobanks, this paper provides a comprehensive literature review of the opportunities and growth of neobanks, the impacts of neobanks in the global retail banking sector, and the challenges that neobanks may face throughout their lifecycle, and risks. According to the findings of our literature review, Covid-19 had a positive impact on the growth of neobanks, and thanks to the bank's innovative features, it is attracting many investors, with 2022 looking promising. Profitability and customer trust are also major challenges for neobanks. In our literature review, we found that the most significant risk that customers face as a result of using these applications is cybersecurity. Furthermore, an online questionnaire has been conducted to supplement the literature review and answer our research question. We gathered primary quantitative data via questionnaires, making it easier to obtain a larger sample size to include as many people living in Europe as possible and gain insights about European neobanks from the customers' perspective. According to our findings, most customers do not use neobanks as primary accounts because they do not trust them with all of their money. They are, however, accepting them positively because they believe that neobanks provide a more innovative and convenient banking experience than traditional banks. Thus, we concluded that neobanks are not yet able to completely replace traditional banks soon. However, neobanks have had an undeniable impact on the banking system as they challenged traditional banks by introducing new structures and business models to customers.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Külkereskedelmi Kar

Tanszék

Nemzetközi Kereskedelem és Logisztika Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Nemzetközi gazdálkodás

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	finance, fintech, information technology, neobank, retail bank
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2022. Okt. 11. 09:47
Utolsó módosítás:	2022. Okt. 11. 09:47

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