Neobanks, or “challenger banks,” are fintech firms that offer apps, software and other technologies to streamline mobile and online banking – in essence, filling in the gaps that more established banks, with their legacy infrastructures, have failed to provide. Unencumbered by legacy systems and costly physical branches, neobanks were able to start fresh and re-imagine banking as a mobile-only service.
These fintechs generally specialize in particular financial products, like checking and savings accounts, but are rapidly branching out into business accounts and constantly innovating to serve new customers that may not be traditionally banked, or are simply wanting better (digital) services.
The Aerospike Real-time Data Platform supplies and analyzes more data, faster to mission-critical digital banking applications including payments, customer 360, fraud prevention, and recommendation engines enabling more differentiation, control, flexibility, ease of use, and reduced friction. The benefits include: