Neobanks, the digital disruptors of the fintech world, will see the number of US account holders reach 20.2 million by the end of 2021, more than double the number just two years ago, according to our inaugural Insider Intelligence forecast for digital-only banks. Neobank Chime, which was founded in 2013, is well ahead of its competitors. It will hold steady as the industry leader, but there will be a shift this year for the No. 2 spot.
On today's episode, we discuss what the world will look like in 2030. Who will be the digital ad giants, how much shopping will we do online, will bank branches disappear, and more. Tune in to the discussion with eMarketer vice president of forecasting Monica Peart, senior director of forecasting Shelleen Shum, and directors of forecasting at Insider Intelligence Cindy Liu and Oscar Orozco.
Acorns is going public via a $2.2 billion SPAC to accelerate its user acquisition growth–and this won't be the last investing app going public this year.
When US neobanks will hit 40 million clients
US insurance giant Geico has selected Tractable to expedite its repairs assessment and claims processing. This marks a big win for Tractable that the UK insurtech will likely seek to repeat with additional US incumbent partnerships.
HSBC steps back from US retail banking market: The bank’s decision to sell off or close most of its retail operations gives other players opportunities to woo jilted customers.
CIBC reports soaring digital usage: The Canadian banking giant says that digital sessions and transactions in Q2 2021 rose by double digits over last year—a sign of strong customer engagement, even as digital usership approaches saturation.
Overall customer satisfaction has plateaued as US insurers struggle to support complex tasks online—but partnering with insurtechs could help incumbents deliver the experience customers now expect.
Lunar rolls out corporate credit card for SMBs: The Nordic neobank is seeking to boost its offerings for small and medium-sized businesses—the latest example of a European challenger branching out into the space.
Temenos unveils plug-and-play cloud product: The banking technology vendor’s new offering could level the playing field between established banks and new banking players by helping the latter respond to customer demand.