Many neobanks emphasize attracting an influx of customers soon after their launch in the market. It should be well-noted that attracting customers through convenient applications or niche services will not reward them for their long-term goals. Rather, neobanks need to earn their customers’ trust so they can comfortably start depositing pay checks and make their neobank account their primary account. So, this customer confidence and long-term value should be built into the strategic design.

As soon as the business starts thriving and becomes profitable, many neobanks have faced the temptation to consolidate services and act more like a traditional bank. It should be well-noted that neobank values come under the hood of customer-centric strategies that work beyond conventional banking requirements. A culture of agile decision-making and innovation will allow neo banks to learn fast and adapt to a moving target of customer expectations.

With the evolution of neobanking and an open API ecosystem, customers can open an account in minutes and enjoy niche banking services at their fingertips. Neobanks must move from garnering the interest of curious new users to building loyalty and trust to derive long-term value from their customers.
Facing these issues and selecting a path that delivers profitability and sustainability begins with understanding the key purpose of having a neo bank. It would be well-suited if you could brainstorm for the neo bank’s entire lifecycle- from envisioning the product to designing it, building it, running it, and eventually scaling up or executing your exit plan.