But it’s widely recognized that the situation is changing rapidly. Neobanks offer customer experiences that are drastically faster and smoother than traditional banks and these are being noticed by customers. Neobanks already hold 11% of all bank accounts in Europe. Unencumbered by legacy systems, high operational costs, and the bureaucracy of large organizations, they are poised to grab more market share in the coming years.
Against this backdrop, incumbent banks face a central challenge: As large, complex, multichannel businesses, how can you compete with small, nimble, digital-only scale-ups?
The good news? There are already solutions available that can help you build customer experiences equal to neobanks, while maintaining bank-grade standards of compliance and security. In this post, we are going to look at how the Fourthline API can help you achieve these goals. We’ll explore how we can help banks compete in onboarding and ongoing verification, and why partnering with Fourthline may be better than building such solutions in-house.
