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Finance & Banking vocabulary · Fintech & Digital Banking

Neobank

Meaning in finance & banking, with examples

/ˈniːoʊbæŋk/nounCommon term

In finance & banking, neobank means: A bank that works only through a mobile app and website, without physical branches, and often offers lower fees and fast account opening.

In Turkish: dijital banka, neobanka

How it is used

Used in fintech news and strategy discussions; also called a digital bank or, in the UK, a challenger bank. Some neobanks hold a full banking licence, while others work with a partner bank. Traditional banks also launch their own digital brands.

Example sentences

  1. Many freelancers now keep their business account at a neobank.

  2. The neobank opened a million accounts in its first year without a single branch.

Common collocations

  • neobank app
  • challenger bank
  • digital-only bank
  • neobank licence
  • fintechShort for financial technology: technology that improves or automates financial services, and the companies that build such products.
  • mobile bankingUsing a bank's app on a smartphone or tablet to check balances, make payments, transfer money and use other services.
  • open bankingA system in which banks, with the customer's permission, share account data or let licensed third parties start payments through secure APIs.
  • branchOne of the local offices of a bank, where customers can open accounts, apply for loans and get help face to face.

More terms: Fintech & Digital Banking

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This page explains English vocabulary for learners. It is not financial advice.