Welcome to our series of articles on the recent Web Summit 2022, a premier event in the tech industry. In this series, we will be highlighting some of the most exciting and interesting presentations, panels, and events that took place at the conference. From keynotes by industry leaders to breakout sessions covering the latest trends and developments in technology, there was no shortage of thought-provoking content at this year's conference. We hope you enjoy reading about the Web Summit 2022 as much as we enjoyed attending it!
N26, What’s next for digital banking?
In this session, Maximilian Taynthal, Co-Founder of N26 and Patricia Kowsmann, Finance reporter at The Wall Stret Jounal talk about what the future holds for digital banking, and how neobanks are closing the gap between them and traditional bank.
Over the last few years, the rise of the neobank has shown no sign of slowing down, and we're currently in an era of innovation that is reshaping how consumers interact with their banks.
About N26
N26 is a German neobank founded in 2013. It offers a 100% digital banking experience designed to be simple, transparent, and secure. Actually, N26 has more than 8 million customers.
If you want to learn more about the company, here is his website: https://n26.com/en-eu.
What kinds of banking services do online banks offer?
With online banking, you can transfer money, exchange crypto, make online payment or pay bills via your bank card, and deposit your money. But unlike traditional banks, they can’t give loans.
Digital banks are well known to offer lower fees so concretely how can online banks be profitable?
By their clients' deposit, banks like N26 can invest in profitable business. They make sure that it’s risk free, so their clients don’t have to worry about anything.
In the future, digital banks even plan to remunerate their clients by sharing the benefit from their deposit.
The pandemic situation, inflation, war, ... Did those situations infect digital banking?
It didn’t. It was even positive, digital banks got more revenue. Easy to use, digital banking’s clients can access their bank account just via their online account or via their mobile banking app. So that is the real difference of digital banking with traditional banking, they prioritize customer experience.
What are online banking challenges?
They want to expand in more countries, get more customers, be more profitable, developpe their products, but their biggest challenge is to be completely independent of external funding!
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Minh Q. Tran, minh@mandalorepartners.com