The rise of neobanks represents a significant disruption in the traditional banking model, driven by several factors such as technological advancements, consumer trust and preferences, market demand, cost efficiency, and global expansion. Despite facing challenges such as building trust and navigating regulatory landscapes, neobanks are driving competition, prompting traditional banks to enhance their digital offerings.

Fintech is a term that has been coined by Peter Knight, an editor for the Sunday Times business newsletter in the 1980s, however, the term was fully adopted as a common term as recent as 2007. Fintech is a combination of two words “financial” and “technology”. Hence financial technology, in its core, is the set of algorithms and software that is utilized to provide financial services to consumers to better manage their financial operations and processes, establish new channels for transactio...