Time: 13:00-15:00 (UK Time), Wednesday, 29 November 2023
Presenters: Varnika Goel and Rashika Sethi, Twimbit, India
Chair: Prof. Hong Bo, SOAS University of London
Online venue: Click here to join the seminar on Microsoft Teams (For any inquiry about how to join the online seminar, please contact Dr. Meng Xie at xm1@soas.ac.uk)

Abstract
The emergence of neo-banks in India and the UK reflects the increasing demand for digital financial services. The dawn of the digital age in the financial sector has paved the way for increased alliances between incumbents and ‘fintech’ organizations. Neo-banks, digital-only banks that operate primarily through mobile apps, have significantly impacted the financial sector in recent years. They are leveraging technologies such as artificial intelligence and machine learning to provide personalized financial solutions to customers. Over the last four years, nearly 36 neo-banks in India have been competing, acquiring customers, and creating a niche in the banking and financial sector. Similarly, in the UK, the three major neo-banks (Monzo, Revolut and Starling bank) are actively trying to gain a foothold in the banking industry. Despite noteworthy gains, neo-banks are still subject to challenges and hurdles which pose a threat to their growth, sustainability, and public reputation. Several risks and threats highlighted in the paper include the threat of cyber-security and the lack of technological advancement in developing regions which hinder business performance. To mitigate risks posed by these challenges, the role of regulators emerges as significant. Regulating bodies ensure adequate supervision and monitoring of neo- banks, providing a base of support through features such as regulatory sandboxes.  

Presenters

Varnika Goel
Varnika Goel is the Research Director and Co-founder of Twimbit based in India. She has 7 years of experience as a research analyst and consultant. She is regarded as India’s leading analyst covering neo-banks and digital banking. Her reports are widely quoted by India’s leading financial service provider. 

Rashika Sethi
Rashika Sethi is the Research Analyst of Twimbit with years of experience in research field. Her field of expertise lies in banking benchmarks reports on customer experiences across various geographies. She has actively engaged in research and analysis with a strong focus on customer journey mapping and delivering data-driven insights.