📱 A decade ago, neobanks emerged as challengers to traditional banking, promising digital-first services and a break from legacy systems. Favourable regulatory conditions and changing consumer behaviour fuelled their rise, leading to a wave of new entrants in the UK and beyond. Today, however, the landscape has shifted. 📈 Many neobanks have struggled to scale profitably. While they attracted millions of customers, few use them as primary accounts. Compliance failures, fraud concerns and rising interest rates have further tested their resilience. Meanwhile, traditional banks have improved their digital offerings, closing the gap in customer experience. 🌍 Some neobanks are hunting for new revenue streams, from SaaS platforms to international expansion. Others face consolidation or falling valuations. With scrutiny from regulators and investors intensifying, the question remains: can neobanks sustain their models, or will incumbents ultimately prevail? *Read more here:* https://on.ft.com/4hIVOAx