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Fintech-Driven Disruption: The Transformative Impact of Neobanks on Traditional Banking Systems
Abstract
Financial inclusion drives economic growth by providing essential financial services to underserved populations. Neobanks, as digital-first financial institutions, play an important part in the effort to offer low-cost and accessible banking services, filling gaps in traditional banking. Neobanks rely on AI, blockchain, and cloud computing to further support financial inclusion as well as cost-efficiency. This study engages the transformative potential of neobanks for traditional service providers by looking at how neobanks will provide operational models, offer technological innovation to push for operational efficiency, and offer product service alternatives to regulatory structures. This study relies on both a literature review and comparative analysis across regions to identify trends and challenges, including regulatory issues, security risks, and a lack of consumer trust in financial institutions more broadly. The results of the study indicate the need for proactive frameworks for regulation, enhanced cybersecurity, and trust to achieve sustainable avenues for growth.
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