User:ZenithPatell/Neobank/Bibliography

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A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branch networks that challenge traditional banks.

The range of services provided by neobanks is not as broad as that of their traditional counterparts. Unlike incumbent banks, a large portion of the income of neobanks is mainly made up of transaction fees received when customers pay with their debit card.

Neobanks are fintech companies that offer both standard banking services entirely online and non-traditional ones (peer-to-peer payments, financial advisory robots, cryptocurrency transactions, and crowdfunding platforms to raise funds for certain financial projects or their intangible equivalents that are directly related to the project).

History
The first neobank, Simple (Formally known as Bank Simple), was founded by Joshua Reich and Shamir Karkal during 2009. Simple was originally founded in Brooklyn, New York but later moved to Portland, Oregon during August 2011. The idea of the first neobank emerged in a series of email chain which was started by Joshua Reich sending an email to Shamir Karkal with the first line being, "What would it take to start a boring, simple bank?" The idea behind this email was to come up with a way to provide basic services with the bare minimum resources while improving customer service. Joshua believed that to maximize revenue, Traditional Banks hide information information to make it difficult for consumers to assess services and manage finances. Simple's emergence inspired many entrepreneurs including Brian Hamilton, founder of the challenger bank One and co-founder and former CEO of Azlo.

User Experience and Innovation
Neobanks operate without having to pay for maintaining and owning physical branches. This allows neobanks to lower charges for some of their services compared to traditional banks or possibly even eliminate them for services like peer-to-peer transactions.

Neobank's user-friendly interface make it easier for customers to keep track of their financial situation. It also had tools for consumers to use to improve their financial health, like budgeting tools and early access to pay checks. As neobanks are run on applications, unlike traditional banks, all services provided by neobanks are accessible at any time of the day. This also gives consumers of neobanks more control over their finances.

Europe
The term neobank has been in use since at least 2016 to describe fintech-based financial providers that were challenging traditional banks. There were two main types of company that provided services digitally: companies that applied for their own banking license and companies in a relationship with a traditional bank to provide those financial services. The former were called challenger banks and the latter were called neobanks.

The term "challenger bank" is used in the UK to refer to a number of fintech banking startups that emerged in the wake of the 2007–2009 financial crisis. Their services may be accessed by clients through their respective computers or mobile devices.

Due to EU's more supportive regulatory system neobanks and fintech companies in general have gained popularity in Europe. The EU's new regulatory frame work along with them passing the Payment Service Directive(PSD) along with their second PSD(PSD2) has made usage of fintechs more secure and has also made their operations more transparent.

Notable neobanks in Europe
According to Dealroom.co the most notable neobanks in Europe are:


 * 1) Monzo
 * 2) Chime
 * 3) N26
 * 4) Revolut
 * 5) Starling Bank
 * 6) OakNorth Bank
 * 7) Zopa
 * 8) Atom Bank
 * 9) Qonto
 * 10) Wise
 * 11) Adyen
 * 12) Bunq
 * 13) Viva Wallet
 * 14) Monese
 * 15) Tandem
 * 16) Nubank

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