What are new banks called?
Newly established financial institutions that leverage modern technology, mobile-first platforms, and cloud-based architecture to deliver banking services are commonly called neobanks, digital banks, or challenger banks. Unlike traditional legacy banks, these entities typically operate without physical branch networks, partnering instead with licensed chartered banks to provide federally insured deposit accounts, low-fee international money transfers, budgeting tools, and user-friendly mobile applications designed to attract digitally native consumers and small business owners.
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