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Starling Bank
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=== '''Key market drivers''' === * '''Technology Adoption:''' With the increase in smartphone and internet usage worldwide, more people have access to and comfort with digital platforms. This broad technology adoption makes it possible for neobanks to reach a large customer base. * '''Customer Demand for Convenience:''' Today's customers expect convenience, speed, and personalized services. They are increasingly turning to digital banking as it offers 24/7 access to banking services from any location. This shift in consumer behavior is driving the growth of the industry. * '''Cost effective:''' Digital banking platforms typically require less physical infrastructure and personnel than traditional banks, resulting in lower operating costs. This allows digital banks to offer competitive rates and fees, attracting more customers. * '''Regulatory Support:''' In many parts of the world, regulatory changes have made it easier for neobanks to operate. For instance, open banking regulations have enabled neobanks to integrate more smoothly with other financial systems and services. * '''Dissatisfaction with Traditional Banks:''' There's a growing sentiment among certain customer groups, particularly younger generations, that traditional banks don't meet their needs or aren't aligned with their values. This has created an opportunity for neobanks to offer an alternative. * '''COVID-19 Impact:''' The ongoing COVID-19 pandemic has further accelerated the shift towards digital banking. Social distancing measures and an overall increase in online activities have increased demand for digital banking services provided by neobanks. * '''User-friendly Interface:'''the interface of neobanking app are becoming more and more convenient and user-friendly, which will attract more customs. * '''Increasing Mobile Penetration:''' As the technology development, most people get used to use mobile app. The increase in mobile phone penetration has made people more and more accustomed to and like to handle business on mobile phones, including banking services.
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