Business And Markets

What Prospects for Neobanks?

What Prospects for Neobanks?
What Prospects for Neobanks?

The Central Bank of Iran is to authorize the first neobank by the March yearend but digital banking experts doubt the readiness of the banking industry to admit fully digital players.
Last September the CBI deputy governor for innovative technologies said one or more neobanks are expected to start operation in 2021. The plan apparently is being assessed by the CBI’s executive board.
Neobank is a new type of bank available to customers only through mobile applications and personal computer platforms. These institutions are reinventing the practices and processes associated with traditional banking.
Financial services offered by the innovative lenders, mostly via a mobile app, are in accord with customers' needs mined largely from data on consumer behavior.


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