Neobanks promised to rip up the rulebook. No branches. No cheque books. No waiting in line while someone deposits coins in a plastic sleeve. Just fast, app-first banking designed for people who live on their phone. But what actually makes…

In the space of just a few years, ‘neobank’ has become one of the most frequently used – and least understood – terms in modern finance. These digital-first banks promise faster “onboarding” (setting up an account), smarter apps, and lower…