neobank

Etymology

From neo- + bank.

neobank means A modern type of direct bank that operates exclusively online without a traditional physical branch network, often mobile-first and even without banking licence. Lexicurio rates it Rare gem — a strength score of 84 out of 100.

noun

A modern type of direct bank that operates exclusively online without a traditional physical branch network, often mobile-first and even without banking licence.“Digital-only neobanks, offering no-fee accounts, high-speed sign-ups and intuitive user interfaces, are hoping to disrupt the way Australians save and spend their money – by making products people actually like.”