Today’s entrepreneurs are used to taking advantage of new and innovative solutions that automate operations and make doing business easier. As such, banking is an important consideration for them. While large traditional banks cover the needs of a business at all stages of development, newcomers like neo-banks and FinTech banks provide an interesting alternative.
Neo-banks, for example, tend to speak the same language as entrepreneurs and understand them much better, while FinTech banks, although new, represent the future of banking with their innovative and fully-customizable approaches to finance. The real consideration for who will be the future banks for entrepreneurs, however, is how each will take advantage of the emergence of open banking concepts to provide enhanced products and services and ultimately increase profitability while reducing expenses.