As the digital transformation unfolds throughout the financial services industry, Neobanks are gaining ground. By definition, a Neobank is a type of direct bank that operates exclusively online without traditional physical branch networks. They are also known as online banks, internet-only banks, virtual banks or digital banks. According to FICO, the banking industry is concerned with the competitive threat posed by Fintech companies, specifically Neobanks. Leaders are hyper-focused on designing innovative strategies to differentiate and win. To that end, we proudly present today’s use case series, featuring neobanks and gift card automation.
Use Case Series: Neobanks and Gift Card Automation
Will the internet ever cease to bring new opportunities for disruption? It seems not. The Neobank sector is yet another market entry that is extending the era of internet disruption. The addressable audience for Neobanks is seismic. That’s because Neobanks are popular with millennials. Consumers in that market segment demand and purchase technology that makes life easy, fun and share-worthy. Further, their buying power is quickly expanding as they grow in age. What’s more, they’re destined to become tomorrow’s leaders as subsequent generations become earners and consumers.
Enter the eGifter Rewards Gift Card API, which seamlessly integrates into mobile banking apps. Neobanks looking for a competitive edge know that plugging digital gift cards into their mobile apps adds new users, especially millennials. Designing experiences around gift cards increases engagement and preference from existing customers. Everyone loves receiving gift cards! In the battle to become the leading financial services providers to consumers, neobanks are blazing the digital path. With eGifter Rewards as the de facto gift card technology partner, Neobanks are well positioned to flourish.
Add Gift Cards to Your Fintech Banking App
Learn more about the hosted white-label site that can be encapsulated right inside your app. Or, schedule a free consultation and test drive our flexible API for a truly integrated solution.
- Access to 300+ top gift card brands including Visa® gift cards
- White-labeled hosted or integrated solutions
- Custom branding and personal messaging
- Security features financial institutions require
- Budget management, KPI dashboards and audit-worthy reporting
As consumers become more tech savvy, new opportunities to serve them emerge. Clearly, Neobanks and gift card automation is a greenfield opportunity now — and will become standard fare before we know it.