Mobile-only Banks

The new breed of banks

Challenger banks are a new wave of bank accounts and pre-paid debit cards that operate without branches, via a smartphone.

The Rise of Fintech

Banking Today

Back in the days, if you are interested in starting a business, you would need to search for a traditional investor or head to your local bank to request for a loan. For a company to accept credit cards, it would require an account with a major credit provider in addition to a land line and bulky equipment.

This is not the case anymore particularly for millenials and the following generations. For them, Fintech is the new “cool”. They prefer quick and simple banking services provided by mobile-only banks to walking to a branch, fixing appointments with bank consultants, and getting involved in the lengthy processes involved in putting together a portfolio or setting up accounts.

What is Fintech?

FinTech, just as it sounds, stands for Financial Technologies. In its simple definition, it is a business that aims at providing financial services using software and modern technology. It is predominantly used by financial institutions on the back end of their businesses.

FinTech represents technologies that are disrupting conventional financial services such as money transfers, mobile payments, fundraising, loans, and asset management. These days, they are seamlessly being integrated in the lives of the sophisticated and tech-savvy customers to remain relevant in this present reality where private and business life is becoming increasingly digitized.

Future of fintech

FinTech touches everything the financial services industry deals in. FinTech startups are small, powerful, and innovative, with the ability to disrupt the traditional financial institutions. This can be used to the advantage of your business.

FinTech is revolutionizing the way small independent businesses start up, accept payments, and go global. With services like crowdfunding, mobile payments, and money transfer, they are making the running of business startups easier than ever.

They provide tools that have cheap computing, cheap storage, and wonderful analytics. They have also changed the regulatory environment, making people very comfortable managing their business and money online.

If you don’t have a collateral to get approved for a traditional loan, or if you can’t find an investor for your big idea, you are still OK. With crowdfunding, that you can cheaply and quickly raise money people you’ve never met, from all over the world.

Fintech has given you the power to find startup capital, as well as reduced the course of meeting from maybe months of meetings to as little as a few weeks

Legacy of banks

The idea of banking has been around since time immemorial. Banks have been historically perceived as extremely “safe” financial establishments – the place where you keep your money. After all, everyone needs their cash safely put away and readily accessible.

Banks however still need to rebrand themselves and recover lost trust. A heavy blow has been dealt to the market from the financial crisis of 2008. This affected the attitude toward larger banks, making only a quarter of Americans trust larger banking institutions, according to a recent Gallup poll.

Although, during the banking industry’s lifetime, some technological advances such as ATMs, mobile-only bank apps etc., have revolutionized financial services to a significant degree, there have been minimal disruption on the industry from outside.

Rise of Mobile

“Banking is essential. Banks are not” - Bill Gates.

Most people hate banks. A customer will take every chance to avoid interacting directly with a branch. Over the last two years a new generation of challenger banks aka neo-banks offering purely mobile banking has emerged to challenge major banks. With the advent of smartphone and apps, it’s an easy decision that individuals would want to, effectively, move around with their banks in their pockets.

The British Bankers’ Association in the UK says there has been a “revolution” taking place, pointing to the fact that nearly £1bn a day is transferred using the internet. A 2016 Bank of America survey also revealed that 51% of Gen X and 40% of baby boomers make use of mobile-only bank apps as their primary channel of banking.

Fintech Age

Fintech is an awesome democratization of services, as well as a warning to businesses and organizations that there is no reason to not embracing the latest advancements in technologies, and that those who refuse will surely be losing business.

It’s early stages in the Fintech age. The industry is quickly evolving, and smart business owners will have to remain educated as a key piece of their strategy for business success. Businesses will have the capacity to offer more services at reduced costs more than ever, however, this will only be if they stay on the forefront of what is available and possible. Those who do will remain at the cutting edge of their industries, and those who don’t will miss out on customers, opportunities, and market share.

In probably five years, it will become clear who the real winners are. This year, I think you'll see few people get some decent customer footing which can get other people quite excited about. However, I think until individuals can prove customer footing and monetization, that's when people will start picking winners from an objective point of view. We're still so early in discovering what digital banks is all about.

Mobile-only Banks 2018

Monzo Bank

Monzo Bank

Tired of analog banking? Go digital with Monzo! Made for your smartphone, this banking app is easy to use and updates instantaneously. With budget breakdowns and no traveling fees, we are moving into a new age of banking. Monzo will give you everything from smart notifications to peace of mind.

Founded in 2015
United Kingdom

Starling Bank

Starling Bank

Do you want to be on your own schedule? Starling Bank is easy to use and our smart tools show you how you spend and help you take control while still maintaining your lifestyle. Throw off the restrictions of your old bank and enjoy the freedom of Starling Bank.

Founded in 2014
United Kingdom

Revolut

Revolut

Are you always waiting for everyone to catch up with your fast pace? You won’t have to slow down for Revolut, the only financial partner that can keep up with today’s world. Send and spend money abroad with no additional fees. Take control and stay on the move with Revolut.

Founded in 2013
United Kingdom

Atom Bank

Atom Bank

Have you been searching for the right mortgage for way too long? Stop looking today by using Atom, the UK’s fastest growing bank start-up made exclusively for your smartphone or tablet. Get easy access to your mortgage and Fixed Saver accounts by joining today.

Founded in 2014
United Kingdom

Transferwise
Tandem

Tandem

Does your bank put their interests before your needs? Switch to tandem, a bank that keeps your priorities ahead of their own by alerting you when your bills could be smaller! Tandem takes the weight off your shoulders by monitoring your payments and alerting you if they start to increase.

Founded in 2015
United Kingdom

N26 Bank

N26 Bank

Why settle for a copy? Use N26, Europe’s first entirely mobile bank. Create an account in just a few minutes and run your entire financial profile from one place. With instant cash transfers to your contacts, and no ATM fees, N26 will take care of you and your finances.

Founded in 2013
Germany

Tide

Tide

Is dealing with your current bank wasting your time? Spend more time on the things you love by choosing Tide for your financial needs. You’ll receive instant invoices with automatically categorised transactions, and you can add notes to keep yourself organized. Tide will handle your finances while you handle your life.

Founded in 2015
United Kingdom

Monese

Monese

Do you want to be mobile? Monese keeps pace with you by letting you open a UK bank account, no matter where you live. With local and international bank transfers, online banking, and international money orders, you’ll be able to manage your finances while you’re on the move.

Founded in 2015
United Kingdom

Payoneer
Transferwise

Transferwise

Have you ever dreamed of a bank account without borders? With Transferwise you can take your money anywhere and get a real-time exchange rate. You are guaranteed the lowest rates and no hidden fees when you make your dreams come true with Transferwise.

Founded in 2011
United Kingdom

Osper

Osper

Is your child ready to learn financial responsibility? Prepare them for the future with Osper, a mobile banking service with a prepaid debit card. Help them learn how to use a bank account to manage their money with a simple app and a card embossed with their own name.

Founded in 2012
United Kingdom

Simple

Simple

Do you need help designing your budget? Let Simple help you manage your finances with their built-in budgeting tools. No fees through Simple means a free account, and our friendly customer service representatives will help you navigate your accounts and answer all of your questions.

Founded in 2009
United States

Moven

Moven

Do you ever wonder where all of your money went? Let Moven help you track your spending with a real-time money tool that gives you instantaneous feedback on your spending habits. You can transfer money with just a text message, and there’s no hidden fees.

Founded in 2011
United States

Transferwise
GoBank

GoBank

Is it hard to stick to your budget? Let GoBank do it for you! We give you real budgeting advice that meet your needs. Deposit and withdraw cash whenever you need with free cash deposits and a large ATM network.. Take GoBank with you and never feel lost again.

Founded in 2013
United States

Holvi

Holvi

Are you ready to stretch your wings? Holvi can you help you achieve your dreams with their paperless paperwork! Bookkeeping and Invoices have never been easier to manage than with this effective business management tool. With Holvi handling all your menial tasks, you can focus on what you love.

Founded in 2016
Finland

SOON

SOON

Is your bank keeping up with you? It’s never too late to switch to Soon, a new bank that helps you establish your spending habits and share your purchases via social media. With low rates and no account handling fees, Soon will keep you in the moment.

Founded in 2013
France

Bunq

Bunq

Are you tired of waiting for what you want? Bunq has eliminated all the lines, paperwork, and hassle. Move your money when and where you need it by sharing your account with family and friends. Our Worldwide Mastercard lets you spend wherever you want.

Founded in 2015
Netherlands

Payoneer
Loot

Loot

Do you find it hard to track your spending? Loot offers insights into your spending habits and helps you establish a daily or weekly budget to save for your dreams. You can deposit over 100 different currencies and spend abroad when you need to.

Founded in 2014
United Kingdom

Coconut

Coconut

Are you ready to strike out on your own? Coconut was designed by freelancers, for freelancers. With expense tracking, running tax bills, and quick access to your export data, Coconut keep you steady when you go out on a limb.

Founded in 2016
United Kingdom

CivilisedBank

CivilisedBank

Does your bank ever get too complicated? With hidden fees and complicated forms and systems, it can feel like too much. CivilisedBank keeps everything simple, just people and technology working together to make business easier. We put you first, so you can put your business first.

Founded in 2011
United Kingdom

DiPocket

DiPocket

Are you searching for the best payment services? You’ve found it with DiPocket! An app that combines the best payment products out there, including Mastercard prepaid debit cards. With immediate free transfers and excellent exchange rates, DiPocket has you covered.

Founded in 2014
United Kingdom

Transferwise
Iam Bank

Iam Bank

Do you love online banking but miss the human interaction? Iam Bank gives you the best of both worlds with mobile apps and physical branches. With our combined services you can invest money and turn a profit, and there are no negative charges or fees.

Founded in 2015
United States

Lintel Bank

Lintel Bank

Does online banking frustrate you? With the easy to use products from Lintel Bank, online banking can go from a frustration to a fascination. Lintel Bank is focused on you, providing easy to use products and incredible customer service that will help you make the right financial decisions.

Founded in 2015
United Kingdom

Pockit

Pockit

Don’t you deserve top of the line service, no matter your financial situation? Pockit makes their services available to all, regardless of income or credit score. You can make international transfers and withdraw cash from international ATMs, and the balance notifications will keep you up to date.

Founded in 2009
United Kingdom

Soldo

Soldo

Is your current bookkeeping system giving you a headache? Switch to Soldo, a multi-user spending account service that simplifies the entire business-expense cycle. You can use dedicated Mastercards for specific purchases, and stay in control of your company’s spending with no fees on purchases.

Founded in 2016
United Kingdom

Mespo

Mespo

Is it hard to keep track of all of your accounts? Try Mespo, a money managing app that will give you personal insights into your finances. Mespo is the only independent platform that will give you impartial financial advice and help reduce your monthly costs. Get it together with Mespo.

Founded in 2016
United Kingdom

Payoneer
Neat

Neat

Do you hate the tedium of paperwork and standing in lines? Let Neat quiet all the noise and put everything into an easy to use format right on your smartphone. Use our prepaid Mastercard to shop anywhere in the world and get the best exchange rate with no annual fees.

Founded in 2016
Hong Kong

digibank

digibank

Are you tired of getting hassled every time you have to go into the bank? Digibank eliminates all of that pain by letting you open an account without paperwork. You can set up an e-wallet in less than two minutes and get cashback while enjoying discounts on travel and entertainment.

Founded in 2017
India

Xinja

Xinja

How would you like to be in on the ground floor of Australia’s first entirely digital bank? Xinja is partnering with Equitise so that you can be a part of our crowdfunding effort. By using Xinja you will never miss a regular bill, and there’s no paperwork!

Founded in 2017
Australia

WeBank

WeBank

Do you want high quality, convenient financial services? Started from a number of well-known companies, WeBank is the first privately run private bank in China. WeBank abides by state financial laws and regulations and is committed to small businesses as well as the general public.

Founded in 1999
Italy

Transferwise
Countingup

Countingup

Are you struggling to get your startup business off the ground? With CountingUp you can open a business current account in just five minutes, and it will combine with accounting software to streamline your expense management. CountingUp will have you moving up before you know it.

Founded in 2017
United Kingdom

Chime

Chime

Do you find it hard to save money? Let Chime do it for you! With no overdraft or monthly fees, you can use your Chime Visa Debit card and the automatic savings will work for you. Pull cash out of Chime’s 30,000 fee-free ATMs and start saving today.

Founded in 2013
United States

Finn

Finn

Is it time to take charge of your finances? Download Finn by Chase and open a checking and savings account right away with the app. Backed by the safety and security of Chase, Finn’s tools will help you take control.

Founded in 2013
United States

BABB

BABB

Are you ready to go mobile? BABB uses blockchain technology to give you access to a UK bank account, no matter where you live. You can send and receive money across the globe with fiat and cryptocurrencies, and you can spend them anywhere with the Black Card.

Founded in 2016
United Kingdom

Payoneer
Hufsy

Hufsy

Hufsy was founded on the realisation that traditional banking does not correspond with the needs of modern businesses. Team has come together from a wide variety of backgrounds to build a financial system which does. Get a future-proof banking experience designed for fast-moving companies and freelancers.

Founded in 2015
Copenhagen

Pleo

Pleo

With Pleo, employees are empowered while managers are in full control over all company spending. Pleo’s a great solution because you are finally back in control. You can set spend limits, see receipts and all company spending and connect everything to your accounting system, so it brings the power back to you.

Founded in 2015
Copenhagen

Zelle

Zelle

Say hello to Zelle, a new way to send money on your phone to almost anyone. In minutes1. Zelle moves money the way you want it to move—fast, safe and easy. Together with the nation’s leading banks and credit unions, we’re inviting you to join us and transform the way we send money to each other.

Founded in 2016
United States

Penta

Penta

Penta is a new digital bank account targeting SMEs. Running on top of Banking-as-a-Platform solarisBank, the new offering perhaps resembles something like Tide in the U.K., and is designed to meet all of the banking needs of small to medium-sized businesses, including, of course, startups.

Founded in 2016
Germany

Transferwise
Nimbl

Nimbl

Nimbl is pocket money app and an excellent example of how fintech can educate. The nimbl prepaid debit card is the best solution to help your children learn how to manage their money and become financially confident, in a controlled environment.

Founded in 2015
United Kingdom

Morning

Morning

The fastest and easiest way to open a payment account and obtain a debit card in France when coming to study or to work. Receive and send money in the UE without fees. Use your card everywhere, set weekly payment and withdrawal limits, choose your PIN.

Founded in 2016
France

Koho

KOHO

We believe the financial system should be simple, transparent, and designed to help you live a better life. That’s what we’re about. We don’t make money off of complexity or by hoodwinking our users.

Founded in 2014
Canada

B

B

Meet B – a digital banking service that helps put you in control of your money. With B, you can have a current and instant savings account that work together, a credit card [1], and you can manage them all through a super-smart app. B lets you spend, save and borrow in one place.

Founded in 2018
UK

Fiinu

Fiinu

Every day, over 35.000 adults are overdrawn to unarranged overdraft in the UK, largely because they have no access to arranged overdrafts. Nearly 90% are overdrawn for less than £100 and for less than two weeks. Once authorised, Fiinu will change the overdraft landscape.

Founded in 2018
UK

LQID

LQID

LQID will make managing your day-to-day spending clear and simple. We will use smart technologies to help you build wealth. Instant notifications, saving recommendations and budgeting tools will always be at hand (well, on your smartphone) LQID will make technology work for you. And banking a bit smoother.

Founded in 2018
UK

Bofin

Bofin

We’re tired of banking. The barriers, bureaucracy and exclusive deals. The truth is, we don’t need banks anymore. Bofin is not a bank and never will be. Banks are loyal to a license. Bofin is loyal to you. We work hard to give our Bofin community benefits usually reserved for corporate giants.

Founded in 2016
UK

Pepper

Pepper

Pepper was born to completely transform the banking world and bring you a state-of-the-art, fully transparent and completely fair account management, money transfer, and investing experience – all on your mobile, but with service from real human beings.

Founded in 2017
Israel

Leopay

LeoPay

Pay and get paid in multiple currencies and shop online or in stores in an efficient and secure manner. Use your preferred payment channel - with the mobile phone, via the contactless LeoPay VISA card or from your computer.

Founded in 2018
UK

Amaiz

Amaiz

We believe it will be mobile. We believe it will be transparent and secure. We believe it will be much more affordable. We believe it will be personalised and user-friendly. We believe it will be technological, yet very simple. And it’s coming into our lives super-fast.

Founded in 2018
UK

Finangel

Finangel

We are challenging banks with complete interest FREE model of lending. Use Finangel's services and gain Angel points for inviting people, depositing money, purchases and returning loans in time.

Founded in 2018
UK

What do you need to know about mobile-only banks

Customers

Consumers have grown accustomed to seamlessly usable platforms in every aspect of our lives, and they expect the finance sector, an inherently complex institution, to follow suit.

A platform may be able to calculate any personalized financial metric a user could possibly want, but if it doesn’t explain the significance of the numbers it’s posting, or the meaning behind the financial data, it’s useless.

The financial industry is notoriously convoluted, and the average user is unlikely to be well-versed in key money management principles. It’s imperative that user-centric fintech platforms are able to translate complex financial data into meaningful or actionable information.

Capital requirements

It’s not cheap to start a Fintech-based business. Be ready to make a good sum available for talent if your business is not a partnership between specialists who can develop the product and develop the business. Startups would surely face competition in the employing as most traditional institutions try to hire fintech talent for themselves.

There are also the typical capitalization and operating expenses associated with starting a business. What further increases the expense for fintech startups are integrations with traditional institutions such as banks and brokerages.

Still, many are optimistic since funding for fintech is at a high. Global venture capital investment was $17.4 billion in 2016. However, this excitement only means that competition for funding is also increasing. VCs are getting more selective, seeking out companies with truly game changing offerings, thus making your value proposition all the more important.

UX and design

As hard as UX standards are to come by in a consistently moving industry like fintech, there are some specific framework design that should be included in every financial service platform’s user experience.

When we observed popular fintech apps in the marketplace, it was seen that these platforms were successful because of their design patterns. The common specifications these fintech platforms have can be summarized as:

- Designs that shapes the user and encourages consistent usage
- Simple processes through important data, education, and visualization
- Injected frictions that promotes trust and mitigate user mistakes

Current account

Tech has improved the sharing economy, so much that individuals now offer services for cardless financial returns without needing the mainstream banks. This attention was however not received by current accounts for a long time.

Current accounts are complicated services, requiring intense regulation and licences. Some challenger banks however declared their intentions of launching current accounts via apps.

Obviously, motivating individuals to change their current account is quite tricky, particularly because, even with the 7-day switching service numerous clients are nervous about the potential for mix-ups. Yet, the figures suggest that more individuals are switching, regularly going after advantages and better rates.

Debit card

Today’s technology brings us closer to our devices more than ever, offering financial software opportunity to disrupt the conventional Banking systems. Digital wallet is beginning to become the method of choice over and above debit and credit card, and cash payments.

Digital wallet is an electronic device be used in making transactions, an example is your phone. As credit and debit cards reduced people’s need to carry cash, digital wallet also eliminates people’s need to carry many different credit and debit cards.

When paying for items in a store, a digital wallet is easy and quick to use. It is also far easier to make in app purchases, providing reports on what has been spent and when, across all accounts.

Security

With cyberattacks and data breaches on the rampant, security has become the mainstay of most tech businesses today. They are becoming prime targets for cybercriminals due to the nature of the information they handle. A sure way to quickly lose customer is to get attacked and have customer data stolen.

Customer trust, which is becoming rare today, is key in the financial industry. The challenge lies in convincing prospects that your system is secure and robust by putting safeguards in place.

Regulations

Financial services can be a difficult industry to break into because of the regulations and laws put in place in to prevent financial systems from abuse. Also, lawyers and accountants are often involved in the amount of compliance required of institutions.

Fintech has however become a gray area for regulation, as it has ushered in new ways of handling and viewing money. This has drawn the attention of lawmakers, to be “special purpose national banks” particularly in fintech companies’ charter applications. This isn’t as easy as it sounds since some fintech services operate using new models, for example peer-to-peer lending services.

These regulations may also vary per market depending on the region, state, or country in which you seek to operate.

Challenger banks for retail customers

Monzo

On Monzo, you have a contactless prepaid Mastercard linked directly to its app. Money can be loaded via bank transfer or debit card, or through Android Pay and Apple Pay.

Your spending is categorized into an easy-to-read graph, including logos of the retailers your money has been spent with. The app sends you an instant notification when you spend, and payments are cleared much faster than compared traditional banks.

There are no top-up fees if your Monzo card is used abroad, neither are there or spending fees for overseas use. Monzo is however planning to introduce fees for making withdrawals abroad after some consultations with its online community.

Starling Bank

Starling Bank offers a full current account, enabling you set up direct debits and standing orders. There are no fees on overseas cash withdrawals or spending, and you get instant notifications on your phone when you spend.

They also increase the value of clients, giving them control over their information. More critically, they automatically categorize your spending for you to know how much you are spending and where you are spending at.

As it turns out, they enable their customers execute payments across different banks accounts, consolidate their banks accounts, as well as really give them a bank account! They do it well these well with the highest level of security.

N26

The most modern bank account in Europe has been built by Number26. It is also one that users can manage totally on their phones. N26 permits to open an account in less than eight minutes, make withdrawals from any ATM, make withdrawals from or deposit to any CASH26 location, and get push notifications in real-time after every transaction.

All N26 accounts are guaranteed up to €100.000 by the Compensation Scheme of German Banks. The N26 Mastercard is accepted everywhere Mastercard is accepted in the world, and the N26 bank account is totally free to open, use and manage.

Revolut

The startup declared a suite of new product features that allow individuals from 42 countries open what adds up to a UK current account directly from their smartphone in less than 5 minutes.

These new features means that customers get a personal account number and sort code, as well as accept payments including a salary in their Revolut account. They can as well transfer money to any UK bank in roughly 30 minutes. Revolut does all that, without requiring a banking license, by using tech smarts.

Atom

The first bank to gain a licence while being completely app-based. Atom is hustling ahead in the fintech current account stakes. Some far-sighted innovative improvements are offered, including the chance to do get rid of passwords and debit cards, and instead depend on face and voice recognition. Instead of passwords, Atom uses biometrics in their innovative mobile app.

They are offering easy and convenient means of banking along with unique and engaging ways of managing money with a full range of good quality financial services for personal and business use, with services such as mortgages, loans, credit cards, and savings accounts, with plans to introduce a current account next year.

Neo banks for business

Transferwise

Transferwise works as expected with no glitches. It’s easy to learn and use, convenient and precise, with better rates than most of the competitors and much better than most banks. They give users the ability to create a business account attached to their business so they can transfer/pay funds from a business account.

The pricing system is very transparent but there are no discounts for higher volumes, and transfer delays may occur without an explanation as to why. With a relatively tight security compared to the competition, it means you require extra documents to sign up.

Most mainstream credit and debit cards are usable, however more currencies would make the platform more valuable because some major currencies are still missing.

Borderless account is the best alternative to overseas banks. One account. 28 currencies. Endless possibilities.

Tide

Tide is an alternative ‘bank' account targeted at small businesses, independents, and freelancers. In true challenger bank style, it’s account is based app-around. You won't find any traditional online banking, frustrating login procedures, or costly customer service numbers. Customer service comes via the app, although you can email too if needed.

It's simplicity and usability, makes it ideal for small scale businesses that requires basic account quickly. While the absence of credit checks, and simplicity of use makes it an incredible suggestion for those with credit history, it's not for everyone.

The inability to pay in over the counter cash means it's a complete non-starter for cash-handling businesses. Also, inability to accept cheques or international payments could also present a problem.

Countingup

Countingup is making starting and maintaining a business extremely simple for sole traders by combining banking and accounting into one simple smartphone app. After download, you’ll be able to open a current account on your phone in less than five minutes. The account comes with a contactless Mastercard and a U.K. sort code/account number.

The Countingup app automates your accounting, including reconciliation of expenses. It submits VAT returns, generates profit and loss reports, and create invoices.

From your construction sub-contractor to your IT freelancer, they serve everyone, whether they are self-employed or operating as a limited company.

CivilisedBank

CivilisedBank focuses on the SME market and is funded by retail savings. It serves businesses through savings and loans, overdrafts, transaction banking, and current accounts with deposits and foreign exchange. They operate in a way that isn’t currently done by the incumbents or online-only banks.

CivilisedBank is reinventing conventional banking for businesses by restoring one-to-one relationship banking to SMEs, enabled by the very latest online and mobile technology. Customers will benefit from an innovative and secure digital platform, as well as build an open and transparent relationship with a Local Banker.

WeBank

Small, privately owned companies have long attempted to obtain loans from state-owned banks, who are inclined towards lending to larger, state-owned organizations. WeBank brings down expenses for and deliver reasonable advantages to small customers, while forcing conventional financial establishments to accelerate reforms.

A significant challenge for WeBank is attracting deposits, because it’s an online-only business with no physical branches to draw funds from like conventional banks. However, Alibaba and Tencent have already demonstrated capacity to attract money into deposit-like money-market funds sold online and through their sites and mobile applications. They both have mobile payment services that empowers users to store funds in their accounts.

Didn't find your mobile-only bank on the list? Let us know and we will add it!