📺 Today’s Episode: Neobank´s Pain Points

User Pain Points in Neobanks and Digital Banks in Europe

Welcome to FinTech Bank Talks, I am Jose Puccini, your host in the podcast where we explore the most innovative trends in digital banking and fintech. Today, we dive into the biggest pain points of neobank and digital banking users in Europe. Are they truly the ultimate solution, or do they still pose challenges that remain unsolved? Follow us on social media and find the script of this episode in English on Finextra, the specialized digital magazine for fintech and technology.

The Main Pain Points of Neobank and Digital Bank Users in Europe:

1. Lack of Human Customer Support
   European users criticize the absence of human interaction in neobanks. Most platforms rely solely on chatbots and forms, which leads to frustration in urgent situations.

2. Sudden Account Freezes
   Many customers have experienced unexpected account freezes due to automated security policies. The lack of direct contact with an agent exacerbates the issue, creating uncertainty and affecting trust.

3. Difficulties with International Transfers
   Although neobanks offer lower fees, users still encounter restrictions on SWIFT transfers and issues with local IBANs, especially in countries that do not fully accept IBANs issued in other European states.

4. Limitations in Advanced Financial Products
   Neobanks typically offer basic accounts and cards but lack investment products, mortgage loans, and sophisticated wealth management solutions. This forces customers to maintain accounts with traditional banks.

5. Security and Fraud Concerns
   The rise of digital fraud and phishing remains a significant problem. Some customers have reported slow responses to suspicious transactions, exposing users to potential financial losses.

6. Regulation and Consumer Protection
   Digital banks still face regulatory challenges. In some cases, customers have struggled to access consumer protection mechanisms, such as deposit guarantee schemes, due to misalignment with traditional regulations.

Conclusion:
Neobanks have revolutionized the financial industry, but they must still address these challenges to offer a truly seamless and reliable user experience. The combination of technological innovation with improved customer service and regulatory compliance will be key to their evolution.

Don’t forget to follow us on social media and read the script in English on Finextra, the specialized digital magazine for fintech and technology. See you in the next episode of FinTech Bank Talks!