With every passing day in the information and technology age, we increasingly rely on digital solutions to manage our everyday needs. From ordering goods and services at the click of a button to settling outstanding payments, facilitating financial transactions has never been this efficient and effortless. People no longer have to waste time dealing with brick-and-mortar banking infrastructure, such as ATMs, or queueing at physical outlets to file complaints, make inquiries, or facilitate payments.
Neo-banks are the carriers of one of the latest technological innovations in the banking and finance space. Also known as “Challenger” banks because of how they are challenging the age-long operational system of traditional banks, this niche sector has been touted as the future of banking due to the constructive disruptions they present to the industry.
Research data shows that the global neo-bank economy hovered around $47.39 billion in 2021. Currently, in Q3 2022, the neo-bank market size is at a notable $67.82 billion and is expected to grow at a staggering compound annual growth rate (CAGR) of 53.4% between 2022 and 2030. By 2030, the neo-bank ecosystem is projected to be valued at a whopping $2.04 trillion.
Neo-banks are on a fast track to fundamentally change the banking experience.
Source – Statista | Neo-Banking Projection
The COVID-19 pandemic outbreak of 2020 is believed to have spurred significant adoption of the neo-banking space as non-contact transactions became more acceptable, even encouraged.
Due to its limiting in-person operational system, traditional retail banks have been falling out favour after failing to keep up with the changing times.
Neo-banks operate exclusively online, cutting the need for physical branches and overhead costs. Through the integration of new-age technology, such as artificial intelligence (AI) and cloud computing, neo-banks can offer more personalised banking services to customers at a significantly lower cost.
Source – Google Images| Neo-Banks vs. Traditional Banks
Neo-banks have many superior qualities to traditional banks, some of which include:
Because neo-banks run most of their operations online, they significantly cut overhead and operational costs, which allows them enough room to offer ultra-low fees and higher interest rates.
Neo-banks typically show more commitment to constantly improve the user experience. Because operations are done exclusively online, challenger banks can easily follow trends and fine-tune user experience by leveraging the latest technologies at their disposal.
Unlike traditional banks, where loans take prolonged periods to secure, neo-banks provide loans to customers at little to no waiting time. Neo-banks achieve this by eliminating red tape requirements, making loan approval processes as easy as signing up on a website.
The entire premise of neo-banks is the impeccable use of modern technologies and tools. Neo-banks can offer superior customer security and satisfaction by employing cybersecurity measures such as biometric verification, 2-factor authentication, and data encryption.
Tirnu, a budding neo-bank shaking the fintech space, is the embodiment of all these disruptions and more:
Source – Tirnu | Tirnu Homepage
Many digital banks offer various services and features, making it confusing to find the best pick. Also, most neo-banks have completely ignored cryptocurrency integration or services for the longest time, even though the crypto industry has become a growing force in finance globally. This effectively shuts out crypto users from digital banking, forcing them to adopt dual account services; one account for your fiat money and another for your crypto. Well, not anymore!
Tirnu removes the lines separating digital banking and cryptocurrency by merging digital banking, investing/earning, and cryptocurrency trading into one single platform.
Unlike most payment providers, Tirnu allows for in-house custody and conversion of fiat to cryptocurrency and vice-versa. This effectively eliminates the need for dual accounts; one holding your fiat currencies in a bank or equivalent and the other holding your crypto tokens on exchanges or trading platforms. And yes; this means no more waiting a day or two for your fiat to move into your crypto trading account; it’s virtually instant now.
If you’re a Tirnu user, you also get to earn competitive annual percentage yields (APY) on your crypto holdings, allowing you the option to earn passive income. You can also invest in their favorite stocks and grow a healthy investment portfolio. Tirnu lets you do all these within the same platform, making managing your financial assets easier and more effective.
Apart from this, Tirnu also comes with a personal finance feature, which helps you monitor and manage your income and expenses. This way, you can earn, save, invest, and receive valuable financial advice on maintaining best financial practices.
To cater to businesses, Tirnu is fully integrated with industry-grade accounting and communication platforms hosted conveniently on the cloud, such as Xero, QuickBooks, and SLACK, to streamline operations and better secure user data and funds.
Source – Tirnu | Integrations
Tirnu lets you receive timely payments from clients and employers from different parts of the world. The accounts are multi-currency-based, meaning you can choose to receive funds across a selection of varying currency options.
This platform also allows you to save and manage money by monitoring user spending habits and applying AI tools to automatic saving tasks.
Tirnu provides you with access to virtual Mastercard debit cards for payment settlements around the world. Like other debit cards, these cards can be used to draw funds at ATMs in the Eurozone and settle online payments across your favourite merchants globally.
Source – Tirnu | Debit Cards
The debit cards come in two plans: personal and business accounts. Both account and card types offer varying features, with the business card offering more use cases. Again, both cards have multi-currency features and can be used in worldwide payments, ATM withdrawals (Eurozone). Unlike most other banks, there is seamless integration into your cryptocurrency investments as well.
Tirnu cards also feature “travel mode,” which allows you to convert currency on the fly to the local currency of their travel destination.
If you’re a corporate user, Tirnu offers a wide range of financial control systems to better manage your businesses. You can make and manage investments, activate business virtual cards, track and reimburse employee expenses, write invoices, automate payments, and so much more.
Source – Tirnu | Business Banking
You can say goodbye to the cumbersome experience of logging into multiple accounts to manage your fiat and crypto wealth. Tirnu lets you buy, sell, transact and lend a wide range of cryptocurrencies at the click of a button.
Source – Tirnu | Earn with crypto
Innovation in the financial sector is an unending process, and Tirnu aims at fostering this process. Once a faraway concept, Tirnu has seamlessly bridged the cryptocurrency and digital finance industries, fostering an even better user experience.
At Tirnu, we aim to be the go-to fintech leader for everything cryptocurrency and digital finance by offering you simple and intuitive banking expertise.
If you’re a digitally savvy crypto-using individual, Tirnu is for you!