Neobanks Partnerships Steps
To find out the steps and phases required for neobanks to partner with charter banks.
Examples of Partnerships of Neobanks and Charter Banks
There are multiples examples of partnerships of neobanks and charter banks:
Reasons why Neobanks Partner with Charter Banks
Rising Trend of Partnerships
- It is expected by Deloitte that banks will build partnerships with Fintech startups in the next 3-5 years.
- Another study has shown that 91.3% banks and 75.3% of Fintech startups were expected to seek partnerships in the future.
A bank with many partnerships: Bancorp
- Charter bank Bancorp has set up many partnerships with non-banking companies, including Smarterbank, Simple, and Perkstreet.
- Their business model is built around providing non-banking firms with banking and technology solutions.
- Other charter banks providing similar services are MetaBank and CBW Bank.
- Charter banks and their partners need to have a revenue-sharing agreement in place to determine how they will share the fees charged for providing services.
Summary of Findings
Following an hour of preliminary research, we have managed to find that there are many examples of partnerships of neobanks with charter banks and that this trend will only increase in the future. We have also found why it is beneficial for both banks and neobanks to form partnerships rather than compete with each other. In the first hour of research, we have not been able to find detail steps or phases involved in the partnership process. However, it has come to our attention that some charter banks specifically offer services to these neobanks. It is possible that by looking at specific case studies of partnerships between banks and neobanks, we might be able to find some of the steps involved, especially by looking at charter banks such as Bancorp, MetaBank and CBW Bank.
In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.
Proposed next steps:
You need to be the project owner to select a next step.
We propose to provide 2-3 case studies of partnerships between neobanks such as Chime, Moven, or OPEN and charter banks such as Bancorp, MetaBank and CBW Bank. In these case studies, if available, we will focus on providing steps and/or requirements to form such partnerships.
Alternatively or additionally, we will provide 3-4 key insights on why it is beneficial for charter banks and neobanks to form partnerships. This information could be used new neobanks to look for potential partners.