Version 1
: Received: 23 April 2024 / Approved: 23 April 2024 / Online: 25 April 2024 (15:06:21 CEST)
How to cite:
Amon, A.; Jagrič, T.; Oplotnik, Ž.J. The Neobank Revolution: An Assessment of Their Contribution to the Global Sustainability. Preprints2024, 2024041567. https://doi.org/10.20944/preprints202404.1567.v1
Amon, A.; Jagrič, T.; Oplotnik, Ž.J. The Neobank Revolution: An Assessment of Their Contribution to the Global Sustainability. Preprints 2024, 2024041567. https://doi.org/10.20944/preprints202404.1567.v1
Amon, A.; Jagrič, T.; Oplotnik, Ž.J. The Neobank Revolution: An Assessment of Their Contribution to the Global Sustainability. Preprints2024, 2024041567. https://doi.org/10.20944/preprints202404.1567.v1
APA Style
Amon, A., Jagrič, T., & Oplotnik, Ž.J. (2024). The Neobank Revolution: An Assessment of Their Contribution to the Global Sustainability. Preprints. https://doi.org/10.20944/preprints202404.1567.v1
Chicago/Turabian Style
Amon, A., Timotej Jagrič and Žan Jan Oplotnik. 2024 "The Neobank Revolution: An Assessment of Their Contribution to the Global Sustainability" Preprints. https://doi.org/10.20944/preprints202404.1567.v1
Abstract
The rise of fintech in the financial sector presents a transformative shift towards digitalization and sustainability, leveraging technologies like AI to minimize environmental footprint. Neobanks not only challenge traditional banking models but also offer innovative solutions that align with sustainable objectives. The purpose of this paper is to analyze the impact of neobanks on global sustainability, from economic, environmental, and social point of view. A comprehensive literature review of existing literature and current sustainable practices of neobanks was conducted. We have found that neobanks significantly positively contribute towards environmental sustainability with reduced paper use and logistics requirements of banking services. By offering more accessible and affordable banking services they importantly contribute towards higher financial inclusion, and with innovative products towards more competitive and innovative financial markets. AI-based tools they employ are increasing financial literacy and social inclusion. We also highlight concerns regarding electronic waste management, potential high energy consumption, required digital literacy and cybersecurity risks. We conclude that despite the mentioned risks, neobanks importantly contribute to global sustainability in many ways, and will even more in the future. Our findings can help neobanks shape sustainable practices and guide policymaking, as well as spread awareness of sustainable impact of banking services.
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
