In this episode of Banking Uncovered, host Charles Green speaks to Hubert Petka, Group Director at RFI Global, about the growth and maturity of fintechs worldwide, and what’s next as the sector shifts from disruption to consolidation.

Once viewed as niche players offering sleek digital payment solutions, fintechs and neobanks are now an established part of the financial services ecosystem. Their focus is evolving from rapid customer acquisition to long-term engagement and profitability - raising questions about where future growth will come from, and how traditional banks can keep pace.

Drawing on RFI Global’s global data, they explore how the fintech landscape differs across markets, why some neobanks are thriving while others are consolidating, and which strategies are proving most effective in retaining customers in an increasingly competitive environment. They also discuss how partnerships, personalisation and innovation are helping fintechs to deepen customer relationships and capture new revenue streams, and how traditional banks have become more agile to compete.

Topics discussed include:

• How neobanks have progressed from simple payment apps to full-service providers
• The evolution of fintech growth across markets, including the UK, US, UAE and Hong Kong
• How traditional players have become more agile to respond to digital challengers, and what they need to do to thrive
• The importance of engagement tools such as Personal Financial Management (PFM) and budgeting apps
• The role of partnerships with technology firms in building credibility and trust
• How rewards and incentives have become key drivers of customer acquisition and loyalty
• The next frontiers for neobanks – from savings and investments to SME banking

Key insights include:

• 57% of the UK population now use a digital-only providers, but the big six banks still hold 80% of primary banking relationships
• Neobanks in the UK have grown their share of primary relationships from 3.5% in 2022 to 6% in 2024 – a 75% increase
• In the US, neobanks such as SoFi and Chime have captured around a third of new primary banking relationships, outpacing major incumbents relationships and Sofi has developed a similar product offering to traditional banks
• Investments and wealth management represent the next major growth opportunity for fintechs globally
• In the UAE, the market has entered wave two of neobank expansion, with Wio already holding over 10% of SME banking relationships