5 Neobanks offering advanced mobile banking services in Benelux

By Gloria Methri

Digital access to banking services has become increasingly important for consumers in the three Benelux countries – Belgium, the Netherlands, and Luxembourg. Many of the biggest traditional financial institutions in the region have been working to revamp their mobile offerings, with many setting up stand-alone digital units under separate brands.

The Dutch FinTech scene has also produced a few challenger banks to make dealing with finances convenient and easy. In 2022, overall, 85.7% of Dutch individuals used online or mobile banking. Younger people aged between 25 and 35 years were more likely to go online or mobile for banking services.

The Netherlands has a high adoption rate for tech innovation, making it a hotspot for FinTech of all kinds. Digital banks prosper in the second biggest FinTech nation of the EU with superior financial infrastructure and an open and transparent regulatory system.

Let’s look at 5 FinTech platforms facilitating mobile banking services in the Benelux.

• Aion

Aion is a neobank based in Belgium offering Personal accounts and business accounts including a debit card, with all transactions being managed from an iPhone or Android application. It accepts open mobile bank accounts for residents of 16 European countries including the Benelux region. Its new way of banking is reshaping the relationship between a bank and its customers, making services beyond banking and investment accessible at the push of a button, and without any extra costs. From savings and investments to daily banking services, Aion Bank gives users unlimited access to products designed to help grow their money.

• Bunq

Amsterdam-based bunq is a challenger bank that offers a range of online financial services, primarily through its mobile app. The company’s app enables customers to open one free transaction account or up to 25 accounts for a monthly fee. Additionally, customers can request money from friends, split bills, and make payments in real-time. Businesses can also open a Bunq account.

• Everest Card

Everestcard is a Luxembourg-based neobank offering business accounts including a debit card, with all transactions being managed from a mobile application. Everest provides business owners with all the necessary payment instruments to run businesses smoothly: scanning receipt and matching functionality, business current accounts, credit cards with 35-day free credit, and instant issuing of multiple cards for team members. It accepts open mobile bank accounts for residents of 23 countries including the UK.

• Knab

Founded in 2012, Knab Bank offers online retail banking services in the Netherlands. The neobank is part of the insurance company Aegon, which was one of Knab’s founding partners and helped the online platform get a banking license. Therefore, besides usual banking accounts, Knab has also introduced new services such as Knab Insurance, Knab Mortgages, and Knab Crowdfunding.

• Payconiq

Founded in 2014, Payconiq is a Dutch instant payment platform. Payconiq has created an app that can be used for omnichannel payments: in-store, online, and between friends. Consumers benefit from quick and easy payments through their smartphone while merchants reduce checkout times and pay smaller fees per transaction than any other payment method. Payconiq is currently active in Belgium, the Netherlands, Germany, and Luxembourg with local offices in each of these markets.

ALSO READ: Global Digital Banking Vendor & Landscape Report Q1 2023