The Failed Promise of Neobanks 

Until recently, Neobanks were seen as the biggest promise of digital transformation in the financial sector. Their tech-savvy architecture and new services were met with much optimism, though their tangible impacts are, in fact, limited at best. Let’s take a closer look at Neobanks and the persisting banking challenges they turned out unable to address: 

• Neobanks have generally pursued the TradFi rules in account opening, thus leaving the needs of over 1.4 billion unbanked people unaddressed. 
• The majority of existing Neobanks are still largely dependent on the legacy systems of large banks. 
• Neobanks follow TradFi KYC practices and can freeze any user’s account with all money on it, thus leaving the users with no control over their funds. 
• Many Neobanks continue the tradition of physical card issuance, thus contributing to global plastic pollution. 
• The APR terms for savings on Neobank accounts are low and largely comparable to those on traditional bank accounts. 

How Is Our Deobank Sweeping in to Change TradFi Forever?

When all of the limitations discussed above are weighed against the shaky promise of innovation, every user can see that Neobanks haven’t actually moved any further than TradFi in terms of democratizing money access and enabling financial inclusion. 

Yet, the Deobank project follows a different path. We’ve learned from all the mistakes of neobanking and have come up with an irresistible offer. It takes into account all financial user needs and gives access to a brand-new financial ecosystem.

Including the Unbanked Population in the Equation

So, what happens with all those 1.4 billion unbanked users who remain overboard in the financial system, even in the era of flourishing Neobanks? We have included them in the equation by addressing two main profiles of the unbanked population – those who want to enter the financial system but can’t and those who don’t trust banks to hold their money in custody. The first group will enjoy easier financial inclusion with relaxed, AI-enabled KYC procedures at Deobank, which simplify account opening. The second group is sure to appreciate our self-custodial wallets linked to the WeFi bank account via a smart contract bridge.

Returning Control over Money to Owners

Control over the money and the account overall is one of the pressing concerns of banking system users. Amid the rising number of scary stories of account freezing upon the slightest suspicion of illegal action, people want bulletproof promises of their control over funds no matter what. With Deobank, you get such a guarantee by enjoying a fully self-custodial account.

Reducing Fees (Again)

Indeed, Neobanks have done much to reduce transaction and service fees compared to major TradFi players. Skyrocketing commissions for every step a bank account owner makes are a matter of the past. Yet, fees remain, especially in the aspects of using related legacy systems (e.g., fixed SWIFT fees). 

We at WeFi have addressed this issue with the help of blockchain technology. We see the financial future in stablecoins, which help address the slow and inconvenient banking solutions. Stablecoins are at the core of our financial ecosystem because they enable immediate payment settlements, are easy to use, require no intermediaries like banks or other financial institutions, and retain control over funds in the owner’s hands. Besides, the fees of using blockchain-powered stablecoins are so small that you will hardly notice them. This way, by using stablecoins as the core part of our financial ecosystem, we have made global money transfers easier, more affordable, and fast.

Enabling Complete Decentralization

While Neobanks boast looser control and oversight, it’s obvious to everyone that their operations are still heavily regulated and centrally controlled. Our Deobank takes a completely different approach by offering complete decentralization. By using blockchain, we’ve created a decentralized system without intermediaries. Thus, you enjoy the ultimate transparency of money management combined with the absence of centralized oversight.

Giving You Loyalty Rewards

User participation is not the strong side of Neobanks. We have followed a different path by giving our early adopters exclusive rewards. Those who mine WFI tokens with nodes and hold them are awarded fee rebates, higher spending limits, and account-level privileges.

Try the Next-Gen Solution to Transform Your Money Management

As digital banking is increasingly accepted as the new normal, our Deobank sweeps in like a fundamentally new gateway to financial inclusion and money management. Try it out to enjoy unlimited financial freedom, money ownership, and meager fees. The Deobank project by WeFi rewrites the rules of global financial transactions and is ready to tackle the long-standing challenges of TradFi and Neobanking.