Neobanks
Neobanks are transforming banking by delivering digital-first financial services that meet evolving consumer expectations for accessibility, transparency, and innovation. In practice, neobanks take different forms, from digital-first financial institutions built around core banking products to technology platforms that embed banking capabilities to complement an existing user experience. We help neobanks across these models design and build compliant, scalable banking programs and navigate the complex regulatory environment governing digital banking.
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Our neobank clients engage FS Vector directly across a range of areas critical to building and operating their sustainable banking business:
- Product design and development. We support the design of digital banking products, including deposit accounts, debit cards, savings features, overdraft alternatives, and integrated financial management tools.
- Bank partnership programs. Neobanks work with us to establish, structure, and manage sponsor bank relationships, ensuring robust compliance and risk management frameworks that satisfy regulatory expectations.
- Regulatory advisory. We provide guidance on consumer protection laws, Regulation E, Regulation CC, deposit insurance requirements, account opening procedures, and BSA/AML obligations specific to digital banking.
- Market entry and expansion. Neobanks engage us to develop growth strategies, including launching new products, expanding to new customer segments, and entering adjacent financial services markets.
- Bank chartering. We assist firms looking to acquire or establish de novo banks, including those seeking principal membership of card networks, Federal Reserve master account access through full service and limited purpose charters like Georgia’s Merchant Acquirer Limited Purpose Bank (MALPB) and Connecticut’s Innovation Bank charter.
- Government relations and advocacy. We represent neobanks before banking regulators, the CFPB, and Congress on issues affecting digital banking, fintech-bank partnerships, and Banking-as-a-Service (BaaS) arrangements.
- Examinations support. Our team provides comprehensive support for sponsor bank examinations, CFPB supervisory activities, and third-party risk management reviews.
- Talent resourcing. We identify and place compliance officers, risk managers, product leaders, and other specialized talent to support neobank growth.
- CFES membership. Neobanks join the coalition to collaborate with other innovative financial institutions and advocate for regulatory clarity in digital banking.