Rating Methodology for Neobanks and FinTech

With the widespread adoption of the internet and technology across the world, legacy industries are finally adapting, pivoting their business model, and are ushering in a new era of consumer experience. For years, the Financial Industry and Wall Street have faced little competition; however, technology is posing a worthy threat and is making finance affordable for all.

Neobanks and financial technology companies are putting consumers first, making transactions more secure and faster, and are drastically reducing fees. Our rating methodology for Neobanks and financial technology companies that offers banking solutions evaluates the user experience, security, affordability, products offered, deposit rates, and legal posture.

Neobank Rating Methodology

Category Details

Collecting Data and Routine Content Updates

SimpleMoneyLyfe’s product analysts and banking editorial team utilize publicly available data, expert interviews, and third-party resources to collect relevant information pertinent to the review. This includes leveraging the Better Business Bureau, Google Verified Reviews, the Consumer Financial Protection Bureau, Federal Trade Commission, U.S. Securities and Exchange Commission, and the company’s public website.

Neobanks and financial technology companies that offer banking solutions are evaluated annually. However, our content team and data scientists routinely update reviews as new features are rolled out that benefit consumers, deposit rates change, or when fees are adjusted. Rest assured, we are constantly using our resources to ensure the content is accurate, digestible, and relevant.

Neobank and Financial Technology Review Team

The editorial team charged with ensuring accurate neobank and financial technology reviews are professional writers, data junkies, researchers, and editors. The team is made up of technologists who love analyzing trends and identifying new products that will help consumers bank efficiently, securely, and responsibly. All members of the team adhere to our editorial guidelines and procedures which holds us accountable.