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The early days of neobanks in Europe: identification, performance, and riskiness
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Resumo(s)
This paper identifies banks born with a digital business model (‘neobanks’) and examines their performance and riskiness vis-à-vis traditional peers. We propose a novel approach to identify neobanks, based on non-financial hand-collected data, and identify 65 neobanks operating in Europe. We show that neobanks perform worse than their traditional peers, while recording a similar level of risk. Namely, neobanks charge higher interest income, record higher impairment charges, and face higher non-staff expenses. Further analysis suggests the presence of economies of scale and scope in digital banking. Our findings are robust to endogeneity concerns and changes to our baseline specification.
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Palavras-chave
Bank performance Business models Digital banks Neobanks