How are digital-only banks transforming traditional banking models through technological innovation?

In recent years, digital-only banks—also known as neobanks—have emerged as powerful disruptors in the financial industry. Unlike traditional banks, these institutions operate entirely online, with no physical branches. By leveraging cutting-edge technology, neobanks offer streamlined services, often with lower fees and enhanced user experiences. This shift raises questions about how traditional banks can adapt to this changing landscape. Are they adopting similar technologies to remain competitive, or are they becoming obsolete? Furthermore, what implications do these changes hold for regulatory frameworks and consumer protection in the digital age?