How are digital-only banks redefining traditional banking standards amid technological advancements?

With the rapid growth of fintech innovations, digital-only banks, also known as neobanks, have increasingly been stepping into the spotlight. Unlike their brick-and-mortar counterparts, these banks operate exclusively online, offering a wide range of services via mobile applications. This shift raises questions about how they are influencing the existing norms within the banking industry, especially in terms of customer service, operational costs, and regulatory challenges. As digital-only banks offer seamless and often cost-effective solutions, how are traditional banks evolving to keep pace with these changes to maintain their competitive edge?