We exist in the digital age. It’s as disruptive and addictive as it is fantastic. From communication to commerce, fashion to fun, digital technology has changed the very fabric of our lives in immeasurable and remarkable ways.
So, why are our banks still stuck?
Neobanks emerged about a decade ago, promising to disrupt and reinvent traditional banking. Instead, they added a fresh coat of paint, which forced established institutions to improve, design better interfaces, lower fees, reposition themselves, and close branches. Neobanks and legacy banks homogenized, firmly tethering themselves together.
Neobanks became institutionalized by the institutions they aimed to disrupt. As it stands, they almost address the evolving needs of consumers, almost adapt to the changing global financial system, and almost bring a complete solution. Just, almost. They’re locked into traditional banking infrastructure, limited by outdated regulations, and trapped between the old and the innovative, remaining a partial solution.
Now, it’s time for something more radical. The future demands it. Finance needs revolutionary products that drive empowerment, decentralization, and inclusivity. The rise of Deobanks is here, and pioneers like WeFi offer a glimpse into how we’ll do it.
Neobanks and the Shift to Digital-First Finance
Neobanks aimed to improve banking through digital technologies and refreshed in-app user experiences, while cutting out the need to visit banks in person. They were more affordable, offered better interest rates, and focused on delivering a quality user experience.
We could applaud them, but you only need to look at how many bank branches have closed in the last decade to see they have all the validation they could ever need. Part of their mission succeeded. Over 6,000 bank branch closures in the UK in the last 9 years. 1,646 per year, on average, in the US. In Germany, there were over 40,000 branches in 2007, while the latest data reveals there are less than half that in 2025.
For now, their apps are popular, easy-to-use, generally have lower fees, offer more competitive exchange rates, and in some cases, provide account holders the opportunity to buy and hold (the underlying asset of) cryptocurrencies for exposure to digital assets. Convenient, cost-effective, cool, that’s what they promised, and for the most part, have delivered.
The Limitations of Neobanks
Despite being an improvement, Neobanks are heavily reliant on traditional banking infrastructure. That’s because very few Neobanks are able to obtain full banking licenses, with the rest forced to partner with established banks for services like deposit insurance, lending, and payment processing. That dependence has acted as a bottleneck, stopping them from operating and innovating independently, while essentially forcing them to suffer the same regulatory constraints as traditional banks.
Between the lines, the outcome is that a Neobank is just a digital interface papered over the same old banking system you were using before.
Neobanks still rely on centralized systems like SWIFT and SEPA to process transactions. While these systems provide global connectivity and security, they can also introduce higher costs, longer processing times, and additional intermediaries, which may affect overall efficiency
Neobanks deserve credit for what they have done, but it feels as if they never quite achieved what they set out to do; zero-compromise user-centric banking freedom. Ultimately, they struggle to serve the un-banked and under-banked (especially in developing nations) – their hands tied by documentation and verification requirements.
Ultimately, Neobanks can only really offer greater convenience to the already-banked.
Finally, despite modern branding and slick marketing, Neobanks are still centralized entities with full control over customer funds. That means, like legacy banks, they can freeze your accounts, impose restrictions, block transactions, and limit access to funds at any moment. The amount of data they protect also makes them a target for cyber hackers, and therefore highly vulnerable to breaches, attacks, and theft.
So, no matter how much of an empowering financial experience Neobanks offer, their ambitions will always be undermined by their own centralized problems and relationships with outdated banking systems.
The Need for a New Model and the Birth of Deobanks
We deserve a new attempt.
Deobanks are the new approach that millions have long sought after. They are decentralized financial institutions built on the solid foundation of blockchain technology. Unlike their predecessors, they aim to deliver a more secure, transparent and inclusive alternative to old banking processes. With the most cutting-edge infrastructure at their disposal, Deobanks will genuinely empower users, giving them control, options, and optimism. They’re not painting over any cracks.
For those not entirely sure what decentralized banking might entail, it means doing away with intermediaries and centralized control. This empowers users with the tools to handle full autonomy over their assets and financial activities. This self-custodial approach, using private keys and cryptography, is made safer and more transparent than the old ways by ensuring that every transaction is recorded in a way that can never be edited or tampered with.
A more equitable and resilient financial system, such as that offered by WeFi, is open to everyone on Earth. Better still, it is free from freezes or account restrictions, and opens people up to an enormous and innovative ecosystem of financial tools and services. Financial freedom is here.
WeFi: Leading the Deobank Revolution
So, at the forefront of the Deobank revolution, we encounter WeFi. They are redefining financial services with groundbreaking solutions for the modern, global citizen. The mission is financial empowerment, transparency, accountability and accessibility. This is a compelling message for potentially billions of people frustrated by the constraints of the old, suffocating ways.
WeFi’s Deobank is built completely on the blockchain, enabling seamless, on-chain banking, resulting in hyper-flexible, instant, low-cost transactions that are fully transparent and traceable. No more inefficiencies or high costs. Whether you’re sending $1, or $1m.
WeFi recognizes that self-custody is a big step for some, so they offer custodial accounts too, giving users the flexibility to choose for themselves how much financial liberation they’re willing to unlock. They also present different ways for users to access yields (returns on their savings), participate in governance, and access all kinds of new and exciting tools that are aligned with the evolving future of global finance.
Why Deobanks Are the Logical Next Step
The rise of Deobanks signals a fundamental change, moving away from limited, outdated traditional banking systems and the well-intentioned Neobanks that are tethered to them. Decentralized finance, led by innovators like WeFi, is driving a more inclusive, efficient, and transparent financial world.
Borderless, full-control, modern, accessible, and unlocked for all to use and participate in the global economy.