Neobanks vs. Tradition: Why Execution, Not Tech, Sets Leaders Apart | Meniga’s Raj Soni and BCG’s Michal Panowicz

Raj Soni, Meniga and Michal Panowicz, BCG chat about how neobanks have changed the game when it comes to what people expect from digital banking. Michal shares his own experience with Revolut, where he opened an account and got both a credit and debit card in just two minutes. This kind of speed is a stark contrast to the slow processes that many traditional banks still have.

They point out that traditional banks are not just lagging in tech; they miss the mark on digital transformation overall. Even though they have loads of customer data, they haven’t figured out how to turn that into the personalized experiences today’s consumers want. Neobanks, while maybe not as well-funded, often provide a way better user experience.

Raj and Michal believe the problem isn’t about regulations or lack of money, or even being far from Silicon Valley. It’s really about execution, including how decisions are made, the talent they have, tech management, and keeping things in check internally. Banks need to rethink their governance and how they create and deliver digital products instead of just adding new features to old systems.

Interestingly, they note that the most digitally advanced banks aren’t in the US or the UK. Countries like Spain, Turkey, Poland, and India are taking the lead. In these places, banks have been quicker and more focused on modernization—they’ve adapted better without waiting for perfect conditions.

The takeaway for financial institutions is clear: to keep up with digital-first competitors, they need to do more than just upgrade their tech. They have to rethink their culture, governance, and delivery at all levels.