- The banking-telecom crossover is accelerating faster than expected by regulators or customers
- Mobile connectivity becomes another battleground for fintechs seeking to retain customers
- Traditional operators respond to fintech incursions with travel eSIM spinoffs
A growing number of digital-only banks are experimenting with launching their own mobile network services, signaling a potential shift in how financial institutions engage customers.
The idea of neobanks operating as mobile virtual network operators (MVNOs) is gaining traction as the technology and telecommunications sectors converge.
However, analysts caution that while technical feasibility has progressed, the business logic behind such ventures remains largely unproven.
A new approach to customer engagement
Digital banks have already transformed financial services through app-based platforms and are now looking to expand their ecosystems with mobile connectivity.
By integrating network access into their apps, neobanks could turn connectivity into a loyalty feature, offering users travel data plans, mobile payments and account benefits.
According to GlobalData, this approach differs from traditional prepaid mobile strategies used by traditional retailers or banks.
For neobanks, success would depend on tightly integrating connectivity with financial services and creating a seamless, mobile-first customer experience that extends beyond banking.
Advances in eSIM adoption and turnkey MVNO platforms have lowered technical barriers to entry, as these developments make it easier for digital banks to offer connectivity without owning network infrastructure.
Yet analysts say business sustainability remains elusive.
Running an MVNO requires regulatory compliance, strong digital engagement and operational expertise that few neobanks currently have.
As GlobalData’s Natasha Rybak points out, the challenge is not launching such services but proving that customers will adopt and use them at scale.
For established mobile operators, the rise of banking MVNOs does not necessarily pose a direct threat. In fact, many large carriers are already adapting to the changing ecosystem.
Initiatives such as Orange Travel, eSimFLAG and Vodafone Travel eSIM demonstrate how telecoms are using eSIM technology to build travel-focused digital brands and diversify revenue streams.
Some well-capitalized digital banks with a large customer base could successfully launch MVNO offerings. However, experts believe that widespread disruption to operators’ revenues remains unlikely in the short term.
Without clear evidence of large-scale customer migration, most businesses may serve as strategic experiments rather than transformative changes.
Nonetheless, 2026 could be a defining year to test whether neobanks can turn mobile connectivity into a sustainable competitive advantage.
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