Younger generations are now entering the market as consumers, dictating new rules. In the media, there's a lot of talk about how “millennials are disrupting this industry,” and “millennials are killing that sector.” As much as the whole fuss is rather exaggerated, there have been significant shifts over the last decade, and the banking industry isn’t immune from them.

Modern digital users have entirely different needs than their analog counterparts. Years ago, consumers tolerated slow and standardized financial service procedures, long queues, and slow support, but today's consumer is taking the industry by storm as they look for services that can meet their growing needs, emerging interests (virtual assets) and better adapt to them.

Demand for more transparent, less regulated, fast, and cheap banking sparked the idea of enhancing user experience. The demand forced the industry to come up with more innovative financial management solutions. That’s how fintech and neo-banks found their way to consumer banking.

What is neo-banking?

Neo-banking refers to banking systems based solely on digital platforms like mobile apps or web platforms. In a time of financial uncertainty, mobile banks were transformational, delivering relatively quick and straightforward service like quick money transactions, card-to-card transfers, and integration of virtual assets and fiat with all data within the click of one button. Neo-banks include the likes of Revolut, N26, Monzo, and Yolo.

Retail Banking for Modern Consumers

In 2018, the European Union's PSD2 (Revised Payment Service Directive) came into effect. From September 2019 onwards, banks began needing to share customer account information with regulated third-parties. The directive opened the door not only for neo-banks but also for many other financial assistance providers. It encouraged further expansion of such services, resulting in many new companies to enter the market.

However, the hype died down as consumers began noticing a few common issues that were limiting their finance management. What began happening back then (and still occurs today) is that whenever a new player enters the market, it offers a similar service, just with a new look. Sometimes it'll only improve one super-demanded facet, like payments for example, but present the same old issues otherwise.

The new apps appear promising, but yet again leaves users with just another bank card, limited withdrawals, multiple KYC (know your customer) processes, and only one banking function per service. Some product providers such as Curve, Monese, Money Super Market, or TransferWise offer similar features such as fast payments, and daily expenditure tracking, though the products are still very limited.

All these companies encourage users to open new accounts, thereby baffling consumers with too many apps. Even if they have something unique to offer (you can buy Bitcoin or stocks on Revolut), such as faster transfers or bigger withdrawal limits, they fail at providing a positive overall banking experience.

In the end, you end up with several apps with the same features that consume your time and money, especially if the service adds monthly fees. When you have to manage more than one program, you lose track of your spendings and savings, which results in poor financial management decisions.

How does a service that could put everything in one app sound to you? Connecting as many accounts as you wish and managing everything on one platform inspired us to create OSOM. We want to solve the excessive app problem and revolutionize the banking sector by not changing anything - only improving existing systems.

How Is OSOM Improving Traditional and Neo-Banking By Not Doing Any Banking?

The EU's passing of PSD2 created the perfect conditions for us to begin our OSOM journey to creating a better banking experience for you. We decided not to waste time creating new features that no one needs, but instead thought it would be great to make it so that you could access all your accounts and assets in one app.

You can aggregate your other profiles and transfer money to multiple accounts, conduct a bank transfers to your own accounts, use a smart money tracker, exchange virtual assets for other virtual assets or fiat, and on top of that, receive a top quality user experience. Sounds like a lot? Well, we are talking about one OSOM app.

Aside from implementing the most common banking needs, we also integrated additional services like a robo-advisor. Our utmost goal is to improve UX and UI and shift away from the outdated banking journey.

Improved Banking Experience with OSOM

What do you usually do when facing an issue with banking or money management? Do you call your bank or go wait for hours in a queue just to hear the same explanation you found in the Q&A section of their website? At the end, you might just drop the issue and try to find ways to circumvent it the next time.

We don’t want our users to experience these problems anymore. We believe that both everyday and more complex banking operations should be accessible for everyone and most importantly, explained in the most user-friendly language because most problems occur from not understanding money and financial operations. We want to empower people to not only comprehend what’s happening with their money but also be more curious about it.

OSOM wants to remove the possibility of an unpleasant experience but instead help you become an expert in personal financial management. We provide the most painless way to be part of tokenomics, and buy and distribute virtual assets at no hidden cost. With our app, you can track stock markets, real estate trends, investment guides, and tips on where to invest and how to make your money work for you.


Modern times demand advanced banking. Forget the countless apps - all you need is one app to help you to be on top of your finances. Digital money transfers, balance information, fast payments, virtual asset management, and much more. Wouldn’t that be OSOM?