- The banking-telecom crossover is accelerating faster than regulators or customers expected
- Mobile connectivity is becoming another battleground for fintechs seeking customer retention
- Traditional carriers are responding to fintech incursions through travel eSIM spin-offs
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 technology and telecom sectors converge.
However, analysts caution that while technical feasibility has advanced, the commercial 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 considering extending their ecosystems into mobile connectivity.
By integrating network access within their apps, neobanks could turn connectivity into a loyalty-building feature, offering users travel data plans, mobile payments, and account-linked perks.
According to GlobalData, this approach differs from traditional prepaid mobile strategies used by retailers or legacy 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 the technical barriers to entry, as these developments make it easier for digital banks to offer connectivity without owning network infrastructure.
Yet analysts argue that commercial sustainability remains difficult to achieve.
Running an MVNO requires regulatory compliance, strong digital engagement, and operational expertise that few neobanks currently have.
As GlobalData’s Natasha Rybak notes, the challenge lies not in launching such services but in proving that customers will adopt and use them at scale.
For established mobile operators, the rise of banking-based MVNOs does not necessarily pose a direct threat. In fact, many major carriers are already adapting to the evolving ecosystem.
Initiatives such as Orange Travel, eSimFLAG, and Vodafone Travel eSIM show how telecoms are using eSIM technology to create travel-focused digital brands and diversify revenue streams.
Some well-capitalized digital banks with large customer bases may successfully launch MVNO offerings, however, experts believe widespread disruption of carrier revenues remains unlikely in the near term.
Without clear evidence of large-scale customer migration, most ventures may serve as strategic experiments rather than transformative shifts.
Still, 2026 could be a defining year in testing whether neobanks can turn mobile connectivity into a lasting competitive advantage.
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