What is the future outlook for competition in the neobank market in the long term?

Guest: I feel this will be a matter of who raises the most because there's so little and they can differentiate themselves on.

Everyone is saying the same things: do you provide better ledgering? Dashboards? Better ancillary services? How much control do you let me have with the bank? Will you actually support me through the bank? Do you provide legal support? How do you handle disputes and resolutions? There are literally 200 to 300 things you need to consider. 

Another key thing you'll notice is does BaaS provide program management? Program management is a semi made-up term. What it really just means is they manage parts of the program for you. That's literally all it is. They would piece together Alloy, Unit 21. Jumio is another good provider for KYC, AML. But you're very limited in the options you really want to choose. 

When you look at sub-program management providers, you want to see what the BaaS use in terms of their third-party providers? Basically, that's another big decision point.