The Dutch banking landscape is rapidly changing. Key traditional players in banking like ING, ABN AMRO, and Rabobank still dominate, but new challengers such as Bunq, Adyen, Revolut and N26 are gaining ground (Nederlanders Buiten Nederland, 2025). Bunq, an Amsterdam based neobank and second largest in Europe, now serves over 11 million users with more than €7 billion in deposits, and reporting a €53 million profit in 2023 (Bunq, 2024; Chmiel, 2025)
According to the Dutch Central Bank, financing through fintech platforms nearly doubled to €2.3 billion by the end of 2023 (De Nederlansche Bank, 2024). Showing that consumers and businesses are increasingly comfortable moving away from traditional institutions. This mirrors Christensen’s disruptive innovation theory, where new entrants start by offering “good enough” services at the margins (like app-based banking for younger users or digital nomads). But once they gain traction quickly improve and climb upmarket (Christensen, 2015).
However, this disruption is not without friction. Bunq was recently fined €2.6 million for not meeting anti-money-laundering controls, showing that while fintechs are agile, they sometimes lack the compliance structures and trust that incumbents have (Reuters, 2025). As Birkinshaw & Lancefield (2023) argue, established firms can use strengths such as regulation, reputation, and expertise to resist or delay disruption.
Meanwhile, the big three banks are adapting. ING is investing heavily in its digital infrastructure, driving automation and enhancing user experience (ING Bank, 2023; BankAutomationNews, 2024). ABN AMRO has also launched initiatives like the nCino partnership and a new CRM upgrade with PwC, aiming to consolidate legacy systems, simplify customer journeys, and improve their overall platform (nCino, 2024; PwC, 2023). This aligns with Keyser and Vandenbempts (2025) view that incumbent firms can survive disruption by “doubling down” on their strengths. In this case that would refer to scale, compliance expertise, and institutional trust.
The real question is whether Dutch consumers will ultimately value trust and stability over flexibility and innovation. The likely outcome will be hybrid type of banking. Partnerships, acquisitions, and ecosystems between these firms will merge the strengths of banks with the agility of fintechs. The question remains as to whether fintechs like Bunq will remain these niche players, or if we will see an entire shift in Dutch banking.
References:
Birkinshaw, J., & Lancefield, D. (2023). How professional services firms dodged disruption. MIT Sloan Management Review, 64(4), 34-39
Christensen, C. M. (2015). The innovator’s dilemma: when new technologies cause great firms to fail. Harvard Business Review Press
De Keyser, B., & Vandenbempt, K. (2025). Persisting under pressure: How organizations coordinate their response to disruptive innovation. Research Policy, 54(8), 105275.
Bunq. (n.d.). Bunq sets its eyes on UK as it reports first full year of profitability. bunq newsroom. https://press.bunq.com/234163-bunq-sets-its-eyes-on-uk-as-it-reports-first-full-year-of-profitability/
Chmiel, D. (2025, September 10). After 10 years, BUNQ reaches 20 million users but remains far behind Revolut. Financial and Business News | Finance Magnates. https://www.financemagnates.com/fintech/after-10-years-bunq-reaches-20-million-users-but-remains-far-behind-revolut/
Financing through FINTECHS nearly doubled. De Nederlandsche Bank. (2025, June 17). https://www.dnb.nl/en/general-news/statistical-news/2024/financing-through-fintechs-nearly-doubled/
Koenen, T. (n.d.). Improve customer experience by BXT approach at ABN AMRO. https://www.pwc.nl/en/topics/transformation/customer-transformation/client-cases/improve-customer-experience-by-bxt-approach-at-abn.html
Meijer, B. (2025, August 25). Dutch Online Bank Bunq fined for failures in money laundering controls | Reuters. Dutch online bank Bunq fined for failures in money laundering controls. https://www.reuters.com/sustainability/dutch-online-bank-bunq-fined-failures-money-laundering-controls-2025-08-25/
nCino. (2024, August 20). ABN Amro & NCINO Partnership to Driving Transformation. ABN AMRO and nCino Partnership Driving Digital Transformation across Corporate Lending. https://www.ncino.com/news/abn-amro-ncino-partnership-driving-digital-transformation-corporate-lending
Snbn. (2025, May 21). Fintech bank account as an alternative to a Dutch bank account. SNBN. https://www.nederlandersbuitennederland.nl/en/post/fintech-bank-account-as-an-alternative-to-a-dutch-bank-account Trivedi, V., & McDonald, W. (2024, February 1). ING Bank invests in digital infrastructure in 2023. Bank Automation News. https://bankautomationnews.com/allposts/retail/ing-bank-invests-in-digital-infrastructure-in-2023/?utm
