Neo Banks: Innovation and Trends shaping its future

Neobanks are financial technology (FinTech) companies that operate online without physical branch networks. They offer money management services digitally or via mobile apps. Neobanks are similar to digital banks in terms of online operations. Digital banks

What is a Neo Bank? To keep it simple, a neo bank is a digital only and mobile-first bank. In India, service providers partner up with traditional banks to create a digital banking platform to give

Neobanks are considered by some to be the future of banking. According to the latest Neobanking Market Report, growth is expected at a compounded annual rate topping 50% through 2030. It’s an impressive projection, but like

Neobanks are the consequence of the modern digital age. The primary characteristic of a neobank is that it lacks any physical address/branch and operates digitally. According to the numbers available on Statista, Neo Banks will oversee

To avail many of the services offered by a traditional bank or financial institutions, a customer needs to visit the branch of the bank or financial institution, where he/she has the account. While some services of

Neobanks use artificial intelligence and technology to offer personalised services. Since they operate in a digital-first mode, neobanks have a much smoother user interface to provide quick services to account holders With the advent of the

Contactless payment for purchases at the point of sale (POS) has retained its pandemic-boosted popularity, and physical cards and mobile devices equipped with near-field communication (NFC) technology allow consumers to simply and conveniently tap to pay

Neobanks will account for a market size of more than $2 trillion globally by 2030 and grow at a compound annual rate of 53.4 per cent as digitally savvy users increasingly demand easy-to-access financial services, the Boston

The days of visiting your bank’s local branch and interacting with a teller face-to-face may be behind us. When it comes to choosing where to put their money, many Americans are switching gears and opting for

Neo-banks are completely online-based digital banking platforms. Simply put, they are not present physically. Traditional banking transactions can be time-consuming and labor-intensive for customers. Neo-banks ensure a seamless online experience by incorporating a digital and experiential

Neobanking is one of the major fintech innovations to have come over the last few years, the next evolutionary step in banking after net banking, mobile banking, app-based banking and online payments.  The Indian neobanking ecosystem