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Neo Banks: A New era of Banking Experience

  • Unique Paper ID: 168366
  • Volume: 11
  • Issue: 5
  • PageNo: 669-676
  • Abstract:
  • The Term Neo Banking has gained momentum recently considering its entry in the financial technology segment. neo banks are fintech firms that function like banks and operate digitally- a collection of financial apps and services. Every transaction is done online and is entirely safe, customised, and more convenient in several aspects compared to traditional banks. Neo banks break old banking traditions such as cash deposits, bulky documentation, and personal interaction with a bank official. The primary purpose of Neo Banking in the economy is to provide cutting-edge financial services and facilities through fintech and AI at a lower cost. Whereas Traditional Banks require you to visit a physical branch, have high account fees and focus mostly on offering as many financial services as possible traditionally, banks have provided all our financial needs, including loans, deposit accounts, debit and credit cards, and insurance. The banks have met the needs of most of their customer with the help of their branches all over the world. This paper will give a brief glance overview of neo banking in India. Neo banking means the banks which operates only digital platform. This present study focuses on the growth of the neo banking and its operations in India. The main features of neo bank are they don’t have physical presence in the operations. Neo banks having a bigger opportunity in the current scenario as the customer are averting banking activities in branches.
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Cite This Article

  • ISSN: 2349-6002
  • Volume: 11
  • Issue: 5
  • PageNo: 669-676

Neo Banks: A New era of Banking Experience

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