Neo bank hasn't a banking license but provides services through trusted partners who have banking licenses. Neo bank is a more agile version of traditional and old-fashioned banking which is more appealing to tech-savvy young generation.
Neo bank provides all types of banking services to the consumer and small business needs of the consumers. At present more than 5000 startups are providing new as well as traditional financial services. Neo bank provides infrastructure that makes banking services cheap and easy from their phone. It is also known as fintech company which offers various banking services from mobile, like opening of deposit account, loan account, payments and other banking services without the burden of a physical network. Apart from it, Neo bank also does lead generation. RBI doesn't permit license to open 100% digital banks. Neo banks now a day provides traditional banking services also. Neo banks are complementing banks with better user interfaces and services.
Neo banking started in India by many Indian startups Airtel payment bank, Fino payment bank, India post payment banks, Jio Payment bank, SBI YONO, Kotak 811 are some of the examples of Neo banks closest model in India.
Why Neo bank?
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