Neo-Banking: The Future Of India's Branchless Banking
BANKING FINANCE|February 2023
Neo-Bank is a digital bank without having any physical branch network carried out business entirely through online mode.
Neo-Banking: The Future Of India's Branchless Banking

Neo-Banks can be called Fintech firms that provide digital and mobile-first financial solutions payments and money transfers, money lending and more. These banks don't have a bank license of their own but count on bank partners to provide bank licensed services.

As the financial landscape is shifting towards customer experience and satisfaction, a gap has developed from what the traditional banks offer to what customers expect. And, Neo-Banks are making an attempt to fill that gap by offering higher interest rates and lower fees.

Business perspective:

The Cost of operations and management gets reduced.

Customer demands are met with an enhanced customer experience.

Additional resources get invested in launching new products and in expansion to different geographies. This also helps facilitate doorstep delivery of essential banking services to rural India.

Customer perspective:

Financial transactions become easy and convenient to perform from any location at any given time.

With a greater reach and equal opportunities for all the people, everyone gets to avail all the banking facilities.

Standing in queues with a token in hand is a thing of the past and now services are available at the click of a button.

The Features of a Neo-Bank:

An account with a neo-bank can be opened in less than 10 minutes with minimum paperwork, and will get a virtual debit card for use immediately. Additionally, access to global investment opportunities, easy international student banking and low-cost global spending etc are immediate services of a neo bank. The key features are:

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