You can’t escape the long queue of people with each one of them waiting to ask a dozen questions to the man at the counter. No matter how hard it is, you have to fill up the small boxes using the best of your calligraphic skills on those rectangular pieces of paper if you want to square your deal. You can’t say no to a formal, official letter in black and white if you need to authorize someone to fill it in for you. And, lastly, you must practice your signature a hundred times if you want your cheque to be processed at one go.
That’s the bank pre-millennial Indians have seen and grown up with. All this was normal for them, all the sulking and cursing stowed in. As the pandemic split the world into two, many pre-Covid practices began transforming into their post-Covid neo-normal avatars. That made the beginning of a bull run for the digital-only banks.
The brick-and-mortar banks had been running the risk of losing customers with time mismatches and manpower issues adding to a rise in customer discontent. “It became important for banks to ascend with the next wave in banking, which scales the entire bank down to the size of an iPad, tablet or smartphone, and promises the convenience of having an entire bank on our fingertips,” says a study by Infosys. That is the world of digital-only banking.
A neo-bank or a digital-only bank operates exclusively online, using the internet and cloud computing. The pandemic-induced restrictions on mobility and social distancing fostered the growth of these neo-banks and their future is sealed with the digital disruption transforming our lives completely.
This story is from the August 2021 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2021 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Guide To Build Your MF Portfolio
There are ‘n’ number of funds to choose from and one has to scrutinise several factors, besides just past returns, to make a bouquet of funds that best aligns to one’s goals
Self Image: Ticket To Success?
Your capacity for success will be altered according to the image you have of yourself. So, set it on the right trajectory to move to a higher level
What Budget 2024-25 Means For You
Finance Minister Nirmala Sitharaman announced a few changes in the new tax regime, while leaving the old one untouched. The government also increased taxes on long-term capital gains. We decode what the Budget means for you
Factor Investing In Mutual Funds
A blend of active and passive fund management approaches, factor investing offers diversification, but investors should ensure these factors align with their goals and risk profiles
Mistakes to Avoid in the Retirement Planning Stage
Not starting early, not looking at retirement planning holistically and not consulting a financial advisor are among the top mistakes one should avoid
Asset Allocation Is Akin To Picking A Cricket Team; Here's Why
Judicious asset allocation will enable you to generate maximum gains and achieve different goals at different intervals by effectively positioning them according to the market situation.
EMI VS SIP Debate: Which Path Aligns with Your Financial Goals?
Although EMls may seem initially manageable, the final cost can be much higher; SIPs, on the other hand, focus on capital appreciation through marketlinked investments rather than capital repayment.
Mutual Fund SIP: Tool to Make The Impossible Possible
A mutual fund systematic investment plan allows you to reinvest the interest earned into the fund, thus helping you to build a big corpus even with small contributions over the long term.
Why are Manufacturing Funds Worthy of Your Portfolio?
India's manufacturing sector greatly impacts fields like logistics and maintenance, making this thematic fund a strong addition to your investment portfolio.
How To Help Your Ageing Parents
Experts discuss how financial conversations with parents need a big dose of sensitivity, and highlighted the needs of seniors to help those caring for their parents