All You Want to Know About Neo Bank

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FINLAW CONSULTANCY PVT LTD.

ALL YOU WANT TO KNOW ABOUT NEO BANKING

TABLE OF CONTENTS

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01

/ What is Neo Banking?

02

/ Why Neo Bank?

03

/ How Does a Neo Bank Work?

04

/ Benefits of Neo Banking?

INTRO Recently, there has been a rumour in the Neo banking Fintech community.

The word has been circulating since Neo broke into the media.

But do we know what it is?

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Neobank is taking over the Fintech industry by Ne Dofofan globally. Every day we see a Neo player in the market whose main purpose is to make financial services simpler.

WHAT IS NEO BANKING? Neo bank can be called a Fintech firm that provides digital and mobile-first financial solution payments and money transfers, cash termination payments, and more. Neo banks do not have their bank licenses but rely on bank partners to provide banking licensed services.

As

the

financial

landscape

shifts

towards customer experience and A bank without a branch is a kind of digital bank Instead of being physically present at a particular place, neo banking is completely online. This is a broad umbrella of financial service providers who appeal to today’s tech-savvy customers.

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satisfaction, a gap has been created in what traditional banks expect. And, Neo banking is trying to fill that gap.

Most traditional banks are orchards by their successor-based infra. So, when it comes to helping small and medium enterprises with financial services like providing payment gateways, invoice software, multiple views of cash management, they fall short.

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This difference, with the explosion of mobile technology, only means that banking services can be integrated with other financial services.

WHY NEO BANK? In recent years, we have seen a huge shift in the financial industry. With more than 2,000 fintech players in the country, digital payments have been accepted on such a large scale.

Consumers are more than physical banks and physical cash and are moving towards online banking and wallets.

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In our recent report, we have discussed how India is moving toward a booming Fintech era. We discussed how Indian consumers do digital transactions, and how numbers are growing rapidly. More and more people are becoming comfortable paying online through Google Pay, Paytm, Phone Pay, and more.

If we think about these numbers, we can see potential innovations in the country.

Banks that do not have traditional banks provide liquidity. They can easily save themselves and be profitable.

HOW DOES A NEO BANK WORK? Since there is no physical location and they are completely online, the customer's payment is sucked in by a significant amount. As Neo banks are customer-centric, they provide personalized services to their customers that are expelled Like a traditional banking system,

through technology.

Neo banks have completely Data-driven decisions drive a bank's decision-making process.

different business models. But,

As their platforms are also modernized, it becomes easier for

like traditional banks, neo banks

them to collect and analyze data and understand how their

make little money between cash

customers use it in the Neo banking ecosystem. Based on

flow and ending.

these

observations,

they

create

customer

cooperative

societies based on their activities rather than just having one or two data points.

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KEY BENEFITS OF NEO BANKING? Creating a Hassle-Free Account

We are all fully aware of the pain we need to create an account in a traditional bank. The process may not be as comprehensive as it used to be, but the Hippo Cup has not gone away completely. This exhausting process is eliminated when creating an account with a neo bank.

User-Friendly-International Payments

In the case of traditional banks, it is not always the case that we get a debit card that can be used anywhere in the world or can be traded internationally. If you have an account with a Neo bank you don't have to worry about it. With the current exchange rate, you can use your card to buy, or trade while abroad.

Consumer-Friendly Interface

Neo banks are about providing a great customer experience. This means that you no longer have to work through another wonderful networking site. Neo banking apps are extremely user-friendly. The ease of use is what makes you such a hit among customers.

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Transactions made through Neo bank are immediate. The details of the transaction are immediately public to provide an up-to-date balance in your account. All your transactions and fees are reflected in your app and, for this information you do not have to go anywhere else.

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Finlaw is a legal consultancy firm that believes in changing the world. We are consistent, patient, and professional, giving each new client the attention it deserves. An integral part of our services is to work closely with our clients so that they can make the right decisions to their legal needs.

Thank You. WWW.FINLAW.IN

Adv. P.M. Mishra