Everything you need to know about Neobank
Neo Banks have emerged as the latest buzzword in the FinTech industry. It has taken the entire FinTech industry by storm. In a way, it’s redefining the banking sector at once by showing what the possible future of banking could look like. But what exactly is a Neo Bank and why is it such a big deal? In this blog, we are going to discuss the same along with comparing it with traditional banks and digital banks. Furthermore, we will also discuss its top benefits. So, without further ado, let’s begin. What is Neo Banks? Neo Banks can be defined as digital banks that have no physical branch whatsoever. It can be called a truly branchless digital bank. Instead of physical branches, Neo Banks have their presence entirely online. Neo-bank targets tech-savvy users who prefer the majority of money management via their mobile app or other digital media. You can call NeoBanks the FinTech firms which provides a wide range of financial services like money transfers, money lending, mobile-first fina...