What are neobanks, and how do they work?
Neobanks have come as a modern solution in today's time where the demand for faster & more convenient digital banking is increasing. The enhancement is because nowadays people become used to things like 5G internet and instant product delivery whether it is food or medicine. So people demand convenience in every service. The procedure of traditional banks can be slow and restrictive, and they don’t always meet modern needs. That’s where neobanks come in. These neobanks are digital-only banks. These neobanks are a part of a broader fintech revolution. They are specifically designed to make managing money faster and simpler. Let's learn about everything you need to know about neobanks and how they work. What is a Neobank? Neobanks, also known as "challenger banks," Or “new-age banks “ is a fully digital bank that doesn't have any physical branches. It exists exclusively online. It operates mainly through mobile apps and websites. Neobanks offer various services...