Neo Banks Are Disrupting The Fintech World

  • Everything Made Simple: With neo banks, the account opening process is hassle-free as there is no paperwork and form filing involved. The account can be opened on a mobile phone in two to three steps.
  • It Is Cheaper: Neo banks can save a lot of resources as there are no physical branches to take care of. Because of that, there are no fees imposed on withdrawals or any kind of annual or monthly maintenance charges.
  • Smooth Experience: Neo banks offer an enhanced customer experience due to the superior technologies. Unlike the websites and apps of traditional banks, which are always filled with glitches and lags, the applications and websites of neo banks are very responsive.
  • Helping The Micro Small Medium Enterprises (MSMEs) Segment: Businesses often have to deal with long, tedious processes involving payments and disbursals. Neo banks simplify the entire process by lowering the manual efforts needed, and by offering unified platforms to monitor the money movement. Other services like taxation, budgeting, and accounting to MSMEs are also rendered at low costs.
  • Less Regulation: Since neo banks are not legally considered banks, there might be a confusion as to who will be responsible for potential fraud and errors.
  • No Physical Banks: Even though neo banks maintain partnerships with ATM networks, we know that they aren’t any physical branches. However, some people want the ability to visit a branch and bank in person. While many neo banks provide strong customer service tools, some customers might prefer to ask questions in person.
  • Fewer Services: Usually, neo banks have pared-down services, as against traditional or online banks. These institutions tend to focus on checking and savings more than loans.




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