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What is Neo Banks, how is it different from your regular bank, how is it changing the way of banking?

Neo Banks do not have any physical branches. (file photo)
With the advancement in technology, now a new type of banking has also emerged. This is called Neo Banking. Although its trend is not widespread yet it is progressing very fast.

Highlights
⏩ Neo Banks has no physical branch and is over the phone.
⏩ These are fintech companies running mobile banks in association with traditional banks.
⏩ Neo Banks are monitored by RBI, so they are also safe.
New Delhi. Banking has always seemed a complicated process to people. Earlier you had to go to the nearest branch of your bank even for a small work which wasted a lot of your time and money. With the rise of technology, this problem was curbed to some extent. Many services and facilities were made online. After this, the customers sat anywhere and with the help of the internet started handling much bank-related work. This is called digital banking.

With the advancement in technology, a new type of banking has emerged. This is called Neo Banking. Although, its trend is not widespread yet it is progressing very fast. Today we will tell you everything about Neo Banks and Banking and see how it is changing the traditional way of banking.

What is Neo Bank
Banks that do not have any physical branches. According to the rules, banks in India cannot be 100% digital. That’s why they are known as Fintech companies. In Neo Banking you get all the services on mobile. Fintech companies are running the Neo Banking System in conjunction with traditional banks. They have to do this to follow the rules of RBI. Neo Banking is fast, customer friendly, and low cost.
Shifting from Neo Bank to Banking
According to experts, through this, the service cost is greatly reduced. He says that when all the work is being done in a digital way, then the need for manpower is greatly reduced. Along with this, it also saves money and time for the customers as they do not have to go to the bank. You get every facility from the bank on the app on the phone.
Who is providing these services in India
There are many fintech companies in the country that run technology-based banking systems in collaboration with banks. For example, RazorpayX, Neo, Open, EpiFi, Pagelo, Yellow, Instant Pay, etc. These startups are making banking simple and convenient for customers with the help of Artificial Intelligence (AI) and other technologies.
Boom during covid-19
There was a jump in demand for Neo Banks during Kovid-19. Being completely contactless, people moved towards Neo Banks. For those who use smartphones, Neo Banks proved to be very convenient for you. People got all the facilities of banking sitting at home.
Interest on loan
There is a doubt in the minds of people who do not use Neo Bank that taking a loan from them will have to pay more interest than the traditional bank. However, it is not so. We told you that their operation is also done in conjunction with the traditional bank. Therefore, the interest charged by common banks will be applicable in Neo Banks as well. You can test Neo Banking by starting small transactions. They are under the supervision of RBI, so they are also safe.

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