Neo banks are those banks that are only digital and do not have any physical appearance to provide financial services to fruitful customers.
Neo bank can only be excepted with the help of a smartphone, and this was open because of changing customer preferences.
These banks are in the banking sector worked from 4 to 5 years ago as these provide convenience as well as quick services with the help of an app.
When it comes to the growth of Neo bank, it has grown over the past many years as the market size of the same was 34.77 billion dollars in 2020.
It changed in 2021 to 47.1 billion dollars, and through which the expected growth till 2028 is measured to 722.6 billion dollars due to changing customer preferences.
It’s all about the growth of Neo bank, but when it comes to its scope, there are a few points that need to be discussed, and here are some-
If you are an ordinary person, you would have experienced a traumatic experience while having any physical transaction in the banks.
Neo bank is free from these kinds of experiences as having digitalization of everything and these work on providing convenient services.
Nevertheless, you may have a hassle-free experience in India besides having a huge population due to online transactions.
- Low cost
Since its inception, Neo Bank has been known for having cost-effective assistance compared to the other traditional banks in India.
However, the operational as well as labour cost associated with all the things is nil because of having no physical appearance.
These Banks do not focus on having any customer fees, leading to low-cost transactions.
Neo bank does not take any account opening fee, wire fee, minimum balance requirement, and monthly fee that help customers quickly open the account and manage the same.
The offering of neo bank concerning artificial intelligence and leveraging technology to the customers provide a personalized experience to them besides having less operating cost.
Nevertheless, low-cost services provided by these banks lead customers to have transactions with these banks rather than the traditional one in India.
- Seamless multi-products
The offering of a multi-product range helps customers avail themselves of borderless and efficient banking benefits to satisfy their needs and wants.
However, completing requirements through hassle-free transactions helps customers access the sites, and to neo bank, it is accessible in grabbing global investment opportunities.
Neo banks can also quickly start international student banking with the help of low-cost global spending that includes safe, compliant as well as accessible transactions.
- Better financial management
In India, people believe that transparency in every transaction or action of banks is the key to success that should be there.
However, Neo bank works on combining all the deposits, loans, and debits to have better access to everything.
Other than this, people can get personalized offering services or advice from the bank.