The emergence of new-age banking
Neo-banks are financial technology (fintech) companies that only operate online or through mobile apps. They are digital banks with no physical locations.
Neo-banks are disrupting the traditional banking system by leveraging technology and artificial intelligence (AI ) to provide customers with various personalised services.
- The most significant advantage of fintech is its accessibility. It offers technology that customers can access from anywhere in the world.
- Not having to appear in person to open an account, quick implementation of payments and transfers, and so on. It even reduces operating costs.
- Provide a user-friendly interface.
- Help to analyse and track spending.
- Can serve retail customers, small and medium-sized businesses, and so on.
Since all transactions are completed through their smartphone application, this presents a challenge for those who are less comfortable with new technologies.