What is Neo Banking? A Complete Guide to Next-Gen Financial Services
The financial sector has undergone a massive transformation with the rise of fintech innovations. Among them, Neo Banking has emerged as a game-changer, offering tech-driven solutions that streamline banking services. These digital-first financial institutions are redefining banking with seamless, mobile-first solutions tailored to modern consumers. In this guide, we will explore what Neo Banking is, how it differs from traditional banking, its advantages, challenges, and the future of this digital banking model. What is Neo Banking? Neo Banks are fully digital financial institutions that operate exclusively online, without any physical branches. They provide banking services through mobile apps or web platforms, making transactions faster, more efficient, and cost-effective. Unlike traditional banks, Neo Banks do not have banking licenses in many countries, including India. Instead, they partner with regulated financial institutions to offer banking services like savings accounts...