As we see technology shifting the landscape of your daily activities at blazing speed, there’s no denying that the banking industry has leapt into pushing boundaries to offer innovative flexibility to all its customers worldwide.
Neo Banking Explained
Imagine requesting for loans, transferring money, exchanging currencies, handling cheques, your savings and deposits all managed using a mobile app.
Like all things fresh and progressive in a digital banking era , neo-banks leverage as disruptive corporates that offer digitised financial services for easy customer-first experience, without the need of a physical bank visit.
Adapting to help shape the future of banking practices, money management at a neo-bank is run at the hands of mobile application platforms.
As a result, these digital banks are not the same in comparison to traditional credit and debit card systems. Neo-banks at best don’t maintain facilities for overdrafts or credit but operate on a fully streamlined design layout for smartphones in particular. They also don’t fall under any federal regulations.
What Can You Benefit From a Neo Bank?
- Functions Without Physical Locations
Modernising for easy payment transactions have made neo-banks to function without the obligation of physical bank visits. Nonetheless, they are connected on the strength of speciality banking institutions that are FDIC insured for your deposits.
Further, neo-banks won’t have to look through any operational costs behind employing staff members and paying rent for each branch largely because it is established within a customer’s digital interface.
- Saves Time with Convenience
One of the main reasons why neo-banks took to digitalising their system was to make a simple and mobile-friendly experience so that customers can save a lot of time. When visiting a traditional bank, there are queues to pass and the hassle it takes to go through documents and legal paperwork is drastically reduced with neo-banks.
- Quick-Create Processing
In favour of fast technology tools and service, the processing aspect of neo-banks is deployed quickly where customers can set up accounts skipping the application procedure as done in the standard way.
- Focuses on Friendly User Experience
Neobanks position on maximising their focus on excellent customer relations through a comprehensive digital service with unlimited stress-free functionalities and resulting solutions. Instead of making a drive to a branch and waiting in line to do your banking, you can simply download a fintech app that comprises banking products and possible online banking functions for you to navigate through a touchscreen all in the comforts of your home.