Neobanking: The Best features of Banking is now
Concept of Neobanking We can consider neobanks as digital-only financial institutions that are similar to the banks. However, neobanks provide only some services in comparison to traditional banks; sometimes they provide only simple checking and savings accounts. In other words, neobanks mean fintech firms that offer digital-only financial services. Unlike traditional banks, neobanks do not have physical branches. Neobanks are built considering the digital-savvy customers who want to manage their money through a mobile app. Working of Neobanks Neobanks are based on a whole different business model in comparison to the traditional banking system. However, neobanks do make a profit slightly between money inflow and lending, like traditional banks. Because neobanks don’t operate from a physical location, and that they are totally online, the fees of a customer are diminished by a significant amount. The fact that Neobanks are customer-oriented , they provide customized services t...