Paper Details

India is moving towards the Era of digital transactions. Neo Banks have become popular players in the industry which deliver financial products by operating only in digital ecosystem. Like traditional banks Neo banks provides the same services to customers but use technology based platforms like mobile apps. Neo Banks are virtual banks which does not consist of physical presence and does not maintain any physical branches it provides services through online mobile applications, the main objective of Neo Banks are to provide best customer services like cheaper, quicker, transparent and secure financial services through single mobile application at low cost of service and fast payment processing, mainly it focused on retail and SMEs. Most of the Neo banks are not licensed by Reserve Bank of India due to in-existence of physical in nature and complete online transactions, Neo banks are offering services in connection with traditional bank partners. Neo banks provide 100% transparency transactions in connection with the traditional banks which are under strict banking regulations of Reserve bank of India.

Neo Banks, Financial Services, Online transactions, Security, Operating costs