bankingciooutlook

Neo-Banks: Mainstreaming Digital-Only Approach!

By: Banking CIO Outlook | Tuesday, July 16, 2019

Mobile BankingNeo-banks- fully digital banking services are revolutionizing the fin-tech industries. 

Neo-banking conceptualizes end-to-end digitalization, offering everything from savings and loans to insurance and credit. These financial technology firms offer mobile-only financial services such as checking and transacting with savings accounts, money transfer services, payment status, loans applications, and budgeting services as well.  

FREMONT, CA: The processes are streamlined and are tailored for mobile devices. There are lots of benefits delivered by the neo-banks in terms of cost, transparency, updated technological advantages, and easy loan approvals. Mostly the online products and services from the neo-banks are inexpensive, with negligible or no maintenance fees. The online financial portal lets the users avail the facilities quickly, and on their fingertips, anywhere and anytime they want. The involved technology for the financial service makes it simple to manage and predict activities in the respective accounts. The online stored data in the account eliminates the time-consumption for the loan application processes and speed up the approval procedure for individuals. Even for the small business loans approval, the application shows the accurate calculation of funds and interest.

Neo-banks create a fluid environment, though it is often considered as applications to manage the money and make decisions, it delivers all-round financial services and optimizes the major banking facilities into an app. It uses open banking protocols to provide intelligent financial suggestions and easy-to-use customer interface. Some neo-banks also form alliances with the existing bigger banks, which help them to offer particular insurance policies. The neo-banks prove to be the new generation’s financial services providers for tech-savvy customers.

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