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'13,564 and 13,930 crores, 36,075 and 26,127 crore'. Confused about what are these numbers? These are the bank frauds and the amount involved in them in the financial year of FY23 and FY24 as per the RBI report. As these numbers are growing like trees in the Amazon rainforest, experts are looking for a way to safe and secure processes in the banking sector. I can hear what are you trying to say, yes the answer is 'Neo Banking Solutions'.
They are known as the future of banking, by providing advanced features for consumers as well as companies. In this blog, we will learn about what Neo Banks are, their standout features, how they differ from traditional and digital banks, and their popularity in the digital banking sector.
Bill Gates once said, ‘Banking is necessary, Banks are not’. We can connect his quote with this revolutionary banking system. Neo Banks are fully digital, branchless banks that operate entirely online without any physical presence at low cost. They offer banking services exclusively through mobile apps or web platforms. They provide a lot of financial services, including savings accounts, loans, money transfers, debit cards, investment options, and more.
Statista report says the Neobanking market is projected to reach a transaction value of $6.37 trillion in 2024, with an expected annual growth rate (CAGR) of 13.15% from 2024 to 2028, resulting in a total projected value of $10.44 trillion by 2028. Sounds interesting, right? Now let’s see how it differs from traditional banks.
