Having an account in a bank has its own struggles. Even though the banking system is trying to overcome these challenges, there is still a long way to go. However, with Neo Banking, the journey of the customers has become a lot more convenient and free of hassles. They are now able to open their bank accounts at any place and any time. Neobanks offer digital banking services, including faster account opening, digital credit and debit cards, mobile deposits, payments transfer, and other such services. These services are carried out without making you deal with the inconvenience associated with visiting the actual bank.
In 2020, the global market size of Neo Banking was $34.77 billion. From 2021 to 2028, this is expected to expand at a CAGR of 47.7%. In countries where there is no regulatory license available for Neobanks, they offer their services by partnering with a traditional bank. This way, the bank has a platform that offers digital banking services apart from their own infrastructure.
The aim of Neobanks is to provide their customers and SMEs with a hassle-free experience. They offer customer-centric services in a simple manner, such as an easier method to save money or manage financial goals. Also, since the customers don’t have to spend their time calling customer care to deal with their issues, Neobanks are able to offer a better user experience. Neobanks use high-end Artificial Intelligence tools for resolving customer issues in a few clicks, which includes critical services such as unlocking a card, deactivating a card, etc.