Neo banks are much like traditional banks but it is having additional functionalities of a completely strong digital and customized solution. We need to understand that they will not be having any direct banking license offered by RBI. They collaborate with other traditional banks to offer the banking services which are being licensed to them. All the banking services they offer are completely online along with digital tools.
Imagine a scenario where you ordered anything from any E-commerce website which is already paid for using the online banking service. The money needs to be created in your account within three days, but the majority of the customers don’t remember to follow up with the process. Note that it will be great if the bank will notify you along with the refund process which is being done into your account.
Similarly, it will also be great in case the bank will transfer the salary into a liquid fund after it gets created to the account. Also, within a few days, it will get returned to your account when you need to offer investments and pay your bills along with returns. These are the basic services that are being offered by the neo banking platform which can be easily claimed along with various offers. Apps like AntPay will offer similar services to all the customers with various neo banking facilities.
Advanced Banking Services:
You will get to access two kinds of new banking platforms the first one is completely dedicated towards consumers and the second one is dedicated towards businesses. The consumer-based neo banks will completely focus on several targeted services which include fixed deposits, credit cards, and debit cards. They will also make sure to give the seamless solution completely based on the transaction history.
On the other hand, business-based neo banks will offer the softer solution which will help in receivables and payables for the company. The services will include payrolls, tax filing, and expense management. These features will not be offered by the traditional banks available. Neo banks will also offer several customized digital banking solutions which are combined with your bank account.
The major focus of the new banking platform is to increase the digitization process of all small businesses. Most importantly freelancers and YouTubers are also getting registered to this platform for business. Currently, AntPay is the major new banking platform that is life for offering the best possible services to both consumers and businesses. It is also noteworthy that most of the banks have also used their digital platform, but they will not offer many functionalities and proper user experience.
You will not get the complete experience of neo net banking using the digital platforms offered by banks they can be safe but not much functionality is added to it. The mean objective of neo banking is to completely transform the retail banking experience with transparency, security, and smartness. It will be offering the complete traditional bank experience along with a digitization process and hassle-free experience.