| Part of a series on financial services |
| Banking |
|---|
 |
A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branch networks that challenge traditional banks.[1][2][3]
YouTube Encyclopedic
-
1/5Views:6 847877 32217 0001 431 22426 943
-
Everything You Need To Know About Launching Neo Banks | #accubits
-
Neobanks Explained: Why It's Not a Bank | NerdWallet
-
DON’T trust virtual banks like N26 or Revolut
-
New Age Banking Is Here !
-
Bank With No Physical Branch : Neo BANK #shorts #bankingawareness
Transcription
Europe
The term neobank has been in use since at least 2016[1] to describe fintech-based financial providers that were challenging traditional banks. There were two main types of company that provided services digitally: companies that applied for their own banking license and companies in a relationship with a traditional bank to provide those financial services. The former were called challenger banks and the latter were called neobanks.
The term "challenger bank" is used in the UK to refer to a number of fintech banking startups that emerged in the wake of the 2007–2009 financial crisis. Their services may be accessed by clients through their respective computers or mobile devices.
Asia
Bangladesh
The concept of neobanks was first noted in Bangladesh around 2020.[4][5] These banks would be digital only with customer accounts not connected to any particular branch.[6]
India
In India, a neobank is a class of digital-only or online bank that operates without physical branch locations.[7] They typically have lower operational costs, which can sometimes result in lower fees and more competitive interest rates for their customers. Unlike in Europe, the regulatory environment in India is complex, with stringent regulations that govern banking and financial services. Neobanks often partner with well-established, traditional banks to provide services and adhere to these regulations.
Neobanks in India typically offer a range of financial services, including savings accounts, current accounts, debit and credit cards, and other banking services. They focus on providing a seamless and user-friendly digital banking experience to a younger audience, with features like instant account setup, easy money transfers, and expense tracking. Some neobanks also target specific customer segments, such as millennials, and offer features like budgeting tools and investment options to that demographic.
Indian neobanks primarily operate in Indian rupees and may have limited cross-border services. International transactions are often handled in partnerships with traditional banks.
Iran
Neobanks in Iran are legally digital branches of banks. Central Bank passed a limiting law in 2022 which bans banks from starting mobile "neo" bank apps that have their own core.[8] There are a number of active programs such as Omid Bank, Tobank, Wepod and Zpod Kidzy[9], Bank Mellat Plus.[10] They need Identity national smart cards and video confirm to open an account.[11]
References
- ^ a b "Digital Economy Outlook" (PDF). BBVA Research. 2016. p. 12.
- ^ Ballard, Barclay (October 11, 2018). "The unstoppable rise of neobanks". World Finance. Retrieved 31 December 2018.
- ^ "What is a neobank?". Business Standard India. 6 May 2022. Retrieved 14 May 2022.
- ^ "Bank Asia to establish neobank". The Financial Express. Retrieved 2024-03-26.
- ^ Parvez, Sohel (2023-08-06). "NRB Bank plans to introduce neo-banking services". The Daily Star. Retrieved 2024-03-26.
- ^ Hasan, Md Mehedi (2024-01-25). "Bangladesh plans more licences for digital banks in push to go cashless". The Daily Star. Retrieved 2024-03-26.
- ^ Vaidhyanathan, Jaya; Aashika, Jain (2021-11-21). "What Is Neobanking And How Does It Work?". Forbes Advisor. Retrieved 2023-10-21.
- ^ https://way2pay.ir/348261/
- ^ https://way2pay.ir/362917/
- ^ https://peivast.com/p/146147
- ^ https://peivast.com/p/102221
This page was last edited on 3 June 2024, at 18:02