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Why Neo banks?  Advantages of neobanks.

It is not surprising that for many people trips to the bank have become a relic of the past. Bank clients have turned into mobile users who are used to control money via the screen app. In a growing digital environment, neobanks are rising fast. Since neobanks are completely online, they open up a wide window of advantages to a customer. Here are some key advantages.

  1. Service speed

Neo banks transactions are real-time and immediate. It provides you a dashboard with an overview of every transaction and up to date balance. It also helps u manage your finances, expenses, savings and can be customized according to your requirements. These tech savvy institutions allow customers to quickly set up accounts and process requests. Neo banks that offer loans may skip the rigid and time-consuming loan application processes in favor of innovative strategies for evaluating your credit and speeding up the process.

  1. Lower fees.

 One of the demerits of the traditional banks is their high operating cost which often comes in the form of charge for services like account statements, transactions, and a lot others. Sometimes customers end up paying more for charges. Neo banks eliminate this. It operates digitally and makes a wide range of services available for customers with just a few clicks. There is no physical infrastructure, maintenance for physical branches, ATMs in the case of neobanks which saves additional charges. Neo banks offer their basic services free to cost. Fewer regulations and the absence of credit risk allow neobanks to keep their costs. Products are typically inexpensive with no monthly maintenance fee.

  1. Advanced security features.

Security is always will be the most concerning factor when it comes to digital/online transactions. Neo banks applications implement 2FA (Two factor Authentication), Biometric verification, RBAC (Role Based Access control), encryption technology along with the other security measures to protect customer data. The applications are built to ensure compliance with anti- money laundering laws, complete privacy of customers and to prevent malware attacks.

  1. Accessibility.

Neo banks work without reference to the office business hours. It doesn’t have any physical offices and interacts with the clients solely via remote tools; phone, chat, email. Neo banks gather all products in a handy mobile app. The users access their money 24/7 from the comfort of their home or any other place. Of course, modern traditional banks also keep up to date. Many of them provide mobile solutions with a variety of options. However, they may not be available everywhere for anyone your location does not matter. You can manage your finances easily from anywhere in the world.

“Banking is necessary. Banks are not.” ~ Bill Gates

  1. User friendly interface.

Neo banks are all about customer experience. The customer-oriented banking facility provides an extremely user-friendly interface that is easy to understand and operate. Neo bank apps are responsive, crisp, and are well designed according to the need of customers. Today neobanks offer from 0.9 to 1% for savings and checking accounts compared to 0.1- 0.5% from traditional banks.

  1. Hassle free account creation.

Everyone knows and has gone through the pain that is creating an account in a traditional bank. Sure, this process has become more simplified, but still, the rigidness is not completely gone. Creating an account with neo banks removes this rigidness completely. Users can create an account without going anywhere which makes it comfortable and the account gets ready in a short time. Allows you get the majority of your banking through a smartphone app.

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