How neo banking stays ahead of traditional banking?

As digital is achieving new heights, the doctrine of banking without banks and banks without branches are gaining new and potential customers daily. On a global level, many banks have stopped their branches or are doing so. Even in India, banks have limited their branches and are partnering with the new generation of neo banks. Neo Banks offers arguably the best customer experience and product. Neo banks are fully or 100% digital banks without any physical branch across the world. The services which are accessible through physical banks can also be assessed with neo banks too.

?Neo banks are offering partnerships with traditional banks and assisting them in gaining new customers. Unlike traditional banks, neo banks are not constrained with legacy systems, tightly integrated value chains, complex administrative structures, and lofty regulatory needs. Neo banks don't have any license to operate in India solely. Hence, they are operating their services through traditional banks. With neo banks, India has got USD 90 million in the year 2019. Approximately, there are a total of 10 neo banks in India and 250 globally. The neo banking services are gaining more popularity and it's expected that it will generate 394.6 billion USD by 2026.

?India's largest private sector bank, ICICI Bank has partnered with three different neo banks to provide a seamless customer experience. The neo banks ICICI has partnered with are Open, Instant, Pay, and Yelo. The global neo banking market is USD 18.6 billion worth in the year 2018. While it will accelerate its growth of around 46.5% between 2019 to 2026. The UK has granted 15 neo banks licenses by 2005. And approx 9% of the British adults have their neo bank account. Neo banks take the customer's deposits and also grant a loan on their books. Ulis Fintech, a Fintech company promises to provide the best neo banking solution which is applicable on the global level.

?Neo banking - the newest system of banking stays ahead of the traditional system

Hassle-free account creation

Customers feel pain when they need to struggle to create their bank account with traditional banks. But as now banks have partnered with neo banks, this struggle has reduced. If banks offer their customers a simplified and steady process of creating a bank account. Then they can be able to increase their customer service. Customers don't need to stand in the Que of the banks to open their bank account because neo banks operate fully digital. A Neo bank account can be opened directly on the phone. Hence customers feel comfortable during their account creation process. The account will start operating in just a few minutes with neo banks.

?Seamless international payments

Traditional banks always offer some difficulty in transacting with international clients. But with neo banking, this process has also transformed. Customers only need to update their credit or debit card or can take a new card altogether for transacting internationally. With neo banks, customers can transact internationally with the current exchange rates only.

?User-friendly interface

Neo banking services are all about customer experience and satisfaction. Hence, customers can easily transact their funds with neo banks. The operation of neo banks is very simple and easy to understand. The applications offered by the neo banking services are responsive, crisp, well designed, and personalized as per customer needs and wants.

?Service speed

Neo banks offer a great speed at their services. Their transactions are real-time and immediate. Neo banking service offers a dashboard system with an overview of the last transaction and data balance. With neo banking, customers can manage their finances, expenses, and savings as per their requirements and needs.

?Lower fees

The most disadvantages of traditional banks are that they offer high charges in the form of service charges such as account statements, transaction alerts, etc. Many times customers ended up paying many charges. But neo banking services reduced the charges. Neo banks offer digitally and its service is just a few clicks away. Neo banks have no physical branches, ATMs, etc. Hence, there will be no physical changes. It offers its service cost-free.

?Value-added services

If banking is all about payment transactions and transfers, then it's not digital banking. Neo bank utilizes the account information, customer data, patterns, etc through AI and other services for their customers as per their requirements. The Neo banking system offers customer profits and customer services based on demographics and makes the investment process easy.

?That's how the neo banking system is taking over the traditional methods. Neo banking is the future and one day everyone will use this system only for their banking. ULIS Fintech offers a reliable and robust neo banking solution to all businesses and banks. You can connect with them for taking the neo banking through www.ulisfintech.com