There has been a steady increase in customer demand for a faster and smoother banking experience. Customers no longer want a service that just shows them their account balance and statements.
Neobanks have stepped up the game by offering innovative features such as budget-tracking, savings goals sub-accounts, and many more. Neobanks are taking over the fintech industry by simplifying financial services for customers.
Should I make the shift?
Since neobanks are completely digital, they open up a wide window of advantages to a customer. Here are some key features that may interest you into shifting to a neobank -
Open your account in a matter of minutes
Opening a bank account is often a tedious process in a traditional bank account. This process gets cut down when creating an account with a neobank.
Neobanks do not have branches like traditional banks where you may spend hours in. You can open a bank account in a few simple steps, wherever you are, and right in the comfort of your mobile phone. In less than a few minutes, you have a new neobank account ready!
Enjoy a great customer experience
One of the main aims of neobanks is to provide excellent customer experience. You no longer have to work through a glitchy net banking site, nor do you worry about a mobile app that hangs often.
Neobank apps are very crisp, clean and user-friendly. They are built in such a way that it is highly responsive and designed to suit the needs of the new-age tech-savvy customer. This ease of use is what makes the app a hit for its customers.
Make international transactions with ease
In the traditional set-up, it’s not necessary that the debit card you get works all over the world, or transact internationally. You may have to apply for an upgrade, make a request and only then can you get an international debit/credit card.
You don’t have to worry about any of that if you have an account in a neobank. You can use your neobank card to make purchases abroad, at current exchange rates.
Get smart reports
Transactions that are made via neobanks are immediate, with the details showing up on your app in an instant. Every transaction you make is on the app, and you don’t have to search for this information anywhere else.
The neobank app also provides a compact view of all your expenses. It also allows you to create savings pots or sub-accounts where you can efficiently save for your goals. This, in turn, helps you better manage your finances.
Power your finances with technology
Neobanks bank on the latest technology which greatly reduces the dependencies on the legacy technology platforms making it very responsive.
Powered by technology like AI and machine learning, neobanks can do much more than the basic banking tasks. They can manage finances, predict activity in accounts, and even send regular push notifications to alert you if your spends are going over your allocated budgets.
Neobanks are taking over the fintech industry on a global scale with newer players coming into this space every day. They have great potential towards becoming profitable systems.
With customer experience and convenience being their primary focus, neobanks have provided financial services and products that were either scarcely available or came with a lot of fine print. By making these banking services easy and accessible, they tapped into segments that traditional banks have yet to reach.
