Imagine managing your money sitting at home, right from your phone! That’s the convenience that neobanks offer! Let’s find out more about them in this video.
First, we’ll see how Neobanks are revolutionising India's banking landscape with digital-only financial services. These include access to savings accounts, money transfers, and loans, all through your smartphone. You’ll also learn about the three main types of neobanks: Digital Banking Units, Front-End Neobanks, and Full-Stack Digital Banks.
Next, the video will help you understand how Neobanks are different from digital banks. They operate exclusively online and may function independently or in partnership with traditional banks. Neobanks offer advantages such as 24/7 convenience, lower costs, and personalised financial solutions.
Then, you’ll discover the challenges that neobanks face. These could be limited services, regulatory hurdles, and potential trust issues. Despite the massive opportunity, neobanks in India currently cannot obtain their own banking licenses. We’ll also discuss how RBI is working on developing a regulatory framework for neobanks.
The neo-banking sector is experiencing significant growth, driven by the rise of digital payments. As India’s financial landscape evolves, neobanks are expected to be at the forefront of change. They will offer innovative solutions to meet the needs of an increasingly digital-savvy customer base.
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