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Today lot of new banks are digital only banks or Neo Banks providing contactless banking with new innovative models foer accessing the market
What Problem?
The coming of generations of digital natives want instant gratification plus are available looking for options and want access to multiple services at cheaper cost. This is the generation that travels a lot, do not believe in lock in and prefer quality of living more than anything.
What Solution?
Neo Banks which deliver banking services entirely through digital channels. This can be done through mobile apps, online platforms, or even chatbots. Neo banks are able to offer a more convenient and affordable banking experience by eliminating the need for physical branches
Why is it Unique?
Available 24/7: Neo banks are available 24/7, and they can be accessed from anywhere with an internet connection
On The Go Banking: Make it easier for customers to manage their finances on the go.
Personalized Digital Interactions: Neo banks often offer lower fees than traditional banks and even have subscripton models
Personalized Services: Neo banks use data to personalize their services for each customer
Case Study
Nubank has over 80 million digital accounts and valuation of $45 B with no physical branches. It offers a full range of financial services,these range from current and savings accounts, to consumer lending, life insurance, and even brokerage.
Case Study
Revolut another Neo Bank offer similar services like Nubank but provides a subscription model to avail all of these services on the go anywhere in the world anytime.
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