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Banking of the Upcoming Age: Neo Banks

Banking of the Upcoming Age: Neo Banks
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Author(s): Reepu Reepu (Chandigarh University, India)
Copyright: 2023
Pages: 13
Source title: Cultural Marketing and Metaverse for Consumer Engagement
Source Author(s)/Editor(s): Amandeep Singh (Chitkara Business School, Chitkara University, India), Sandhir Sharma (Chitkara Business School, Chitkara University, India), Amrinder Singh (Jain University, India), Murat Unanoglu (İstanbul Aydin University, Turkey)and Sanjay Taneja (Uşak University, Turkey)
DOI: 10.4018/978-1-6684-8312-1.ch004

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Abstract

Talking about a “neo bank,” refers to a financial institution that exists only in the digital realm. The development and functioning of neo banks in India are the primary topic of this analysis. The absence of a physical location is the defining characteristic of Neo Bank. As customers increasingly avoid visiting physical bank locations, neo-banking now presents a significant business potential. With its introduction to the financial technology industry, the phrase “neo bank” has been more popular in recent years. The term “bank” is often used to refer to any establishment where monetary transactions, such as the depositing and withdrawing of funds, are conducted. New financial institutions (neo banks) are introducing novel approaches to banking that increase client happiness, ease of use, responsiveness, and transparency. Because of its recent introduction to the financial technology industry, the phrase “neo bank” has become more popular.

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