Banking and digital transformation should be coordinated parallelly to facilitate smooth digital transactions. Neo banks can help this process in catching pace.
Is Cash losing its ‘Currency’? When was the last time you saw or counted a huge amount of cash?
You probably remember seeing it when you accompanied one of your parents to the bank, who wanted to either deposit or receive their money. Most of the shopkeepers still use cash for their daily transactions.
However, ask a millennial this question, and their reply will probably be— “only in the movies!”
The millennial uses minimal or no cash at all!
The growing popularity of Cashless and Digital India
Until a few years ago, most of people could not imagine a life without cash. However, today, not only millennials but also the majority of us use lesser paper money.
Banking and digital transformations go hand in hand, and digital transactions are increasingly replacing physical ones. At present, we use digital transactions to pay everyone, right from our auto-rickshaw driver to our landlord.
Introduction of Neo Bank
The next revolution in banking and digital transformation is the neo bank. Neo banks represent the height of convenience and efficiency of banking in the digital age.
Key features of Neo Banks:
1. Instant transactions
Right from opening accounts to deposits, withdrawals, transfers, and investments, everything is a digital transaction in a neo bank. And, it happens almost instantly using mobile-based apps.
2. Safe
Digital transactions on neo banks’ platforms are considerably safer.
3. Minimal or zero fees
Neo banks charge minimal or zero fees.
4. Cash flow at a glance
Banking and digital transformation have mainly evolved. The Neo bank displays your income, expenses, daily transactions, investments, etc. on a single screen. It gives a visual representation of your cash flow. Just a glance at the screen might inspire new ideas to optimize your cash flow.
5. Helpful Suggestions
A neo bank is efficient in analyzing all your digital transactions. Thus, there is an ease in accounting, with helpful suggestions based on your digital transaction patterns. For example, they may suggest investing in the right liquid fund to temporarily park excess cash lying in your bank account to earn extra interest.
The only thing you have to do is accept the suggestion on your mobile app. The neo bank will execute another digital transaction almost immediately.
6. Personal and business customers
Neo banks cater to both personal and business customers.
How does Neo Banks work?
1. Technology
Neo banks primarily rely on the state of the art technological infrastructure, application programming interfaces, mobile applications, artificial intelligence, and data mining techniques. This helps them to achieve instantaneous digital transactions that represent the height of convenience and speed that banking in the digital age promises.
2. Collaborate with traditional banks
The working of neo banks does not necessitate having a physical branch. They often collaborate with traditional banks to take care of the regulatory compliance and transactional requirements. This helps all the stakeholders to be benefitted, the bank, neo bank and you (the end-users).
3. Working with Local Partners
Neo banks may also team up with local shops to offer last-mile physical presence to facilitate over the counter transactions.
Neo banking through InstantPay
What Neo Banking has brought to us can be termed as “Neolutionisation” or Neo Revolution in digitalizing banking services. Be it a Personal or business account, take steps towards Banking Neolutionisation with us today! Experience neo banking through InstantPay.
