What is Neo bank? Neo banks, a creative and tech-driven banking style, fill the gap between traditional banks' services and clients' changing expectations in the digital age. Neo banks have something behind the hood that we call innovation, even though they lack the client base and resources to displace traditional banks. When this new fin-tech face will surpass traditional banks is impossible to predict. The Neo bank setup transforms the fin-tech industries.

1. How Neo banks are
reinventing the
banking Models?
www.finlaw.in

2. What is Neo
bank?
Neo banks, a creative and
tech-driven banking style, fill
the gap between traditional
banks' services and clients'
changing expectations in the
digital age. Neo banks have
something behind the hood
that we call innovation, even
though they lack the client
base and resources to displace
traditional banks.
02

3. 03
When this new fin-tech face will surpass
traditional banks is impossible to predict.
The Neo bank setup transforms the fin-
tech industries.
Neo banks are sometimes mistaken for
digital banks, nevertheless. The only thing
they have in common is that they both use
cell phones and other social media
devices for banking. But the similarities
stop there. After all, neo banking offers
several benefits and is forming alliances
with fin-tech to better serve its clientele
than traditional banks.

4. 04
The year 2022 has come, and the fin-tech
community is in for a lot of surprises and
excitement. Every region has experienced a
change, whether it is in the area of digital
transformation, SWIFT connectivity rules, or
net banking. Neo banks, which provide
financial services exclusively online, lack
physical branches. However, they provide
customers-focused, practical, and
contemporary alternatives to conventional
financial institutions, which rely on complex
legacy systems. Neo banks are upending the
status quo of traditional banking by
providing all the services, such as creating a
bank account, processing payments, and
even smart reporting. The time has come for
the Neo bank setup.

5. 05
How Neo bank transforms
banking system?
It is undeniable that Neo banks provide
entirely digital services that set them
apart from conventional banks. They are
more appealing to SMEs and the younger
generation due to their distinctive
features and user-friendly layout. In the
upcoming years, their cutting-edge and
straightforward technical systems, along
with their low- or no-fee accounts, higher-
than-average savings rates, and
specialized financial solutions, could
make them market leaders.

6. 06
Due to their rigid foundations, many
old banks lacked the flexibility to
shift digitally. Customers started to
favour fin-tech solutions that let
them combine their current
traditional bank accounts and carry
out all banking tasks in one location.
The discrepancy between the
services provided by traditional
banks and what clients anticipated
from them grew. During the
epidemic, the gap between banks
and customers became more
pronounced.

7. 07
The banking services provided by Neo banks are not new.
They offer identical services to traditional banks, but with a
far more refined and customized user experience. Neo banks
offer easier and more effective services than traditional
banks do, including seamless account creation, round-the-
clock support for customer service, nearly real-time cross-
border payments, and automated accounting, budgeting, and
treasury services that are powered by artificial intelligence
(AI) and machine learning (ML).

8. 08
Contact us
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www.finlaw.in