Neobanks are completely digital banks that do not have physical branches. While they do not have their own banking licenses, they partner with traditional banks for licensed services. Neobanks fill the gap left by traditional banks, which are held back by their reliance on outdated models, by providing efficient digital solutions. They essentially act as a digital layer over the existing traditional banking system. Some popular Indian neobanks mentioned are Jupiter, Niyo, Fi, and ZikZuk.

1. @offtrack-comics
NEOBANKS
Contributor
Sarvagya Verma
Fintech
Fintech Banking
Banking Finance
Finance

2. I agree man. All the employees are always
lazed out. Did you try their app?
Dude, I am so done with these banks. Even the
most miniscule tasks take so long to complete.

3. I can understand. Why don't you try a
neo-bank?
Bro all of their digital solutions are so messed
up. They have rolled out one basic app, that also
barely functions properly
.

4. A neo-bank? What's that?
So a neobank is basically a bank
which is completely digital. It
has no physical branches at all.

5. Alright! So basically they are like traditional
banks, but are completely digital?
Not really. They don't have a banking license
because the RBI does not allow banks to be
completely digital. Therefore, they rely on
traditional banks and partner with them for
licensed services.

6. Thats correct. The problem with
regular banks is that they heavily
operate on a traditional model
which pulls them back in today's
tech savvy world. Neobanks fill
this gap and provide efficient
digital solutions.
Got it. So they basically act as a layer over
the traditional banking system?

7. Oh, there are loads! We have Jupiter,
Niyo, Fi , ZikZuk and many more!
Great. Guess its time to try a neobank! Do
you recommend any?

8. Watch this space for cool
comics on Startups & VC :)
Follow OffTrack to get further comic updates
Subscribe to OffTrack Comicletter