Nine things you should know about Neo Banks

Neo banks don't have exclusive banking license. They depend on banking partners to provide licensed services to customers online

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Millennial investors
While DIY investing provides the opportunity and flexibility to invest in the desired instrument, it also creates a self-learning curve for investors with a broader range of investment products.
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A neo bank is primarily a digital bank without any physical presence. The tech savvy generation can find the concept of a bank whose entire exitsence is virtual quite fascinating.
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UPI clocks 3 billion transactions
UPI had processed more than 2 billion transactions for the first time in October 2020. And, in ten months that number had reached 3 billion
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Neo banks don't have exclusive banking license. They depend on banking partners to provide licensed services to customers online.
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Often, neo banks and digital banks are used interchangeably. Digital banks are oline partners of a traditional bank while neo banks are independent financial technology firms with no physical presence.
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The decision-making process at neo bank is data driven and customer centric. Just like physical banks, they earn marginally between money inflows and lending.
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Top benefits of neo banks include hassle free account opening facility, user friendly interface and flexible international payments.
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Neo-banks save many resources due to no physical presence. There is no fee levied on withdrawals or any sort of maintenance charge.
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Some popular neo banks in India include the likes of InstantPay, JioPayments Bank and Niyo Solutions among others.

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