Every year, 1,446 business hours are lost on manually performing banking operations.

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56% of SMEs suffered from wastage of time from repetitive tasks.

69% want to reduce paperwork to save time on their loan applications.

57% wish for a unified view of financial transactions to save working hours.

Businesses lose upto ₹ 67 Lakh annually from depending on age-old systems.

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53% faced issues with making compliance payments, resulting in penalties.

75% wish to reduce manual data entry to avoid losses due to human errors.

66% want easier access and faster means for loan approvals and disbursals.

Here’s why more SMEs are turning towards Neobanks

Neobanks are digital banks that provide digital and mobile-first financial solutions payments like money transfers, money lending, and more for your business. They develop tailor-made, cutting-edge solutions by understanding the real, current and emerging needs in the rapidly changing business environment.

  • Reduced overheads

    Reduced overheads

    Automated banking systems eliminate the manual processing of repetitive financial tasks.

  • Multi-user experience

    Multi-user experience

    User-based login, access control, & data sharing, allow businesses to collaborate seamlessly.

  • Reduced human errors

    Reduced human errors

    Reduced paperwork, automated reconciliation & zero processing errors during data entries.

  • Faster processing

    Faster processing

    Processes and individual tasks with a shorter turn-around time.

  • Real-time updates

    Real-time updates

    Instant notifications of any business charges and penalties to ensure transparency.

  • Deep business insights

    Deep business insights

    Interactive dashboards with solutions that help businesses derive valuable insights.

neobank-revolution

The Neobanking Revolution is here!

Get access to exclusive insights into how you can save big on time & money and transform the way you bank.

Download the report

The Neobanking Revolution is here!

Get access to exclusive insights into how you can save big on time & money and transform the way you bank.

Download the report

Frequently Asked Questions

FAQs

What is a neobank?
What is a neobank?

Neobanks are a kind of digital bank that develop tailor-made, cutting-edge solutions for SMEs by understanding the real, current and emerging needs in the rapidly changing business environment.

What does a neobank do?
What does a neobank do?

Unlike traditional banks, neobanks have a completely different approach to business banking. But, like traditional banks, they make money marginally between money inflow and lending. They make data-driven decisions using their modernised platforms and collect & analyse data. Based on these observations, they create cohorts of customers based on their actions rather than merely sticking to one or two data points.

What is the difference between neobank and digital bank?
What is the difference between neobank and digital bank?

The online presence of an established bank is seldom referred to as a digital bank. Whereas a bank that has only online presence is called a Neobank. Rather than being physically present at a specific location, neobanking is entirely online.

Can neobanks lend you money?
Can neobanks lend you money?

Yes, Neobanks can lend money. They are a wide umbrella of financial service providers who beseech today’s tech-savvy customers. Neobanks can be called fintech firms that provide digital and mobile-first financial solutions payments and money transfers, money lending, and more.

Who uses neobanks?
Who uses neobanks?

Neobanks can be used by startups, SMEs or any business entity that does not want to spend hours and hours on manual efforts every month because of multiple buggy software and complex infra systems.

What are the benefits of neobanks?
What are the benefits of neobanks?

Neobanks automate banking and financial operations, thereby eliminating the manual processing of repetitive financial tasks.

End-to-end automation that reduces overhead, multi-user experience, reduced human-led errors, shorter turnaround time, easy-to-use APIs, real-time notifications and transparency and deep insights that boost productivity and revenue -- are a few benefits of Neobank.

How are neobanks different from traditional banks?
How are neobanks different from traditional banks?

Unlike traditional banks, Neobanks develop tailor-made, cutting-edge solutions for businesses by understanding the real, current, and emerging needs in the rapidly changing business environment. For Neobanks, technology is not their only differentiator. They also focus on truly understanding businesses’ unique needs and delivering the right solutions based on the knowledge that a one-size-fits-all solution does not work.

Why should a business opt for a neobank?
Why should a business opt for a neobank?

Apart from offering round the clock services and real-time intelligent insights, Neobanks offer a host of features that lets you make, control, track and analyse all forms of money movement for your business. What's more, unlike traditional banks, neobanks have been proven to be cost-effective. Since most operations run online, you don't have to worry about spending a lot of your resources on business banking operations.

What problems do neobanks solve?
What problems do neobanks solve?

Neobanks, especially since the beginning of the pandemic, have risen to address the needs of SMEs where traditional banks may not have come through. Although "neo" suggests a relatively new form of banking, Neobanking services are quite popular, having gained immense success in Europe, Australia, and Brazil, among others. In India, Neobanks are making great strides in addressing the unique needs of SMEs where traditional banks may have previously neglected them.

What is a neobank?

Neobanks are a kind of digital bank that develop tailor-made, cutting-edge solutions for SMEs by understanding the real, current and emerging needs in the rapidly changing business environment.

What does a neobank do?

Unlike traditional banks, neobanks have a completely different approach to business banking. But, like traditional banks, they make money marginally between money inflow and lending. They make data-driven decisions using their modernised platforms and collect & analyse data. Based on these observations, they create cohorts of customers based on their actions rather than merely sticking to one or two data points.

What is the difference between neobank and digital bank?

The online presence of an established bank is seldom referred to as a digital bank. Whereas a bank that has only online presence is called a Neobank. Rather than being physically present at a specific location, neobanking is entirely online.

Can neobanks lend you money?

Yes, Neobanks can lend money. They are a wide umbrella of financial service providers who beseech today’s tech-savvy customers. Neobanks can be called fintech firms that provide digital and mobile-first financial solutions payments and money transfers, money lending, and more.

Who uses neobanks?

Neobanks can be used by startups, SMEs or any business entity that does not want to spend hours and hours on manual efforts every month because of multiple buggy software and complex infra systems.

What are the benefits of neobanks?

Neobanks automate banking and financial operations, thereby eliminating the manual processing of repetitive financial tasks.

End-to-end automation that reduces overhead, multi-user experience, reduced human-led errors, shorter turnaround time, easy-to-use APIs, real-time notifications and transparency and deep insights that boost productivity and revenue -- are a few benefits of Neobank.

How are neobanks different from traditional banks?

Unlike traditional banks, Neobanks develop tailor-made, cutting-edge solutions for businesses by understanding the real, current, and emerging needs in the rapidly changing business environment. For Neobanks, technology is not their only differentiator. They also focus on truly understanding businesses’ unique needs and delivering the right solutions based on the knowledge that a one-size-fits-all solution does not work.

Why should a business opt for a neobank?

Apart from offering round the clock services and real-time intelligent insights, Neobanks offer a host of features that lets you make, control, track and analyse all forms of money movement for your business. What's more, unlike traditional banks, neobanks have been proven to be cost-effective. Since most operations run online, you don't have to worry about spending a lot of your resources on business banking operations.

What problems do neobanks solve?

Neobanks, especially since the beginning of the pandemic, have risen to address the needs of SMEs where traditional banks may not have come through. Although "neo" suggests a relatively new form of banking, Neobanking services are quite popular, having gained immense success in Europe, Australia, and Brazil, among others. In India, Neobanks are making great strides in addressing the unique needs of SMEs where traditional banks may have previously neglected them.

Source: IDC Infobrief commissioned by Razorpay,
SME Banking is Broken: Will India’s Promising Neobanks Fix it?, Doc. # #AP241268IB, October 2021

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  • Current Accounts
  • User-friendly Dashboards
  • Powerful APIs