Frequently Asked Questions
FAQs
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
