what is neo bank!!
What are the benefits of neo banks
Answers
Answer:
Neo-banks are digital banks that do not have any physical branches and provide all financial services to their consumers through apps that can be accessed through a smartphone. They require minimum paperwork, are affordable, charge minimum to zero transaction fees, and are borderless, unlike traditional banks.
Explanation:
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Neo-banks are online-only financial technology (fintech) companies that operate solely digitally or via mobile apps. Simply put, neo-banks are digital banks without any physical branches.
Neobanks offer limited and highly specialized banking services to customers. Designed with the purpose to disrupt the financial industry, neobanks operate entirely digitally and often tailor services for use on mobile devices. These newcomers to the banking space bring a variety of benefits that are worthy of serious consideration by financial institutions.
A typical neobank will offer a range of basic services, such as:
· Opening a checking or savings account
· Transferring funds and making mobile payments
· Educational resources (on topics such as saving, budgeting, etc.)
Explanation:
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