Neobanks: Millenial solution for the common
A neobank (also known as an online bank, internet-only bank, virtual bank, or digital bank) is a type of direct bank that operates exclusively online without traditional physical branch networks. This is the description you would find on Wikipedia. To make things simple, a neobank is one that only has an online presence and makes getting usual bank things done a whole lot easier. All the usual banking with the power of one app. The counter-question to this would be that conventional banks have apps too. This is where they take it up by a notch and help the customer with different ways to save their money and then spend it mindfully. Neobanks are also employing AI (Artificial Intelligence) to offer different types of personalized experiences for customers. The USP of neobank is the time it takes to create an account on one. Unlike most traditional banks where the process is a long and arduous one, it takes a few minutes to open your account with your Aadhar and a couple more to get...