'Neo Bank' replaces traditional banking with new technology

 

Neo Bank is coming to break the traditional banking concept. A complete internet or mobile app based banking system is being created to break the concept of traditional banking.

 

What is this neo bank? How will Neo Bank work?

 

It is learned that these Neo Banks or Neo Banks will not have any traditional branches. There will be no rules for opening an account by signing a paper. In this new banking system, everything will be net dependent. In other words, this 'Neo Bank' will work online.

 

It has been learned that teenagers are opening online accounts with the permission of their parents. The guardians are paying the money. Adolescents can spend that money online. There will also be a debit card. But this debit card will not have any number. So that no one can steal and use it. However, money can also be withdrawn.

 

In addition, money can be spent abroad from this account. Cost limits can also be set. Moreover, in the case of traditional banking, it is learned that in this new banking system, it is not necessary to take all the permission from the bank to go abroad and spend on debit card.

 

In this system, starting from taking a loan, the entire banking system can be gradually recovered through your laptop and mobile.

 

The only problem, however, is that in the traditional banking system you could go to the branch and make a decision in consultation with the staff. In this system, there will be no facility to go to the bank and understand face to face. Because, there will be no face.

 

It is learned that this system is still in the experimental stage all over the world. However, India is not far behind in the test of this revolutionary change. It is learned that the Reserve Bank has already started thinking in detail about how to control these 'neo banks'. However, as long as this is not the case, these financial institutions will continue to operate as companions of traditional banks.

 

Which digital banks are on the list: Kotak Mahindra Bank has already tied the knot with an organization called Neo. On the other hand, another company called Yellow is also reportedly preparing to enter the market. The list also includes an organization called Fampe.

 

Kush Taneja, who graduated from IIT in 2018-19, and Sambhav Jain, the company has already made headlines. By tying the knot with IDFC Bank, the company is giving teenagers the opportunity to transact without the hassle of traditional banking paperwork. The company has reportedly raised কোটি 36 million from the market recently. Fampe claims that in the last 6 months, the number of its subscribers has crossed 6 million.

 

According to the Reserve Bank's status report, the demand for customers, especially the new generation of customers, is changing with the new technology. New demands are being created, which cannot be met in the traditional banking system. And so, a complete internet or mobile app based banking system, 'Neo Bank' is being created to break the concept of traditional banking.