What are the Differences Between Neobanks and Traditional Banks?

Neo banks vs Traditional Banks

The rapid growth of technology has led human civilization to leap toward the digital dimensions. Neobanks are not just a theory not but is competing well against the traditional banks to mark their position in the market.

The comparison in a gist:

1. Hassle-Free Process Automation

Neobanks provide online services within a shorter period of time which cuts costs and reduces human error.

Traditional banks work on a cross-channel approach where physical, as well as few online services, are provided keeping the physical branch primary.

2. Flexible Payments

Smart cloud-based systems are used by neobanks whereas, it becomes a challenge for traditional banks.

3. Improved Customer Experience

Neobanks provide a wider range of services as compared to traditional banks and are expected to reach 2.5 billion by 2024.

(https://www.statista.com/statistics/1228757/online-banking-users-worldwide/)

4. Attractive to the young generation

The young generation is more inclined towards the neobanks due to their easy applicability.

Whereas, traditional banks are a hustle for young minds.

In this scenario of the banks, we can conclude by saying that the growth of the neobanks is tremendous and will not stop in the near future. Traditional banks have started integrating partnerships with neobanks to survive the dynamic market environment. Therefore, it is a win-win situation for both categories of banks.

Neo Bank Vs Traditional Bank

Hylobiz- one of the top neobanks in India:

Hylobiz is a fast-growing fintech which provides Neobanking services to B2B segments and contributes toward financial inclusiveness. We are currently operating in India and UAE. We bring all top business automation and Neobanking features under one roof.

Read: Hylobiz | How do Neobanks in India Work? | hylobiz®

Our SME offerings: Grow your Small and Medium Business Enterprises | Hylobiz

For more info read our original blog: https://hylo.biz/differences-between-neobanks-vs-traditional-banks/

Follow us on Quora: Hylobiz Challenger — Quora

Reach us: https://app.hylo.biz/login

Email us at: support@hylo.biz

You can contact us here: Contact Us | hylobiz®

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