Neo Banking vs Traditional Banking
Jan 21, 2022 - 6 MINS READ
Neo Banking and Traditional Banking Trends – A Future Aspect
With the world advancing more and more towards the modern age of the internet, everything is adapting a presence online on the World Wide Web. This can be said truly about the banking sectors as well. There has been a massive change recently in the process of how banks operate, and this has revolutionized and redefined the meaning of comfort for human beings. Now, services are being provided and goods being produced through which efficiency is greatly increasing due to the implementation of modern-day technology in these products, and all these are being widely provided to the different clients and customers.
Now, through the use of online mediums and the internet, you can be provided with all your required services even though a non-banking service provider. The banking services can be provided to the customers through the internet or other delivery method systems, where there is no need for any physical branch of a bank. Such service providers are known as neo banks, and their growth has been increasing for the past few years. They have started giving competition to the traditional banks that exist by providing models at lower costs, and by giving the customers a seamless experience of satisfaction.
We at ULIS FINTECH aim to give people the same satisfaction by changing our method of operations from the traditional period providing our customers with a comfortable and convenient experience and providing them with transparency, great pricing, and an overall happy experience. You can place your complete trust in us for all your finance technology-related needs. The neo bank services provided by us work differently as neo banks do not work under the restrictions of any legal system.
Our employees are efficiently skilled at their jobs, and you can get provided with all the services you require through our hardworking staff, such as opening and managing accounts, solutions for transfers and remittance, seamless and flexible payment methods, and providing you with credit facilities according to your credit scores. If you are from small companies or freelancers, then the services provided by us would be of optimum value to you. The neo bank services have created a huge difference when compared to the traditional methods of banking and it has become very essential to evolve and upgrade our service methods as it is important to meet the demands of the customers.
How Neo Bank Services Are Better Than Traditional Banks
1. Great Customer Experience
Neo banks do not provide people with new services, instead, they are mostly like the services provided by traditional banks, but with an enhanced level of customer experience. Their models are comparatively crisp, and they operate on high-level technologies. This provides you with easy to work and efficient services, like easy account openings, enabling payments around the world, accounting that is automated through artificial intelligence and machine learning, providing customer support all the time, and other such types of services. By implementing technologies like chatbots and robot advisors, we provide automated suggestions to our customers which are based on their transaction history, thus providing you with great customer support. Through different AI techniques, neo banks can provide you with personalized problem solutions that would help you in the right way.
2. Faster Servicing Speed
In the case of traditional banks, when you had to open an account, you would need to go back and forth to the branch office of a bank multiple times before you could proceed further, but in the case of neo banking, all you need to fill is an app-based opt-in form to create your account. According to data from RBI, it has been observed that customers spend an average of 7.5 hours in the completion of all the formalities for opening an account in a bank branch, which includes the filling of forms, documents collection, and getting all of them verified by the workers of the bank.
3. Lower Cost Structure
Having a low-cost structure is one of the most important factors that customers search for in today’s markets. When compared with the operations of neo banks, traditional banks have relatively higher operating fees due to the labor and the cost of the development and maintenance of infrastructure. These costs are recovered through the customers in different forms such as charges for account statements, checkbooks, debit/credit cards, et cetera. Types of different fee structures like transaction alerts can be helpful when looked at it from one perspective, but these can add up to the customer paying hundreds of rupees over a short duration.
The evolution of the banking sector gave birth to neo banks, and these types of banks have secured their place for the future due to the countless number of improved services provided by them over traditional banks. There would come a time when people would soon shift to neo banks rather than opting for the traditional banks.
To know more about the working and benefits of neo banks and other services, you can visit us at www.ulisfintech.com where you would get an overview about different kinds of services such as E-wallets, Digital Onboarding, Cash-back Managements, Mobile money Wallets, et cetera. You can also reach us through firstname.lastname@example.org where all your finance technology-related queries would be attended to, and you would get the solutions to all your problems.