Neo banking software development solutions by ULIS Fintech
Feb 15, 2021 - 5 MINS READ
What Is Neo Banking And What Are Features Of Neo Banking Apps?
When every business is earning growth with the help of modern technology and inventions, why not a bank? Neo banking is the new innovative technology that is changing the way of banking. Opting for fast tech-driven banking options serves great convenience and security for the users. Banks have always been of great importance since time immemorial. From saving funds to opting for business transactions and a lot more, banks serve as one of the greatest convenience tools to monitor your savings. And, now Neo Banking can give you all the banking benefits on a much secure and convenient platform.
What is Neo Banking?
Those who are unaware of the concept of Neo Banking often confuse it with Digital Banking. It’s because they both perform numerous similar functions like conveniently handling all the intricacies through mobile or laptops. But, there is more to Neo Banking. Digital Banking is limited to the particular banks and their respective particulars while Neo banking can be a sole entity or can work by tying up with an existing bank. The main motive to introduce Neo Banking is to ease out the banking operations and add more security to them! Further, Neo banks can work on low fee and no-fee accounts which add more value to your savings. This feature is not available in Digital Banking or traditional banks.
The best way to execute the use of Neo Banking is with the use of a Mobile Phone Application. With the integration of IoT, AI, and some powerful coding, special mobile applications for Neo Banking can be created. It can serve as a great option to see through your banking and aids you with value-added features. The list of features of Neo Banking apps can be listed below.
- Banking as a service: Neo banking apps can simplify all the financial processes for the user with a digital banking experience. All the options are built on the core of banking products and payment infrastructures. Neo banking apps also work as their party service providers and can add more value to a better user experience.
- Tech-driven platforms: Neo Banks are often referred to as technology-driven platforms first and banks second. These banking options work on technical applications using several innovative technologies to aid you with a seamless experience. Neo banking apps are crafted with the use of multiple technologies that work together to deliver an outstanding secure experience.
- Scalable Platforms: Neo banks are quite a scalable option when compared to traditional banks. These bands offer you a comprehensive look into your savings and current accounts and help you keep an eye on each detail. Unlike, digital banking you will get a one-on-one user experience to customize your banking needs. All this can be done on a paperless, easy-to-access digital platform.
- Strategic Approach to Marketing: The major area of focus of neo banking is marketing. Neo banking serves as a great support to the new start-ups and existing businesses in terms of marketing. There are more value-added services in Neo Banking which increase customer engagement and serves as a better option than traditional and digital marketing.
All these features make Neo Banking a great option to go for! Although, Neo Banking is a new concept to the market and has not signed in to the core but is expected to experience a great hike in the forthcoming. Investors and start-ups are already considering Neo Banking as a great option to go for and soon this concept will emerge as a powerful banking source. It adds more options for customer referral and rewards for the user which makes Neo Banking of great advantage.