1. Neo banks are banks with only a digital presence and no physical branches.
2. These banks leverage technology and Artificial Intelligence to provide personalised services to their customers and minimise operating costs.
3. Neo banks don’t have a bank license of their own but count on bank partners to provide bank licensed services.
4. Quick account creation, friendly user interface, one click transaction reports and seamless international transactions are some of the features of neo banks.
5. InstantPay, Niyo, Open, and RazorpayX are some of the players in this segment.
(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
