Thread by @FinFloww

NeoBank is the next big thing in the Fintech Industry. But what exactly is a NeoBank?

Let's understand in a thread 🧵

Neo banks are the digital banks without any branch and physical existence. Such banks can either be a web app or a mobile app.

So why is neo bank a new buzz in the market ?

👉🏼 They are convenient as they are digital.

👉🏼 They are hassle free as all the services are available at your fingertips.🤳

They are faster and quick in service due to tech advancements and AI chat bots.

What do neo banks offer?
- Virtual account and debit cards
- Business Payment Gateways
- Loan Products
- Forex Transactions and much more

Will neo bank impact the banking business?

A neo bank can not accept deposit or lend directly,

making it's association compulsory with a bank,

which ensures security,

which increases banks' customer base and adds to their growth ultimately.

Let's make it simple for you and explain this with a meme🤣:

RBI plans to regulate neo banks via virtual licensing in the near future.

So, a NeoBank will basically empower a bank's business and not harm them in any way.

What's the future of neo banks?

- At present there are more than 10 neo banks

- - Market size of neo banks is expected to reach $15,000M by 2027

Which Neo Bank are you using ?

Paytm Payments Bank, NiyoX, Jupiter, FI, or any other Neo Bank ?

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