Neo Banking is the Future of Banking
NEP banks are expanding exponentially, leveraging state-of-the-art technologies to win over consumers who expect financial services that are easier, quicker, and more efficient. They provide a complete experience of digital banking through a mobile application. However, Neo banks have been the next big thing in the FinTech industry in recent years and grow drastically in the years to come. According to Zion Market Research, worldwide, it has been observed that the neo-bank is projected to grow at a compounded annual growth rate of 46.5% between 2019 and 2026, generating about $394 billion by 2026. But do you know what Neo banking is and what are Neo banks? Let us understand what they truly mean? What is Neo Bank? The Neo Bank is a virtual bank that is entirely operated online. These banks are digital instead of being physical. In other words, these banks work without any physical branch. Hence, they provide a digital banking experie...