The proliferation of neobanks in recent times is proving to be a formidable opponent to the traditional banking system observed Bahaa Abdul Hussein. Neobanking is centred around banking with solely an online presence and without any brick-and-mortar roots. The very essence of neobanking is in tune with the golden era of technology. The youth population of today chooses to do all their transactions online from the comfort of their homes and neobanking is their go-to banking solution.
Coming with an array of USPs like zero waiting time, elimination of red tapism and an overall hassle-free banking experience, neobanking is pioneering innovation at the crossroads of finance and technology. As the increasing technical prowess of countries continues to push the boundaries of digital transformation, we are the brink of a paradigm shift in the banking sector.
Why Neobanking Is Becoming Popular
Neobanking has changed the game for those who wish to access banking services without the dealing with the cons of the traditional system. The relative effortlessness with which one can easily create an account with a neobank and conduct their digital affairs is unmatched in the face of physical banking.
Digital payment solutions of neobanks are also being accepted by popular taxi and takeout services. Neobanking offers all services and information to the consumers instantly and all one needs to use them is access to internet. For this reason, neobanking is also slowly breaking into those segments of the population who do not find local banking resources satisfactory.
At its core, neobanking values the consumer and aims to fulfil the gaps left by existing fintech services. This includes everything from tailor made guidance for personal finance management to the availability of 24/7 customer services via automated assistants. It is becoming a revolutionary subfield in the banking realm which is saving a lot of time, money and effort for its users.
It has become an easy alternative for those who have been let down by prevalent banking services for reasons such as waiting in long queues, financial illiteracy or lengthy money transfer periods.
Future Of Banking
Heralded as the promising future of fintech advancement, neobanking is here to stay. Statistics predict that in the next 5 years there will be an increase in neobanking users by at least 53% around the globe. The next time you wish to apply for a loan or sign up for a new bank account, think about turning to neobanking.
Chances are there is a neobank that will render the same service in half the time it requires for you to manually approach a bank. Keeping up with popular neobanks in your country will help you avail the host of benefits and innovative transaction options they boast. Thank you for your interest in Bahaa Abdul Hussein blogs. For more information, please visit www.bahaaabdulhussein.com
