neobankar
A neobank is a digital-only bank that operates exclusively online, without any physical branches. Unlike traditional banks, neobanks do not have brick-and-mortar locations, and all services are provided through mobile apps or web platforms. They typically offer a range of financial services, including checking and savings accounts, money transfers, bill payments, and loans. Neobanks leverage technology to provide these services, often using artificial intelligence and machine learning to enhance customer experience and streamline operations.
The concept of neobanks emerged in the late 2000s and early 2010s, driven by advancements in digital
Neobanks operate under a different regulatory framework compared to traditional banks. In many jurisdictions, they are
Despite their advantages, neobanks face challenges such as limited brand recognition, trust issues, and regulatory hurdles.