Tag: ABC of Banking

The Rise of Neo-Banks: How Digital-Only Banks are Changing Finance

A neobank, short for “new bank,” is a type of financial institution that operates exclusively online or through mobile applications, without traditional physical branches. Neobanks leverage technology and digital platforms to offer a range of financial services such as banking, payments, savings, and loans. They aim to provide a more streamlined, customer-centric, and technologically advanced alternative to traditional brick-and-mortar banks.