What is a NeoBank? We all know what a traditional bank is. In recent times, a new type of banks has been gaining more prominence. These are NeoBanks. They are primarily fintech companies that offer technology solutions such as online banking apps and other softwares to traditional banks, but these banks also offer some of the services that a traditional bank also offers.
For example they may offer a banking service such as savings bank account. They generally operate in partnership with a traditional bank. One of such banks is Open Neo Bank in India and they operate in partnership with traditioal banks such as ICICI bank in India. The neobanks are more asset light in their operations and are more nimble. They rely more on technology compared to their traditional counterparts.
