5 Things you should know about Neobanking in India | RBI 2022 Rules |
Neobanks bridge the gap between the services that traditional banks offer and the evolving expectations of customers in the digital age. They are changing the face of fintech and could one day eclipse traditional banks.
Many might confuse neobanks with digital banks. Both are similar in that they offer banking services through smartphones and other devices. But that's where the similarities end.
Neobanks vs traditional banks
Traditional banks have many advantages over neobanks, such as funding and -- most importantly -- customers' trust. However, legacy systems are weighing them down and they find it difficult to adapt to the growing needs of a tech-savvy generation.
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