Neobanks are financial institutions that give customers a cheaper alternative to traditional banks. Think of them as digital-only banks (no hassle of a physical space!). They leverage technology and artificial intelligence to offer the same services that banks do while minimizing operating costs.
Neobanks have been growing tremendously because of the rise in demand for digital banking which has been flued by the Millennial and Gen Z audience.
Some examples of Neobanks around the world are – Chime, N26, Tandem, and Paytm. Current Neobanking features include biometrics (detecting faces and fingerprints on login), easy and quick account opening, real-time fraud detection, easy money transfers, etc.
We want your thoughts on Neobanking and your ideas on what you think is next in Neobanking.
Please answer the following in detail:
- Do you currently use any Neobanking app?
- If yes, which one do you use?
- If no, why not?
- What features would you like to see or would attract you to use Neobanking more often?
- What is your biggest pain point while using traditional banking? How could Neobanking help solve this problem? Please be specific and tell us what features would benefit you.
- Meets Deliverables