Top 5 Facts about Neo Banking.

Neo banks are packed with innovative features that help overcome the challenges of traditional banking and with the convenience and convenience of providing services at a reasonable price. As you can see, neo banks in Europe, the United States, Australia, and India are immediately having an impact with offers such as accounts, quick loans, and unlimited border payments. So, let's look at some of the most interesting uses of Neo banking.

Instant Personal Bank Account, Business Bank Account with Neo Banking-

How many times do you land in a Neo city, you have to struggle to get a bank account as an individual or a businessman. It takes days and weeks to open a bank account with rules, legality, and quality inquiries. Also, with the neo-banking concept, you can open a bank account in a matter of minutes. So for a student, he can focus on the study and for a businessman, he can surround himself with business strategy and revenue generation plans when neo banks take care of their banking needs.

You are not completely familiar with the term "Neo banking" Although it is not an acceptable name at the national level; it describes a sub-industry of banking that cannot be described only as "digital banking". Neo banks are 100% digital 4-physical without any physical branches and face-to-face conversations. Instead, they work only through digital channels and provide their services through web and mobile applications.

5 interesting facts about Neo bank-

1 – Neo banking is growing fast

While Neo banks are still a relatively recent phenomenon, they are fuelled by impressive growth. As of August 2019, they have aggregated 30 million customers and that number excludes many popular markets like China and India. Some estimates suggest that UK-based Challenger Banks will triple in 12 months and hit 35 million consumer marks.
Among other fintech, however, banknotes are from the fastest-growing segment. The growth has been fueled by aggressive investment in Neo bank, with many "Unicorn" fund rounds and a combined $ 2.5B investment to date in 2019. South America is showing off a particularly interesting number of fast-growing neo-banking start-ups — just becoming a Neo “battlefield” for challenger banks with Mexico alone.

2 - Their IT infrastructure is a competitive advantage

According to some banking industry analyzes, traditional banks spend 70% of their IT budget to maintain the old system. On the other hand, regardless of this traditional method, Neo bank feels the cost of services may be 70% lower than that of retirees.

The modern IT approach to developing modern web and mobile apps is to rely on standard APIs for micro-services and back-end. By battling scripts for these front-end frameworks and third-party Javascript libraries and modular applications, Neo banks enjoy rapid product development at a low cost. This, in turn, enables them to launch Neo features and quickly update existing features according to customer feedback.

3 -Neobanking App B feature is clean-packed and performs very well

As mentioned above, because the Neo banks rely on peer-reviewed Javascript framework frameworks and libraries, they reduce the time for market and fast repetition. A 2018 market analysis shows that, on average, the Neo, banking app is adding 10 Neo features to the year, compared to 6 in traditional banks. This includes an average of 27 app updates per year, while the average retiree is less than 10 years old.

Another key aspect of mobile apps is their performance, as consumers are more in demand than ever before about loading time and overall performance. The same 2018 study found that the Neo banking App Board offers a better user experience 42% faster than the traditional Traditional Banking App.

4 - Consumers are happier with Neo bank

There is no question that Neo banks is mainly fuelled by a lot of investment rounds, as we have already researched. But one of them is the KPI number of customers; they are not able to stop the customer acquisition. Instead, customer perception is a key concern for business stability

For Neo bank, customers are everything. That’s why many definitions refer to them as “customer-centric” banks - all of their work is based on customer needs, needs, and constant feedback. According to a recent U.S. survey, 90% of US customers are satisfied with Neo bank, while only 66% of the top 50 global banks are satisfied with the results.

5 — Neo banks need to address security to unlock customer trust

Amidst the need to launch product updates sooner rather than later to meet customer expectations, Neo banks have to prioritize the pace of development on security. As a result, two major security gaps appear client-side javascript and client-side data breaches.

Unveiled javascript risks because Neo banks have important arguments on the client-side. While it is worse than worthless, it consumes time and resources but returns no sales. To mitigate this problem, Neo banking must ensure Enterprise-grade Javascript security code — code reverse engineering, debugging, and anti-tampering.
Neo banking is especially at risk for client-side data breaches because they integrate most packages and third-party scripts that integrate external code. Attackers can act as a gateway to bankrupt neo banks without touching their servers. Instead, attackers can go after Neobank's small, less secure third-party providers and steal valuable financial and personal information by launching a web-based supply chain attack. The use of menstrual protection methods such as a powerful web application firewall (WAF) cannot prevent this attack. To properly address this risk, Neobank will need to achieve full visibility of the client-side with a web page monitoring solution, so that they can detect and stop these attacks in real-time and keep their users safe.

Neo banks are bringing Neo energy to the banking sector They challenge traditional banks by providing a digital banking experience and quickly bringing together consumers from all over the world.

But it is not enough to guarantee the experience of a wonderful consumer Neo bank has to gain customer trust in a market where security is everything. With that in mind, they are relying on state-of-the-art security technology to keep their apps and their users' data secure. Eventually, the Neo banks will likely redefine the paradigm of banking.

Blog by - Adv. P. M. Mishra (Finlaw Consultancy Pvt. Ltd.)