Traditional banking may make up images of mammoth brick-and-mortars, broken ATMs, and mounds of paperwork. However, a new generation of non-bank fintech [financial technology] companies. Perhaps known as Neobanks are challenging these old-time banks. By offering first digital. And, in some cases digital-only—banking platforms. One that promises smooth online experiences and low- or no-fee services.

So in this article, we want to discuss, what is a Neobank? We will also identify its pros and cons. And how we can compare them with ordinary online banking platforms.

What Is a Neobank?
A Neobank is a technology firm that offers financial services through a mobile app or a webpage. So you may be able to convert money digitally. Including bill payment, and give a full deposit or digital check deposit accounts. As part of your banking products and services. A few of these fintech companies do provide budgeting and having saved tools.

Is Neobank a bank?
Neobanks

Although many suppliers highlight their mobile applications. Others may allow customers to access one’s accounts through a homepage. As well as provide a physical MasterCard. A Neobank receiving a financial institution charter, as Varo did in 2020, is not unknown.

So here are some of the benefits of Neobanking, as well as many of the disadvantages.

Pros and Cons of neobanks
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