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ARTICLE · 22 APRIL 2021

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Neo-Banks In India – The Way Forward

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Neo-bank is the latest buzzword in the fintech start-up space across the globe. They are 100% online banks, which have no physical branches.

IndiaFinance and Banking
Shubham Aggarwal
Shubham Aggarwal
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Neo-bank is the latest buzzword in the fintech start-up space across the globe. They are 100% online banks, which have no physical branches. Essentially, a neo-bank is a partnership between a fintech company or a non-bank and banks or a financial institution, which aim to improve the accessibility for customers. They partner with traditional banks and help them acquire new customers in a seamless manner. Through this partnership, the non-banks seek to provide a host of financial and value-added services. For this purpose, the non-bank depends upon the partner bank to provide the core regulated services. Therefore, the non-bank acts as a facilitator of services. While the non-bank may facilitate the opening of a current account or facilitate a customer to apply for loan, the actual services shall only be provided by the partner bank or an NBFC.

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