Скачать или смотреть New Age Banking Is Here !

Most banking apps have been designed with the intention to give the user a fit of rage. 🤬

I'm especially talking about the government-owned banks…no surprises there.

Due to this, digital adoption has been super slow, forcing people to still go to branches to open a new bank account or an FD.

I recently opened a new bank account at ICICI where I already have an existing account. 😑 Even then I was required to undergo KYC again because they were not able to fetch my KYC details.

I was also asked to send a video of me blinking to show them that I'm alive. Apparently, people are opening accounts in dead people's name. I mean what the actual fuck...🫠

Solution? ➡️ Neo Banks !!

Neobanks are actually not banks at all because they don't have a banking license.

You see, RBI is very anal about giving new licenses to just anybody. So neobanks piggybank on existing banks and help them acquire new customers through their superior technology.

Neobanks are essentially fintech companies with exceptional product managers and developers, who make the banking experience seem like a modern social media app thereby attracting millennials and GenZ.

They take a cut from the banks for helping them acquire customers.

Since they don't have a physical presence, they have lower costs and this can offer higher interest rates, waive off forex charges and minimum account balance.

They also help track your spending and give you insights whenever you're off track.

➡️ Do you use a neobank? Have you faced any bad experience? Let me know which to choose and which to avoid 👇🏻
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#financewithsharan #bank #neobank #onlinebanking #moneymaker #moneytalks #savemoney