What are Neobanks?

Neobanks are emerging as a revolutionary force in the world of finance, harnessing the power of modern technology to offer streamlined banking services. Unlike traditional banks, they operate exclusively online or through mobile apps, which allows them to offer more flexible and often cost-effective financial services. As fintech companies, neobanks utilize apps, software, and other technologies to facilitate mobile and online banking experiences that cater to the tech-savvy consumer.

Originally published here: https://agrtech.com.au/glossary/digital-banks-neobank/