THE FUTURE OF BANKING: HOW NEO BANKS ARE CHANGING THE INDUSTRY

Abstract

Neo banks, also known as digital banks or challenger banks, are online financial institutions that leverage advanced technologies to deliver convenient, efficient, and personalized banking services. They disrupt the traditional banking landscape by challenging established banks to adapt and innovate to remain competitive, and are gaining popularity among tech-savvy consumers who value convenience and innovation in their banking experience. Based on a sample size of 200 respondents collected via a Google form, the purpose of this study is to better understand how the Neo banks changing the banking industry by competing with traditional banks in India. according to the findings of the study the increasing usage of neo banks over traditional banks is driven by high levels of customer satisfaction with the services provided and also play a significant role in the adoption of neo banks. However, regulatory compliance remains a challenge for new banks. Opportunities lie in offering innovative and tailored financial products and enhancing user experience technologies. Despite the rising usage of neo banks, traditional banks are unlikely to be replaced in the future as both types of banks can coexist and serve different customer needs in the evolving banking landscape.

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