How neobanks change the landscape of the finance industry
In the last decade, neobanks have become increasingly prominent in the financial technology sector.
Neobanks are digital-only banks with no physical branches, operating on the cloud; they make their money by offering banking services to their customers.
According to GoodFirms, one of the most prominent B2B ratings and reviews platform for IT, software, and other service providers, there are three primary benefits of neobanking:
One is that it reduces transaction fees for customers; Two is that it increases customer engagement and loyalty through gamification techniques. For example, some neobanks offer rewards for making purchases with a certain debit card or credit card. The more you use the card to make purchases, the more points you can accumulate to unlock bonuses or perks;
Three is that it improves customer experience. Neobanks have fewer staff members than traditional banks. With less staff, they can improve their customer service significantly by routing calls and handling transactions faster.
In this article, we are going to show how neobanks change the landscape of the finance industry and how everest can be the perfect solution for your business.
1. Opening an account: Traditional banks VS Neobanks
The process of opening a new bank account with a traditional bank is quite boring and takes a while. You must go to the nearest branch, wait in line, fill out forms and return to the bank to give them your paperwork or send it by mail.
However, technology has now made possible for people to open up a bank account from the comfort of your own home using online banking services, by only filling out some personal details and authenticating their identity with the latest KYC technologies. This means that there are no branches, no tellers and no bank managers, which speeds up the process dramatically.
With neobanks, you can open an account from your mobile device in five minutes. Although this sounds incredible, this is already possible with everest.
2. Faster transactions and expense management tools
Neobanking customers can do all their banking and financial transactions through desktop and mobile phone. What’s more, they can use neo banking to pay bills, check their bank statements and even transfer money to other accounts.
everest is an expense management software that helps you manage your company’s finances in real time. It allows you to track expenditures, revenue, inventory and accounts receivable while giving you access from anywhere with Internet connection (e.g., mobile phone).
With this type of solution, you can analyze your financial data in order to make better decisions about how much money should be spent on certain items each month or year based on past trends and current needs – which helps improve efficiency within the organization as well!
3. Cybersecurity in financial institutions
Security is now an essential part of processing digital transactions across banks. It is important for financial institutions to invest in cybersecurity measures to secure customer data from hackers. The massive amount of data stored on cloud servers means that your information could be vulnerable to hacking attacks if any necessary security measures are not taken by a bank or neo bank. Therefore, neo-banks should ensure they have the best cybersecurity measures in place before bringing any.
Advanced analytics and artificial intelligence have enabled technology-driven internet banking to provide customers with multiple useful insights into their transactions, expenses and investment actions.
4. Useful insights for neo banking customers
If you are a small business owner, you might have noticed that banks have not always been friendly to your needs. You may have also noticed new smart digital-only (neo)banks popping up all over the world that are designed to cater to small businesses and freelancers.
So why should you, as a small business owner, care?
The reason is simple: Tech-savvy neo banks can offer better service at lower cost because of the way they have been built from the ground up.
There are a lot of options out there, and it can be confusing to find the right solution for you.
everest is a new type of bank that aims to simplify your finances. With our online dashboard, you can open an account and get access to virtual cards within minutes. Our goal is to help you save money and time and make better financial decisions by providing you with actionable insights.
If you are not yet convinced about the benefits of opening an Everest account, Book a Demo with our team and we will be happy to give you a detailed presentation everest and its benefits.
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