Neobanking: India’s Next Banking Revolution
Despite its recent introduction into the larger FinTech market, the concept of a neobank has evolved in India. A neobank was initially a bank with no physical presence that operates entirely online and interacts directly with customers. A neobank aspires to be more than just another bank, offering a superior digital banking experience. This concept has developed as neobanks have sought to distinguish themselves from incumbents’ online banking services, shifting from an emphasis on digital banking to a focus on providing a superior customer experience. The neobank subsegment is not alone in experiencing this transition.
Digital technologies and client happiness have long been the two…