Why users should switch to neo banking
Digitalization of the finance sector is a great channel for investors and account holders to mobilize or keep their funds safe. Neo banks have a paramount presence in digital banking. It is basically online-only banking platforms without physical infrastructure and has a major objective to modernize the banking system with the backing of modern apps, software, and AI technologies . A neo bank is different from traditional banking and set up as a financial institution operating entirely online. A neo bank adopts digital technology to lessen operating costs and offer good value for money. Additionally, neo banking provides accessible services to account holders. Users are more concerned about financial security in investing through Neo banking. Neo banks are a safe financial setup if they adopt an effective operational model with layers of security. Though digital devices in neo banks are vulnerable to cyber-attacks , phishing , and hacking . Specific neo banking u...