Digitization has fundamentally transformed the way we look at things—from work to entertainment to financial solutions. Financial players are now offering online services and customized offerings to cater to the new-age customer. Neobanks or challenger banks—financial services institutions that operate exclusively online—have found a foothold in the dynamic financial landscape by offering personalized, seamless financial solutions. Unlike traditional banks that spend on setting up physical branches, neobanks leverage low-fee models and offer customers a host of benefits including high interest rates on deposits, quicker transactions, and 24x7 real-time services.
