Neobanking is a novel banking technology that provides complete online banking solutions to its customers. These banks differ from traditional banks, as they have no physical offices and branches.

1. Neobanking Market - Allied Market Research

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3. Description
Neobanking is a novel banking technology that provides complete online banking
solutions to its customers. These banks differ from traditional banks, as they have no
physical offices and branches. Neobanking allows everything from opening an
account to other services, without the need to go to a bank.
Simple, GoBank and Moven are some of the first-ever Neobanking organizations. In
the present scenario, Neobanks are enjoying a co-operative environment and,
competition is very low among them. However, with rising demand for these banks,
rivalry is sure to occur in this market. Apart from the competition among the
Neobanks, it would also emerge as a strong competitor for traditional banking
institution.
Easy processes of account opening, transactions, etc. are strong driving factors for
the market. Moreover, the user interface of the Neobank websites gives it an upper
hand. However, the authenticity and financial security factors may bring hindrances in
its path.

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