The global financial landscape is being irreversibly altered by the expansion of a transformative new entity—neobanks or direct financial service institutions that operate exclusively online without traditional physical branches. Based on a low-fee structure with fewer services, neobanks usually provide customers with higher-than-average interest rates and are garnering significant traction. Easy to use with almost zero paperwork, customers can easily download neobank apps and sign in to their accounts. Some neobanks allow customers to link their traditional bank accounts with the app for speedy and seamless transactions. |
