Shift To Neobanks

The demand for a smoother and faster banking experience has been growing among the customers. After all, a service that’s all about showing the account statements and balances isn’t enough anymore. This is where neobanks come into the picture because when you open your account here, you get innovative features like sub-accounts for saving, budget-checking, and so on. Let’s know the reasons why you should shift to neobanks and how to pick one.  

Such financial services not only simplify banking for you but also make it easier to save and transact. So, if you are to shift to a neobank, here’s why you should and how to choose one. 

Open your bank account within minutes 

Opening your bank account is usually a lengthy process in the case of conventional bank accounts. However, a neobank can make this process a lot easier. After all, neobanks don’t have branches like conventional banks. So, regardless of where you are, you can open your bank account within minutes if you have your mobile phone.  

Getting assured of an excellent user experience 

One of the foremost aims of a neobank is to offer an outstanding customer experience. You will not need to work using a banking website that keeps glitching or keep worrying about mobile apps that don’t work.  

Neobanks use apps that are user-friendly, clean, and crisp. Such apps are made highly responsive and easily suits the requirements of the tech-savvy, new-age customer. The ease of use makes these apps a major aid to the customers. 

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Get transaction details immediately 

Any transaction you make through neobanks are fast, and the details come up on the app right away. Since all the reports are there on your app, you will not have to look everywhere to know the details of your expenditure. 

Neobank apps also offer a comprehensive idea of all the expenditures. For example, you can make sub-accounts for your employees and track individual expenses and spends. In turn, this helps you to get a better grip on your finances. 

How to pick a neobank to open your account 

Keep these three points in mind when choosing a neobanFirst, do 

  • Do your research about the bank to know about its market reputation and what its consumers are saying about it. 
  • Understand what kind of services does the neobank offers. The highly recommended ones are simple and automated accounting, vendor & management, tracking payment and more
  • Know more about the additional features that come with your accounts, such as saving pots, faster loan approvals, and zero cost of maintaining an account. 

Being powered by technology like machine learning and AI, a neobank is able to go beyond the basic tasks of a bank. They can help manage finances, predict account activity, and send regular notifications to keep you aware of spending over the pre-decided budget. A neobank platform that we highly suggest for SMEs and other business owners is Open Money. Do visit their website to understand in detail the services and plans they offer.


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