International Journal on Science and Technology

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Evolution of Neo Banking in India – A Paradigm shift in the banking industry

Author(s) Dr. Suresh B K
Country India
Abstract Introduction
The inaugural neobank, First Direct, was established in the UK in 1989. The term “neobank” became popular around 2017. Although these banks have been present for more than a decade, they have only recently started to gain popularity. The growing appeal of neobanks is attributed to their provision of a more convenient and user-friendly banking experience compared to traditional banks. Additionally, they can offer reduced fees and more attractive interest rates since they do not carry the same overhead expenses as conventional banks. In India, Niyo Solutions is among the pioneering companies in this field. These institutions operate exclusively online and provide a variety of services via digital channels. They emerged when tech-savvy financial service providers began to challenge traditional banking models. Some of the initial ventures appeared in the UK and Germany. Neobanks are entirely digital financial entities that resemble banks. Their service offerings are generally more limited when compared to traditional banks. This streamlined approach often enables neobank users to benefit from lower fees, competitive interest rates, and personalized products. They fill the gap between traditional banking services and the changing expectations of customers in the digital era.
Keywords Neo Banks, Niyo Solutions, tech-savvy, digital financial entities, digital era.
Field Business Administration
Published In Volume 16, Issue 1, January-March 2025
Published On 2025-02-11
Cite This Evolution of Neo Banking in India – A Paradigm shift in the banking industry - Dr. Suresh B K - IJSAT Volume 16, Issue 1, January-March 2025. DOI 10.71097/IJSAT.v16.i1.1774
DOI https://doi.org/10.71097/IJSAT.v16.i1.1774
Short DOI https://doi.org/g85dmx
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