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Digitization has brought about a remarkable change in the Banking Industry. We no longer have to wait hours in the queue for a simple transfer or transaction of funds. The rapid expansion of digitization has made these services swifter and hassle-free for customers. Banks are now using UPI and similar services to expedite the entire chain of Banking processes and make it more efficient for their customers.
However, conventional Banks being a trust institution and risk-averse, have not lagged behind their private counterparts in converting the entire chain of processes into more user-friendly experiences. That is exactly where the concept of Neo Banks comes into picture; complementing the traditional Banking channels. Their cutting-edge and next-generation technology has helped traditional Banks to retain their customers by providing them a more accessible interface for their Banking needs, thereby, enhancing the quality of their customer-friendly experience.
With more and more individuals turning towards digital applications for their regular Banking needs, Neo Banks have become the need of the hour for traditional Banks to partner with. Partnering with Neo Banks has helped conventional financial institutions to offer more flexible and personalized experiences to customers. With technology at their disposal Neo Banks are here to stay and are pegged to grow at a CAGR of 46.5% globally by the end of 2026. That said, it is safe to say that Neo Banks are a need of the hour if you have to transform conventional Banking to a more transparent, nimble, and seamless digital experience.
FinTechs have not only eased the user experience but have also helped Banks to offer easy purchase solutions to consumers with their buy now pay later scheme. COVID-19 brought global economies to their knees, making it twice harder for individuals to meet their daily needs. However, with the introduction of the buy now pay later (BNPL) solution, individuals have been able to tide over their financial predicaments smoothly.
One of the most remarkable features of BNPL is that, customers without having a credit card become eligible to avail of this service within a tap or two, compared to the long-drawn process of securing a loan. The option of BNPL is applicable for a varied range of products including appliances, vehicles, travel, and the likes which have made it extremely feasible for individuals to afford these products and services.
The innovations in technology are changing rapidly and the Indian population is quickly adapting to these changes. Moreover, individuals are increasingly becoming dependent on their smartphones for almost all their Payment and Banking needs. This has brought about the concept of super apps or all-in-one Apps. Banks are now teaming up with FinTech companies to launch a Super App that would completely change the conventional Banking procedure as people will be able to avail everything on one platform. Starting from messaging, gaming, news to payments and transactions, everything will be channelized into one application. This Omni channel software is going to be the one-stop application for all the digital requirements of consumers. Moreover, this distinct concept which was initially started in China helps to analyze user behavior and patterns which can eventually help Banks to understand consumer needs and offer financial products to their consumers. The Super Apps are the next big thing yet to happen in India and are going to completely disrupt the Banking Industry with their nimble solutions which smartphone-centric individuals are going to breeze into quickly.
The article is drafted by Mr. Avinash Godkhindi, CEO of Zaggle
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