A Study of Awareness of NEO Banks in India and the Way Ahead

DOI:10.34047/MMR.2025.12203

Abstract

With the advent of FinTech, the financial sector has undergone a digital revolution, giving rise to innovative services and platforms. Neo banks are virtual institutions without physical branches, offering digital only financial services through mobile applications. Unlike traditional banks neo banks operate entirely online focusing on a mobile-first approach to cater to the tech-savvy generation Technological advancements, innovative models and niche customer-focused approach have helped neobanks in creating novel, technology-based platforms and agile business models, and delivering innovative financial services. One of the key features of neo banks is their focus on customer experience. They prioritize providing a user-friendly interface, personalized services, and round-the-clock access to financial products and services offering a wide range of banking services through their mobile apps or websites. The current paper focusses on the awareness level of neo banks in India, acceptability of neo banks by the users bringing out the advantages and disadvantages . For this purpose responses are collected from about 284 people through self-administered questionnaire and analyzed using SPSS software. The results of the research highlight the perception of stakeholders towards neo banks. The paper will also attempt to bring out recommendations on the growth of neo banking in India.