NEO BANKING AND ITS GROWTH RATE

As more clients turn to mobile apps and solutions for their financial requirements, Neo banking has become the standard in Asian Region. The COVID-19 epidemic, on the other hand, has sparked a vigorous and rapid adoption of digital financial services. As consumers are encouraged to stay online for social and economic purposes, there will be an increase in demand for high-quality digital financial services and solutions.

Smart, handy, and in high demand—but it's still lacking.

Many analysts believe that Neo banking is the panacea for the banking industry's broken state following the current financial crisis. And they are most likely correct.

Banks, on the other hand, aren't recognized for their speed. Customers are still waiting for this new banking experience, which is being hailed as a game-changer with features like anytime, anywhere banking, ultra-fast response times, and omnipresent advisers. So, why aren't banks keeping up with the times? Because it necessitates more fundamental adjustments than would appear at first glance.

Banks are expanding

Banks are taking these new challenges with caution. While digitalization improves internal operations, value-added services like wallet solutions, personal finance management tools, and an experience only modestly improve the client offering. Only a few explanations are fully set on the market.

The early stages in the Neo banking journey have generally focused on enhancing the existing offering with new, technology-enabled services to provide consumers with greater convenience and value. Mobile applications, e-wallet solutions, and personal finance management (PFM) technologies are the most notable examples. Mobile banking and PFM, in particular, are warmly embraced by customers, with download rates surpassing 60% of the user base in most areas.

On the mobile banking front, for example, USA, U.S.-based banking, and insurance companies, recently introduced an app featuring a Siri-like virtual mobile assistant that allows clients to use voice commands to explore and execute more than 200 tasks from their cellphones.