NEO BANKING Banking for the digital age 2023

1. NEO-BANKING: Banking for the digital age 2023 Visit us at: www.mpowercredcure.com Call Us: 7030489999

2. NEO-BANKING: Banking for the Digital Age 2023 What is Neo Banking? • Digital-Only banking forums that operate solely online are defined as Neo-bank. In other words, banks which do not have a physical presence. • Neo-banks enhance the traditional banking experience by introducing a seamless online interface that adds a factual and digital layer to the process. • As these type of banks are digital and tech driven in nature the users have the ability to create accounts for themselves and use their offerings hassle-free. Visit us at: www.mpowercredcure.com Call Us: 7030489999

3. Characteristics Of Neo-banks • Neo-banks are slowly becoming the knight in shining armor of the financial banking industry as they are offering multiple benefits to meet the evolving needs of the new age users. They focus on making banking a simple smart and personalized experience for the users. • Digital-First Approach: Neo banks operate primarily through digital channels, providing seamless and user-friendly mobile apps or online platforms for customers to manage their finances. • Account Opening and Onboarding: Neo banks offer hassle-free and quick account opening processes that can often be completed entirely online, without the need to visit a physical branch. Onboarding typically involves a simple application, identity verification, and minimal documentation. Visit us at: www.mpowercredcure.com Call Us: 7030489999

4. Budgeting and Financial Insights: Many neo banks provide robust budgeting tools and real-time spending analysis, helping customers track their expenses, set budgets, and gain insights into their financial habits. This enables users to make more informed financial decisions and improve their money management skills. • Savings and Investment Options:Neo banks frequently offer innovative savings features, such as round-up savings or automated savings plans, where spare change or designated amounts are set aside into savings accounts. Some neo banks also provide investment options, allowing customers to invest in stocks, exchange-traded funds (ETFs), or other assets. • Customer Support and Assistance: Neo banks often prioritize customer support through digital channels. They offer responsive customer service via chatbots, in-app messaging, or dedicated customer support teams to address inquiries, provide assistance, and resolve issues. • Integration with Third-Party Services: Many neo banks integrate with other financial technology services and platforms, enabling customers to connect and manage their accounts with various fintech applications, such as expense trackers, investment platforms, or lending services. • Transparent Fee Structure: Neo banks typically have transparent fee structures with minimal or no account maintenance fees, low foreign transaction fees, and competitive currency exchange rates. They aim to provide cost-effective banking solutions to customers. Visit us at: www.mpowercredcure.com Call Us: 7030489999

5. Types Of Neo-banks • Front end Neo-banks: Front-end Neo-banks, also known as white-label Neo-banks or banking-as-a-service (BaaS) providers, focus on offering the technology and user interface for digital banking experiences. They collaborate with traditional banks, financial institutions, or other companies to provide the front-end components of banking services • Neo-Investment Platforms: These Neo-banks focus on providing investment and wealth management services. They offer digital platforms that allow users to invest in stocks, bonds, mutual funds, and other investment products. These Neo-banks often provide intuitive interfaces, personalized recommendations, and automated portfolio management features. • Neo-Lending Platforms: Neo-banks in this category specialize in providing digital lending services. They leverage technology and data analysis to streamline the loan application and approval process, offering quick and convenient access to personal loans, student loans, small business loans, and other types of credit. • Neo-banks for Specific Communities: Some Neo-banks target specific communities or customer segments. For example, there are Neo-banks designed for immigrants or expatriates, providing services tailored to their unique needs, such as cross-border transfers, multi-currency accounts, and language support. Visit us at: www.mpowercredcure.com Call Us: 7030489999

6. Difference between traditional banking and Neo-banking • Neo-banks and traditional banks differ in several key aspects, including their operational models, customer experience, technology adoption, and regulatory frameworks. Here are some of the main differences between Neo-banks and traditional banks. • Digital Focus: Neo-banks are digital-first institutions that operate primarily online or through mobile apps, while traditional banks have physical branch networks. Neo-banks leverage technology to provide convenient, seamless, and user-friendly digital banking experiences, often with intuitive interfaces and advanced features. • Cost Structure: Neo-banks typically have lower operating costs compared to traditional banks since they don't have the expenses associated with maintaining physical branches. This can allow Neo-banks to offer more competitive or even fee-free services to customers. • Speed and Convenience: Neo-banks are often known for their agility and ability to provide faster and more efficient services. Opening an account with a neo-bank can be done within minutes, and they often offer real-time transaction processing, instant payments, and quick access to financial information. Traditional banks may have longer processing times, more paperwork, and more complex procedures. Visit us at: www.mpowercredcure.com Call Us: 7030489999

7. Conclusion • It's important to note that Neo-banks and traditional banks are not mutually exclusive, and there is increasing collaboration between the two. Some traditional banks have launched their own neo-bank subsidiaries or invested in Neo-banks to tap into digital banking opportunities and enhance their offerings. • In conclusion, Neo-banks have emerged as disruptive players in the banking industry, reshaping the way people interact with financial services. These digital-first institutions prioritize convenience, user experience, and innovative technology to deliver banking solutions that meet the evolving needs of today's customers. • MpowerCredcure is a fast growing fintech which offers digital loans to the undeserved segments and SMSEs at cheap interest rates through their online platform at www.mpowercredcure.com. Visit us at: www.mpowercredcure.com Call Us: 7030489999

8. Partnership with Financial Institutions Visit us at: www.mpowercredcure.com Call Us: 7030489999

9. Connect with Us Website Instagram Phone Email info@mpowercredcure.com 7030489999 @mpowercredcure_financial www.mpowercredcure.com Visit us at: www.mpowercredcure.com Call Us: 7030489999