Have you ever heard of neo-banking, without really understanding how it works and its benefits? I help you to apprehend it correctly. In fact, the term neo-bank refers directly to digital banks which bring together online banking and mobile banking. Exactly, are there any differences between the two banks? If yes ! what is a neo-bank? Find the answers here!
The neo-bank first appeared in France in 2010, but it was already operational in other countries. It is one of the digital banks currently flooding the market.
However, although it is available online, it is to be differentiated from online banking. This is actually a subsidiary, more precisely, an online variant of a traditional establishment. Therefore, it has a seat like all conventional banks.
The neo-bank is different, since it has no specific seat (kind of place). The majority of them are even without a banking license. However, unlike online banks, it adapts to the needs of customers who currently prefer to use their smartphones.
Result ! The neo-bank offers services directly accessible on mobile (whatever your device) via applications.
I admit that the neo-bank was still a new concept in my eyes. Then, after consulting this actufinance.fr, the term was less complicated.
Its operation is different from a traditional bank, because opening an account is easier to do. Just fill out a form, and you’re done. In addition, there are no commitments or additional costs.
As for the management of the account, know that it also remains simple. It provides you with several features allowing you to:
Some neo-banks offer other more interesting features, such as the possibility of using foreign currencies…
Beyond its ease of access (with a simple click, you access your account), the neo-bank has other interesting advantages, such as:
However, despite the advantages of neo-banks, they have some disadvantages. For example, I found that the customer service of these digital banks is very poor. Unfortunately, you cannot go to a particular location to request additional information.
And above all, I could not benefit from financial services from a neo-bank. Impossible to apply for a loan, to invest in the stock market, to open a savings account…
Of course, you can overcome the disadvantages by opting for the right neo-bank. You are also spoiled for choice, because there are several platforms ready to offer you their services.