NEO BANKING: AN EMPIRICAL RESEARCH ON AWARENESS AND PERCEPTION OF PEOPLE

Abstract

In the ever-evolving landscape of finance, neo banking has emerged as a transformative force reshaping how we interact with our money. With the advent of FinTech, the financial sector has undergone a digital revolution, giving rise to innovative services and platforms. At the forefront of this transformation are Neo banks, which are virtual institutions without physical branches, offering digital only financial services through mobile applications. 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. The current paper focusses on the awareness level of neo banks, acceptability of neo banks by the users and brings out the advantages and disadvantages of neo banks in the light of these responses. For this purpose responses are collected from about 150 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.