The Rise of Neo-Banks and the Adaptation of Traditional Banks

Abstract

Neobanks meteoric rise is better understand in context of the digitalization as whole. The service offered by traditional banks and the modern, tech savvy expectation of their clients has been significantly reduced because of the influence of neobanks. The support of the society and opinion of customers are crucial for development of Neobanking system. Because of the pandemic simplicity and lack of barriers to entry. Neobanking services were even more attractive to consumers. This study used a stratified random sampling to choose its respondents and exploratory research design for its methodology. Primary and secondary sources are used to accomplish the goals. The article states neobanks are the future of banking as we know it.