Wed. Jun 19th, 2024
Neo Banks in India

In this tech-driven world today, we have many new ways of doing things, and banking certainly is no exception to this rapid growth in digital advances. With a neobank, customers can bank exactly how they want – all via the internet.  Founded by experienced fintech experts and driven not by traditional banking but by a more innovative single view of customers’ financial services needs, a neobank offers customers easy access to all of their finances. It allows them to better manage and control their money without having to commit to a long-term relationship with one single provider where you’re tied into following a rigid monthly cycle of withdrawals or remittances. This idea is great because it prevents us from getting bored with any one bank partner as we get to try out lots of different companies instead (some even offer cash back bonuses!). Neobanks are redefining the way we deal with finances, specifically in terms of how they go about simplifying financial services. Their presence is being felt more than ever, and there’s a reason as to why. Neobanks bridge the gap, introducing customers to a new way of banking and building lasting relationships. They do this with modern technology, streamlined processes, and an innovative digital approach. Traditional banks have a lot of catching up to do, as they are slow to embrace technological advancements in personal finance. Neobanks use digital platforms to collect, analyze and act upon the data that people generate every step of the way – whether while paying a bill or making an investment – which empowers customers to take their financial progress into their own hands!Since neobanks are primarily internet-based (essentially online banks), customer transaction fees can be significantly cheaper since physical buildings with everything inside of it need to be maintained. By cutting out the middleman (the bank branch itself), neobanks don’t generally have to pay for things like utilities in order to keep these branches running. Furthermore, since neobanks are digital first and foremost, they offer added benefits such as handling account creation via mobile devices – it automatically helps ensure users don’t need to go into branch offices or other locations just to open up a new account!

How Neo Bank is Simplifying Banking? Top 5 Neo Banks in India

Top 5 Neo Banks for Teenagers in India

Akudo

Jupiter

FI. (Fi-Money)

Razorpay X

Streak Card

Top 5 Neo Banks for Teenagers in India

Akudo

“akudo” is a lgbo-Nigerian word that means “peaceful wealth”. Akudo is a learning-first neo bank that offers a seamless banking experience for teenagers in India. It is a company that helps protect and secure the money of teenagers in India by empowering financial learning through money management and bite-sized content. It gives an official RBL registered debit card for teens, which can be used to withdraw cash and make payments at stores or online just like any other debit card but with much better control.  Akudo lets its users choose the amount they want to withdraw or spend each day and then helps them manage their personal funds successfully by recording how good they are at handling their finances. The neobank for teenagers is making it easier for teenagers to be financially savvy and independent! by giving them access to banking tools such as debit cards and mobile apps.  They can open their bank accounts within a moment and experience digital banking, of course, with parental guidance. Parents can control the limits of their teen’s accounts, so teens are able to learn how to manage their money at a young age.

Jupiter

Jupiter isn’t a bank; it’s a new mobile app. Jupiter is a tool that allows you to open bank accounts from the comfort of your home. The regulatory body in India, the Reserve Bank of India, stipulates that to open a new bank account, one must have an existing financial institution to admit them as customers instead of being licensed themselves. So Jupiter partnered with Federal Bank, to allow anyone to start an account through them no matter where they are. Jupiter cards are regulated and issued, and VISA settles payments to merchants through your card. Your grievances, chargebacks, and everything are settled by VISA as well.

FI. (Fi-Money)

Fi has partnered with Federal Bank to help bring you the best digital banking experience! Fi is like a bridge between you and Federal Bank. It gives you access to some amazing benefits that Federal Bank simply doesn’t provide, such as the smooth digital banking experience we all want. Fi don’t need to follow the same regulations that a bank would, which means they can improve their digital banking experience without worrying about compliance. Fi’s team uses military-grade encryption and OTP services from the best in the industry to keep users’ data safe.

Razorpay X

Razorpay is India’s answer to Paypal. It operates similarly to PayPal in the sense that it allows businesses and users to conduct online transactions using a focal platform but also works on mobile devices.  Users of Razorpay are able to use debit cards, credit cards, UPI (unified payment interface), net banking facilities, and digital wallets. RazorpayX is an app that supercharges your business expenses management needs. It allows companies to make use of features like account opening, payment tracking, tax filing, and other loan-related documents, as well as keep track of expenses & manage daily finances.  Moreover, the international merchant accounts are designed for businesses to seamlessly manage their invoices which helps them have complete visibility and control over their financial performance.

Streak Card

Streak is a neo-bank, especially for teenagers. They are special and work just for kids. That’s why you need Streak at that time of your life because it will help you know things about money, prepaid cards, and everything!  Streak Cards teach every last teenager what they need to know about money – so they can have their own pre-loaded card and learn how to properly spend, save and manage their finances as they grow up. The Streak app allows teenagers to earn rewards for doing what they do every day – make purchases. With the Streak reward program, they can get a ticket to their favorite concert or cash to go towards their next vacation. This way, teenagers have a new way of achieving their goals, and parents have the reassurance that their kids are on the right track financially.

Wrapping Up

The neo banks are one of the best solutions for teens to learn about the importance of money from a very young age. They help them to build a solid financial record whilst earning rewards with every transaction.