Know about neobanks | Fusion - WeRIndia

Know about neobanks

Know about neobanks

Neobanks are digital banks and exist online. They do not have physical branches. In India, complete digitization of banks is not possible due to regulations. Hence neobanks are also referred to as fintech companies.

These banks tie-up with traditional banks and provide technology-driven banking services to customers.

Here are a few neobanks that operate in India:

InstantPay was founded in 2013 in Delhi as its headquarters. It is one of the largest neobanking platforms in India. It offers different services to individuals and corporates include savings and current account, bill payments and collections, insurance, loans, investments, prepaid cards, expense and cash management.

NIYO was founded in 2015 in Bengaluru. It provides digital banking services to salaried employees. Besides, travel loans, early salary advance, employee benefits system, and foreign exchange card with savings account are some other services provided to NIYO customers.

PayZello was founded in 2017. This Hyderabad-based neobank offers personalized banking services. It offers a virtual debit card, forex cards, Uni cards etc. to its customers. Other services include loans, expense management and money transfer.

Open is another popular neobank based in Bengaluru. It was founded in 2017. It provides services to SMEs and startups; it is Asia’s first neobanking platform for them. It offers payment gateway, automated account, current account, cash-flow management, tax solutions, automated bookkeeping etc.

Yelo was founded in 2019. This Bengaluru-based neobank offers savings and remittance to customers. It also provides micro-credit solutions for people who earn a salary of less than ₹30,000 per month.

Neobanks use artificial intelligence (AI) and other machine learning methods to provide better banking solutions to their customers. They offer technologically advanced services. Some of them are, provision of metal cards to replace plastic cards, offering investment plans as per the income, generating reports on spending etc.

Image Credit : Instantpay Website Screenshot

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