If you value established reputation and physical presence, a traditional bank may be a better fit for you. If you prioritize digital convenience and lower fees, a neo bank may be the way to go.
Having a traditional bank account also makes you eligible for pre-approved terms for certain loan products. It could be beneficial for the one in need.
Pros of Traditional and Neo Banks
• Greater range of financial services
• Developed ATM network:
• More options for customer service
• Relationship banking
( For Everyone who wants a great network of physical branch availability )
• Streamlined experience
• Convenience factor
• Low Fees, Charges and intrest
• Easy To Use
( Mostly for tech savvy and people who prefer convenience in their life )
Neobank development is a trend in the banking sector and FinTech. Start-ups and financial institutions today are interested in creating web and mobile solutions to get ahead of their competitors. If you are curious about how to start a neobank, this article by Cleveroad helps you get acquainted with all the essential points to consider.
I request everyone to not use any neobank, payment bank or small finance bank as your primary bank account.
Use these as secondary accounts only.
I didn’t found inconvenience in the traditional banks as most bank offer online service.