What is Neobank?

Traditional banking may bring to mind bank branches, inefficient ATMs, a heavy load of paperwork, and waiting in line for hours. Nowadays, thanks to technology, a new group of non-banking startups known as Neobanks has eliminated these difficulties and offers a seamless online experience with little or no fees in the form of digital banking platforms. But basically, what is Neo Bank? Neobanks, sometimes called "challenger banks," are fintech companies that offer apps, software, and other technologies to simplify online and mobile banking.