Technology is growing fast, so is everything including individuals’ expectations in parallel with simplifications in business processes and financial sectors. With this pace of technology, we can’t just stick in our present, indeed, a foreseeable future is what our interest should lie in. From that perspective, Neo Banks turned out to be such a boon of digital technology that aren’t only befitting today’s banking requirements but also highly adaptable to our futuristic financial goals.
Neo Bank is 100% digital, which means it has no physical branches, no ATMs, no Cash. Still, you can avail of the benefits more than what a traditional bank offers. The benefits extend to opening an account in a few simple steps, managing multiple bank accounts at a single platform, integrated payment gateways, one-stop solutions for accounting, auto reconciliation, and more. Indeed, Neo banking renders you a complete digital experience where no physical touch is required.
So, the question arises here! If Neo bank is 100% digital with no physical branches, how can it be trusted! The doubt is obvious, but you should hold on until we reach a conclusion. And once we find the answer it’d conclude, ‘why should you count on Neo banking?’ So, let’s go ahead and check out some points explaining that how reliable Neo banking is for businesses/individuals’ purposes.
Money deposited in a Neo bank account is as secure as money deposited in a regular bank of India. Neo banks don’t own licenses, but they work under licensed banking partners. That means money deposited in Neo bank account preserved under the partner licensed bank. Thus, it is completely safe. Moreover, as an underlying Neo bank account is offered by a regular bank, consumers are eligible to avail of RBI’s guaranteed customer fund up to Rs. 5 lakhs through Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance with a Neo bank account.
Even if with no physical branches and ATMs, Neo bank allows consumers to withdraw money from any other bank’s ATMs. Many full-stack Neo banks offer cash withdrawal through ATMs, not only in India but also abroad. In fact, many offer zero-mark fees on cash withdrawal through debit cards abroad. They also provide better control over the purchases including allowing customers to enable/disable their specific transaction types and transfer money to other bank accounts 24*7 through mobile apps and online banking.
When it comes to availing of the services of a digital bank, security is the first thing that comes to mind. But with Neo banks, you shouldn’t worry about that. Since they are fully digital, they tend to have a strong focus on data security and privacy. For example, HostBooks ICICI Integration uses 256-bit encryption technology and 2-factor authentication to make your banking fully secure. Furthermore, its inbuilt security features like locking/unlocking specific transaction types, setting up transactions limit, hiding account details within the app, etc. will give you a personalized experience while using the app. Above all, Hostbooks as a partner with ICICI bank uses the same server as used by a regular bank, which makes it as secure as a regular bank.
From understanding a process to getting our queries resolved, customer support is always valuable. Though chat with AI or Bot couldn’t be much helpful in all cases, there are times when you need to contact a representative. To fulfill the same purpose, many full-stack Neo Bank partners like HostBooks Integration with ICICI Bank offers 24*6 access to support executives via phone, email, in-app chat, or WhatsApp.
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