August 15, 2019
This Indian Independence Day, we thought we’d take a look at an interesting development in the neobanking space; one that is aimed at boosting the financial freedom of players in a conventionally underserved segment – small and medium enterprises, otherwise known as SMEs.
Much has been written about neobanks already, but deservedly so. Neobanks, which are contenders to conventional banking institutions, have long since moved beyond providing a challenge to large banks and financial institutions. From FinTech startups to traditional banks coming up with standalone mobile-first or digital-only offerings of their own, the rise of neobanking has occurred at an unprecedented pace across the world. The growth we’ve seen is hardly surprising, considering the fact that neobanks have been reaching out to provide services to segments that were previously not given as much consideration as more conventional ones were.
What’s more, neobanks offer innovative features and products that are different from traditional banks, including fast account opening, free debit card, instant payments, cryptocurrencies, lower costs, mobile deposits, P2P payments, mobile budgeting tools, user-friendly interfaces, etc.
That said, even today, with the proliferation of financial services across the world enabled by players ...