What does a NeoBank offer?

Online neo-banks offer all classic banking and financial services: online bank account, bank card, credits/loans, savings products, financial investments & trading etc.

In summary, neo-banks are exclusively online, digital financial establishments that offer banking services, often at low costs.

What are the advantages of a neobank?

Online neo-banks have disrupted the ecosystem of traditional banks because they offer many advantages and benefits to their customers.

Low bank fees

One of the reasons for the success of neo-banks is mainly due to their low operating costs. Because these companies do not have the same expenses as a traditional banking establishment with physical branches, employees, etc.

Fast and free account opening

Another major advantage offered by an online neo-bank is that it is possible to open a bank account in just a few minutes from your smartphone or computer.

To open an account with a neo-bank, it is generally sufficient to provide a photograph of your identity card, passport, or driving license.

Your account will then be instantly and automatically opened and you will be able to receive your bank card in just 48 hours at your home.

The ability to manage your account easily

At a neobank, you don't need individual advisors to manage your bank account and finances. You manage everything, all by yourself, from the application on your smartphone, or from your PC.

Whether it is to increase the limit of your overdraft authorization, take out consumer credit, change the code of your bank card, or invest in the financial markets, everything is done easily and quickly in a few seconds and a few clicks!

What are the disadvantages of a neobank?

Despite many undeniable advantages, a neo-bank can present some disadvantages to a person not accustomed to this ecosystem.

Cashing and issuing checks

Some neo-banks accept check cashing, but not all. Likewise, some neo-banks offer a checkbook to their customers, but not all.

The absence of individual advisors

The absence of banking advisors has a great virtue, that of offering great freedom to users who can fully manage their bank account without external authorization. However, this can also be a disadvantage for some people who are not very independent and self-taught.

What is the difference between a NeoBank and a FinTech?

A FinTech ( mixture between Finance & Technology ) is a payment service provider. It is a company which does not have the approval of a credit institution like a bank, or a neo-bank. A FinTech only has payment institution or electronic money institution approval.

On the contrary, a NeoBank has all these approvals: payment establishment, electronic money, and credit.