From the very beginning of the banking era, banks have offered various services like handling cash, providing credits, and other financial transactions. They also offer various physical branches to store cash and credit. Over a period of time, the banking industry introduced technology in an attempt to go digital and offer banking services online. With the effect of the COVID Pandemic, this attempt as now become a necessity. Social Distancing becoming a norm, it is required for banks to treat this urgency and offer their customers online services, thus making it convenient for them.

Neobank is one of the emerging trends in the digital banking platform space which is slowly changing the banking landscape.

To give a few examples of Neobanks, in 2018, Open announced its partnership with ICICI Bank which aimed to help businesses by integrating banking functions like sending invoices, payment collection, funds transfer, reconciliation, expense management – all from a single platform. The US has some of the oldest Neobanks like Simple (founded in 2009) and Moven (founded in 2011). There are also several new ones such as Chime, Varo, and Aspirations.