The way you manage your money changed dramatically over the past ten years and will change more. A new report released last week during a Global Fintech Fest gives a peek into the way you do banking would change.
Neo banking will be the way financial services will move forward, most experts highlighted. Neobanks are FinTechs that target individuals for financial services who are factory workers, freelancers, teenagers and students. Segments that are not reached out to by the traditional banking systems. Neo banks do not get an independent banking licence as banks. However, they are allowed to source business for existing banks.
It is interesting to note that the event had participants like governments and regulators like the Reserve Bank of India, Securities and Exchange Board of India and Insurance Regulatory Authority of India. The Internet and Mobile Association of India or IAMAI, and the National Payments Corporation of India were the organisers.
Excitement was evident as most experts attending the event agreed that Neo Banking would turn out to be the Next Evolution Arc in Financial Services. Conversations among pundits in the technology, financial services, telecom services space are all converging.
Why this matters
هذه القصة مأخوذة من طبعة October 04, 2021 من The Morning Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة October 04, 2021 من The Morning Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
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