Feature Post

NEO Banking - A Future Digital Banking, Development Scope, Threat and Challenges

What is Neo Banking? NEO banks are the banks which has no physical branches. NEO Banks are digital only financial institutions that operate exclusively online through websites and mobile apps.  The financial services industry has undergone massive transformations from manual to Core Banking and now digital without any physical branch. the evolution of banking has been marked by innovations aimed at making financial services more accessible, convenient, and efficient.   NEO Banks offers services like below: Account Management: Account Opening, Checking, Savings, and Money Transfers Loan Services: Quick and seamless loan approvals Low Fees: Minimal or no fees due to lower operational costs Tech Features: Budget tools, instant payments, and real-time alerts Why Are Neo Banks becoming popular now? Convenience : 24/7 mobile banking—no waiting in lines. Lower Fees : No hidden charges, free international transfers, and zero maintenance fees. User-Friendly Apps : Seamless, f...
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Different Departments/Wings in Bank

Banks have several wings through which banks do the operations and keep tracking and maintain checks and balances. Normal wings of banks are
1. Human Resource                                  2. General Administration
3. Priority Credit                                       4. MSME
5. Inspection                                             6. Corporate Credit
7. Vigilance                                               8. Transaction Banking
9. Financial Management                         10. Customer Service
11. Strategic Planning and Development   12. Risk Management
13. Integrated Treasury                            14. Department of Information Technology
15. Recovery

Although in abstract, banks have main departments like below -
Human Resource Department , Cash Department, Accounts Department, Loan/Advances Department, Investment department, Information Technology department and treasury department.

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