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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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Some Important Abbreviations used in AML-KYC

AML – Anti Money Laundering
ATF – Anti-Terrorist Financing
CAP – Customer Acceptance Policy
CCR – Counterfeit Currency Report
CDD – Customer Due Diligence
CFT – Combating the financing of Terrorist
CRC – Customer Risk Categorization
CTF - Counter-Terrorism Financing
CTR - Cash Transaction Report
FATF – Financial Action Task Force
FEMA – Foreign Exchange Management
FIU-IND – Financial Intelligence Unit India
HNI – High Networth Indivisual
KYC - Know Your Customer
NRI – Non-Resident Indian
PEP – Politically Exposed Person
PMLA – Prevention of Money Laundering Act

STR – Suspicious Transaction Report

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