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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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Retail Banking Quiz3

1. Customer segment whose income level is between Rs.10 lacs
 to Rs.50 lacs is referred as

   a. Mass Affluent
   b. Super Affluent
   c. HNW
   d. None of these

Ans. Mass Affluent

2. As per Maslaw's theory, needs may be classified as

   a. Physical Needs and Safety Needs
   b. Social Needs and Esteem Needs
   c. Self Actualization Needs
   d. a and b and c

Ans. a and b and c

3. Home loans are sanctioned by banks for the purpose of

  a. Purchase of Flat
  b. Purhase of Land and construction
  c. Purchase of House with Land
  d. All of above

Ans. All of above

4. Marketing mix refers to

  a. Product & Price
  b. Promotion & Place
  c. People and Process
  d. All the above

Ans. All the above

5. Prepayment charges collected by branches are crtedited to which account

  a. Interest A/c
  b. Commission A/c
  c. Principle A/c
  d. Suspense A/c

Ans. Interest A/c

6. If Rs. 10000 is invested for 4 years at the interest of 12%. What will be future value
   Hint: FV=PV(1+r)^n

  a. 15700
  b. 16100
  c. 10800
  d. 14600

Ans. 15700

7. The export credit target for foreign banks in India is what % of ANBC

  a. 32 %
  b. 12 %
  c. 40 %
  d. 15 %

Ans. 12 %

8. PSBs are more ____ organized in the process model

  a. Horizontal
  b. Vertical
  c. a or b
  d. None of these

Ans. Horizontal

9. As per the factors of service quality – Empathy means

   a. Helping the customer
   b. extend prompt service
   c. understanding the service expectations from customers point of view
   d. all the above

Ans. understanding the service expectations from customers point of view

10. EMI can be Reset if loan has been taken as

    a. Fixed rate loan
    b. Floating rate loan
    c. Both A & B
    d. None of These

Ans. Floating rate loan

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