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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 Quiz4

1. Mumbai has --- benches in Debt Recovery Tribunal

   a. 2
   b. 3
   c. 4
   d. 5

Ans. 3

2. Demat refers to

   a. process of converting physical shares certificates into an electronic form
   b. Once converted, the shares are held in a Demat account
   c. The shares will become interchangeable, identical and fungible assets after demat
   d. All the above

Ans. All the above

3. Warranties on electronic purchases are examples of ____.

   a. Cross selling
   b. Up selling
   c. Down selling
   d. Side selling

Ans. Up selling

4. The customer information is centralized and the functionality is provided across all products in _____.

   a. Horizontally organized model
   b. Vertically organized model
   c. Predominantly Horizontally organized model
   d. Predominantly Vertically organized model

Ans. Vertically organized model

5. What are the standard retail asset products offered by banks?

   a. Housing Loans
   b. Consumer Durable Loans
   c. Car Loans
   d. a, b and c

Ans. a, b and c

6. Retail Banking is a ……

   a. B2C approach
   b. B2B approach
   c. Either a or b
   d. Neither a not b

Ans. B2C approach

7. The basic information is available across products for common services in this organized process model

   a. Horizontally
   b. Vertically
   c. Predominantly Horizontally
   d. Predominantly Vertically

Ans. Predominantly Vertically

8. Discounting is used to determine

   a. The future value of present cash flows
   b. The present value of future cash flows
   c. Either a or b
   d. None of the above

Ans. The present value of future cash flows

9. Minimum amount due (MAD) is calculated at what % of the total current dues of the credit card.....

   a. 5
   b. 7
   c. 8
   d. 10

Ans. 5

10. In a simple registered mortgage the deed of mortgage is to be registered within …… months of its date of execution

   a. 1
   b. 3
   c. 6
   d. 4

Ans. 4

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