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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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Final Accounts

Final Accounts are the financial statements those are created at the end of the year to measure the health of the business. It represents the current financial status of the business. It is created in the form of journal and ledger. 
Important Financial Statements are as below
1. Profit and Loss Account - Expenditure and Income Statement of the particular Period

2. Balance Sheet - Statement of Assets & Liabilities as on particular date

3. Fund Flow Statement - Change in Asset and  Liability position between two account periods

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