Neo Banks: A Paradigm Shift in Banking

Purpose: In terms of market structure and competitiveness, Indian banking has seen major changes. The future services is being revolutionised by technical digital advancements. Technology advancements are anticipated to have a significant impact on the global financial sector in near future. Innovations payments, lending, asset management, insurance put institutions' business models strategies challenge, but they also offer opportunities both newcomers existing players. Fintech term used characterise emerging technological due an increased reliance information technology. concept new- generation resonating with traditional banks' use technology through in-house upgrades or partnerships fintechs. This turn driving toward new models, innovative products, services. Clients nowadays, particularly retail customers, want banks them efficient, dependable, customised Therefore, there need that affordable accessible everyone. Narrow banks. One such cutting-edge strategy fintech companies neo banking. Neo industry buzzword revolutionising India's industry. banks, which been widely successful, now expanding into India giving users access just mouse click. can products online despite not having physical presence. provide options their clients, tech-savvy underbanked citizens our nation. this research paper aims introduce wider range consumers attempts make study bank its present analyzing pros cons SWOC ABCD Framework Analysis. Design/Methodology/Approach: Research gap identified after literature search Since inception India, lot scope for research. Secondary data analysed understand framework analysis conducted Findings/ Results: article explores paradigm shift providing individuals businesses. stage, advantages, challenges, benefits analysis. addition, focuses 5 prominent growth India. Type Article: Review-based exploratory study.