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Neobank

   

Definition: a Neobank is a new recent type of bank which offers banking services over a completely digital platform, in particular mobile apps. Unlike traditional banks, they don't have a brick-and-mortar setup. Thus, users of such banks (only) interact with the bank's mobile apps (or website) to avail banking services.
Although internet banking isn't a new concept, the concept of neobank is still new (thus the word 'neo').

While Internet banking is typically offered by traditional banks to its customers, Neobanks are founded independently of any traditional bank. They typically partner with traditional banks to offer banking services.


   
   
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