In the literal sense, the word neobank is formed from the combination of neo which means ‘new,’ and bank translates to ‘new bank.’ A neobank operates online via the internet and cloud computing, making them challenging to the common traditional banks. The following are some of the services provided by neobanks； the opening of different kinds of accounts, money lending services, transfers, investment, insurance, etc. NeoBanks compared to traditional banks are mainly online. This implies that all their operations are carried out via the internet worldwide. This is how they can effectively reach all niches as they are not restricted as traditional banks are. ImaginBank neobank is not a digital bank as it is independent of any existing traditional bank.
If you are interested in opening an account with this neobank or considering opening an account with any neobank, here is a guide on what you need to know about ImaginBank neobank and other information.
Benefits of the NeoBank
Every bank aims to make profits. Some benefits of using the bank include the following:
Customer Orientation
The bank focuses on the design and feel of its app. To bring in a new banking era, it creates simple and intuitive systems for easy and quick banking.
Cost-Effectiveness
Since the bank is operated online, it runs on a cost-effective business model, unlike traditional banks with their labor and operational costs.
Low Charges
It charges little or no monthly fees at all. This is an important consideration for users looking for a bank both efficient and cheap.
More Convenience
As a completely digital bank, it requires a mobile phone, tablet, or other devices for access. This means all banking-related activities can be done from anywhere without visiting a physical branch. It is easy to reach a representative of NeoBank, as communication is also digital. They are highly beneficial to travelers.
Cons of Using Neobanks
Before using a NeoBank, one has to consider the following:
No Physical Branch
Since all of its activities are done online, speaking to a representative is via email. However, compared to visiting a traditional bank and speaking in person, online messaging may take time to process primarily for complex issues.
Uncertainty
Although neobanks such as this bank have pointed out the flaws in traditional banks and tried to meet niches avoided by larger banks, traditional banks are currently introducing digital banking to their services. As well as, starting digital banks.
