Neobanks are a form of a financial institution established by fintech, tech companies that employ technology to improve the finance industry. Also referred to as “challenger banks”, these institutions typically feature simple services confined to checking and savings accounts. However, what they lack in service variety and physical facilities, neobanks make up for in perks like free or low fees, easy mobile apps, and more. Neobanks offer modern, typically minimalistic, online-only financial services to minimize the expenses and other hassles associated with many conventional banks.

Helios is a French-based neobank that provides personal accounts with debit cards, with all transactions managed via iPhone or Android applications. Currently, Helios welcomes residents of Belgium, France, Luxembourg, and Monaco to open mobile bank accounts.

How to establish an account

The following method is used to set up an account:

Download the Helios neo-bank smartphone application

The mobile application should be easily accessible in the app store or apple store for Android and Apple users, respectively.

Sign up to create your account

Signing up is the final step in opening a neobank account. You will need to input your personal information to validate your identification. This information includes:

• Your entire name.
• Mobile number.
• Email address. 
• Government-issued identification. 

After entering the required information, you will be required to input a code received via text message, email, or both. This should verify your identification, allowing you to create a Helios neo account.

Enjoy the convenience of internet banking

At this point, you should be able to access your Helios neo account. Simply put funds into your account and begin banking immediately. Simply log in to your Neobank account and you’re good to go. Neobanks provide a range of services, including payment processing, wealth management, and micro-investments. Your Neobank should mail your debit card to you within the next several days. Be sure to double-check your address when registering, so they don’t send the materials to the incorrect location.

Prime advantages of adopting a Helios account

With the Helios sustainable bank account, you are certain that not a single euro goes to supply sectors that pose an environmental or human risk. Also due to the impact dashboard incorporated into the Helios banking app, you are aware of precisely how deposits are utilized and which projects are funded. With the Helios banking application, you may simplify your life. They pledge to climate preservation AND enjoy the most advanced banking applications available today. The secure and uncluttered Helios banking application keeps gadget features at bay and simplifies day-to-day tasks. A stakeholder committee comprised of climate and financial specialists from renowned NGOs, as well as staff and consumer representatives, guides the operation of Helios.

How neobanks work

A bookkeeper is responsible for the recording and organization of a company’s financial transactions. Bookkeeping is the key method for business owners to determine whether or not their company is profitable. Keeping an eye on your numbers enables you to discover financial issues early and address them before they become full-blown disasters. Bookkeeping also helps you identify profit-expansion opportunities that you might not have noticed without easily interpreted financial records. In general, a bookkeeper is responsible for recording transactions, sending invoices, making payments, managing accounts, and preparing financial statements. Bookkeeping and accounting are comparable, however, bookkeeping serves as the foundation for the accounting procedure. Accounting is more concerned with analyzing data than bookkeeping is.

The advantages of neobanks

How many opening a checking or savings account with a neobank be advantageous for small company owners? Here are some advantages to consider.

Lower costs and better yield to maturity

Neobanks can provide minimal service costs, greater savings account interest rates, and even fee-free accounts because they are not required to maintain or staff a physical branch. This can be a substantial benefit for small business owners with limited access to funding.

Simple approval

Most neobanks have fewer requirements than conventional banks and only a few minutes to set up, making it easier for small company owners to be authorized. Typically, you only need to submit your name, SSN, and email address to get started.

Conclusion

Neobanks operate differently from conventional banks, yet they can be a beneficial and efficient alternative for most individuals. They are also a viable choice for individuals who do not have access to dependable offline banks. From the standpoint of the user, signing up for a Neobank is stress-free. Compared to opening a bank account at a physical location, it just takes a few minutes to do so online. It is not surprising that their popularity is rising rapidly, especially among the younger generation of tech-savvy individuals.