Neobanks

Curious about Neobanks and How You Can Benefit? Let Us Explain!

Have you heard about neobanks lately? Would you like to know more about them, and how you could get the advantages? Then, we have got you covered. Here at Mate.com.au, we can help you understand these kinds of financial management and favourable banking options. Neobanks are already successful in industrialised countries like the United States and the United Kingdom. They are about to become the same here in Australia massively!

You can keep reading up to the bottom of this article because you will find the answers to some of the most typical queries about these new developments in the financial technology realm. Plus, you will learn about their striking disparities with conventional banks, as well as the innovative and thrilling features they offer.

Concept of “Neobanks” and Their Advantages Unveiled

If you are curious about what neobanks are, the first thing you need to know is they feature similarities with traditional banks. These digital financial service providers offer typical bank products like home loans, savings accounts, and bank accounts. Plus, your hard-earned money and personal information are equally secure in neobanks as with conventional financial establishments. It is because the innovative banks provide their clients with similar degrees of security and licencing limitations as the long-established lenders.

On the other hand, neobanks are different from traditional banks because of their heavy use of technology. These mobile-focused lenders consist of state-of-the-art features upon which their developers build their banking platforms. Also, these digital banks comprise thrilling and up-to-date inventions that benefit their clients. If you are a technology-loving Australian or a technology-savvy millennial, you will love using neobanks when performing your banking routines. It is because you can engage with these digital service providers at the palm of your hand and via a smartphone application. Yes, these banking service providers are only accessible online or when the Internet connection is available.

Another difference that neobanks have compared to conventional banks is that they have their own, completely digital platforms on which to operate. These platforms are 100-per cent running digitally and are not mere online versions of existing banking systems. Hence, bank branches and other physical infrastructure do not apply.

You may wonder what makes neobanks exciting to use. We must say that their built-in technology features are what makes them thrilling! Neobanks have diminished overheads, and they are promising to deliver lower fees and more competitive rates. Also, these sophisticated and futuristic banking platforms work to make banking more personal and smarter. Hence, if you are a technology-savvy person, you will appreciate setting budgets, managing your finances all in one application, and withdrawing your funds and making payments using virtual cards.

As you can see, neobanks are, indeed, impressive. They are not some buzzword out there, but the developers of these financial technology platforms made them further your banking convenience.

Frequently asked questions

Are digital banks and neobanks the same?

Neobanks feature certain sameness with digital banks or online-only financial firms in Australia, such as UBank, ING, and ME. These similarities comprise being wholly online-based. Plus, they tend to place more emphasis on offering more ideas and making ingenious tools all for the benefit of their users.

However, plenty of online financial service providers are merely the digital editions of their conventional bank counterparts. Hence, the mobile applications and the Internet banking platforms that online banks developed serve as the digital versions of the existing physical platforms. Online banks did not make them for a new generation of technology and mobile-savvy clients.

As a neobanks user, what should I expect if I lose possession of my phone?

It is unfortunate if you break or lose your smartphone because that could translate to losing access to your mode of payment and bank account. This reality comes as users will only be able to access plenty of the neobanks via their respective applications. Nevertheless, you should not worry if you happen to lose your mobile phone. It is because most neobanks have a dedicated hotline which you can call for stolen or lost phones, and ensure your account security.

Will I receive a physical prepaid debit or physical debit cards?

Yes, most or nearly all neobanks offer physical prepaid debit or physical debit cards. Meanwhile, they give their clients the opportunity to utilise the latest digital payment modes, such as Samsung Pay, Apple Pay, and Google Pay, too. Hence, with a physical card, you will still be able to withdraw money from an ATM and make over-the-counter purchases.

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