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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.