Regulation on Neobanks

Abstract

The banking system has been continuously evolving over the hundreds of years to meet the changing the demands of environment of the financial system. With the advent of the internet, there has been a revolution in banking, offering several services to customers. Neobanks have been at the forefront of leading the revolution of new-age banking to give high customer satisfaction by operating at low cost and high operational efficiency. As every industry has been disrupted by tech in recent years, banking remained Brick and Mortar but neobanks changed that and so would the regulatory framework have to accommodate them.