Customers’ Perceptions Towards New Age Banking in India During Amrith Kaal: An Empirical Study

Abstract

Banking and financial Institutions are ever-evolving as per the needs of the economy and businesses. A bank is a place where Depositors Park their money or make investments through it, and borrowers borrow Depositors Money and other monetary financial transactions take place. In the age of Cybernating Yuga, we are focusing on the digitalization of everything, so why not banking institutions? Digital payment apps, e-wallets, and online shopping are now experiencing a higher growth rate. Neo banking is a concept where we do not have a physical bank. New-age banks provide banking services entirely through digital means. Neo Banking offers several high-quality and low-cost Operational financial services to Customers through online mode. Currently, Neobanks are working as Partner banks with Traditional Banks that have valid banking licences from the RBI. These neobanks are completely based on leveraging Information Technology. The Reserve Bank of India hasn’t started the distribution of banking licences to Neo Banks, but these banks are answerable to the apex banks for their Banking operations. However, the RBI has Indirect Control over neobanks. As Technological Transformations Continue to disrupt the world, Neobanks too could one day eclipse traditional banks and become the Future of Banking.

In this research paper, the author will first explain the concept of neobanking, its perception and Awareness among the general public, as well as investigate the reaction of users towards neobanking services during Amruth Kaal.