The fintech space has been expanding rapidly due to technological innovations. Due to this, the financial services industry is changing continuously. One such innovation is neobanks. It can disrupt the existing banking system, thanks to its advanced features.
Want to know more about them? So, what are you waiting for? Let’s get started.
What are Neobanks?
Neobank is like a regular bank. But the twist is that there are no physical branches of a neobank. So, they operate entirely online. Due to its advanced features, it eliminates the need for physical banking.
Due to their online business model, they can save costs substantially, which comes to be as high as 70%. Isn’t it amazing? Also, they can collect the data of the transactions. So, it is valuable for the company and helps it to make better decisions. As people rightly say that “Data is the new oil.”
Benefits of Neobanks
In this competitive world, time and convenience have become a luxury. Nowadays, people don’t have time to take care of their health, leave alone visiting a bank. And they don’t want the hassle of long queues in a bank. That is why internet banking was a revolutionary innovation, making banking available 24*7. But neobank takes it to the next level.
Benefits to Customers
It offers the following benefits to the customers:
- Seamless account opening procedures: With the advancements in technology, it has become possible to open a bank account from the comfort of your home. What’s more, you can even complete the KYC verification process through the internet. So, the account opening process has become seamless.
- Lower charges: As mentioned above, neobanks can save costs significantly. That is why they levy fewer charges as compared to traditional banks. So, they are an economical way of performing transactions.
- Instant Transactions: Banking transactions like NEFT or cheque takes time to get executed. What if you want to initiate a transaction urgently? That is where neobanks come into the picture. They help you to transact as fast as lightning. And the information is available on a real-time basis. So, you can make decisions accordingly.
- Money Management: Besides providing these features, neobanks also act as pocket-friendly money managers. It helps you to manage your expenses and save money. And you can also get short-term loans, in case you need them.
- Maximum security: No doubt, banks are becoming secured day by day. Still, there may be instances where hackers can breach security. In extreme cases, banks themselves may cooperate to commit fraud.
But that is not the case with neobanks. They have advanced security features, like 2-factor authentication and role-based access control that ensure maximum security.
Benefits to Businessmen
All the above benefits are from the point of view of customers. They improve the customer experience to the fullest. After all, why will your customers deal with you if your customers have a poor experience while transacting? As you may know, the Customer is the king.
Besides the above ones, neobanks offer the following benefits to the businessmen:
- Ease of Doing Business: Since the launch of the Make in India Scheme in 2014, ease of doing business has been in the spotlight. How can the government expect to achieve it when the businessmen are facing difficulties in their businesses. But merely talking won’t help them anyway.
Neobanks act as the right hand of businessmen. They simplify the various activities like collecting and making payments, issuing invoices, complying with laws, and whatnot! It makes business easy.
- Cost Saving: Besides saving costs for customers, they also help business owners to reduce their banking expenses. In traditional banks, they levy various charges on customers to avail extra or premium services. But you can get all of them in the neobanks at an economical rate. So, you get the best experience at the lowest possible cost.
- Seamless Compliance: With the longest written constitution, India boasts of having the most legal compliances. Although it ensures welfare, it may be a hassle to comply with them. But don’t worry. Neobanks takes into account all the applicable laws and ensures compliance while transacting with others.
So, it will be better to pay a small amount to a neobank instead of paying hefty penalties and distorting your image.
Enalo: Your Business Companion
Enalo is emerging as a popular neobank for Small Businesses and Freelancers in India. It is a one-stop destination for all your banking needs. Be it accepting payments, making payments, banking reconciliation, and current accounts. You name it: they have it. And you can avail all of them in 2 simple steps: Sign Up and complete KYC. That’s it. You are good to go.
What’s in it for you?
Enalo offers a plethora of products. It has a solution for your banking problems. You can avail of the following facilities:
Enalo Payment Pages help you accept payments with your customized pages. You can create it as per your choice to influence your customers and collect payments without any technical knowledge. It is best-suited for accepting donations for NGOs, tickets for events, and fees for institutions. Creator can sell digital goods and services using Payment page.
- What’s more, the payers will also get auto-generated customized receipts. Donors can also claim deduction under Section 80G with these receipts.
- And you don’t need to be a tech geek to create a payment page.
- You can also track your payments on a real-time basis.
Enalo Payment Links help you to collect payments via links. You can create one and share it with your customers via SMS, Whatsapp, Email, and any other medium you can think of. Your customers need to click the link and choose the payment method.
And these links are smart. They have the following benefits:
- You can customize them as well.
- You can even add a detailed breakup to provide complete information and clear the doubts in the minds of your customers.
- Also, they are flexible regarding the amount that customers have to pay. It means they can make partial payments using the payment link.
But they have to do it before the expiry date if you have set one.
As the name suggests, Payouts help you to make payments instantly. You can automate the payment of salaries to your employees and simplify the payment process for your vendors. You can even send refunds to your customers directly into their bank accounts.
It takes just three simple steps:
- Adding money to your payouts account via IMPS, UPI, NEFT, and other payment options.
- Add the bank details of the receiver. You can also add bulk particulars of the payee by uploading a CSV file or excel file.
- Send the payments with just a click. And the transaction gets executed immediately.
Are you tired of reconciling the bank statements manually? What if you don’t have to do it anymore? Well, it is possible. Thanks to Virtual Accounts.
You can automate the payment collection and reconciliation process. It also acts as an e-wallet for businesses. You can pay, receive and store your funds securely in a virtual account. It saves your time and cost and also helps in managing your money.
And you don’t have to wait even for a moment to create a virtual account. You can get the account number as soon as you sign up.
With Enalo, you can create GST Invoices with a customized template. Your customers can download it for future reference as well. You can even notify your customers. And remind them about payment, in case of delay.
You can also track the payments received and get business insights from the reports and the data available on the dashboard.
Managing the accounts is a tedious task. But you need not worry about it. Enalo offers AI-powered Automated Accounting to save you from this hassle.
It records and manages your transactions and cash flows. It even keeps track of your invoices and lets you create and send invoices and payment reminders as well. You can also file your GST Returns in just a few clicks. So, you don’t have to spend your valuable time filing tax returns.
Excited about these facilities? Then, don’t wait to check it out for yourself.