Journal of Contemporary Issues in Business and Government

Abstract

The financial industry embraces digital services in every aspect of its operations as the globe
enters the digital age. To a large extent, customers in financial institutions and banks
increasingly rely on digital services. A neobank is a financial institution that is solely
accessible online. Compared to typical banks, neobanks tend to have limited
functions.Neobank’s services are centeredon the customer’s needs and are supported by
cutting-edge technology. The Neo bank uses an Application Programming Interface (API), a
computer-based programming language that makes it possible to link together different
software applications.Neobanks cater to a younger, more tech-savvy demographic familiar
with making electronic payments. The banking industry’s future lies with Neobank.
Customers and traditional banks can now seamlessly conduct their business thanks to a
variety of services provided by the platform.The digital revolution is here to stay. Investment
in enabling technologies is expected to rise significantly in the post-pandemic world.