What's the next big thing in Neo banking?

What's the next big thing in Neobanking?

Neobanking is a new way to do banking. It makes your life easier by combining the features of traditional and digital banking. For example, you can manage your bank account on your phone, including depositing checks and making transfers. Virtual reality and augmented reality are also used as neo banking tools, So what's next for this growing industry?

In this article, We will explore the future of neo banking about customer services, security and fraud prevention, virtual reality (VR), augmented reality (AR), and more. we'll also highlight some of the most innovative neobanks in the world so you know where to start! the latest technologies and trends and the next big thing in banking!

The next big thing in neo banking is the introduction of virtual reality (VR) and augmented reality (AR) for banking. VR and AR make it possible for you to virtually visit your bank, complete banking transactions, and even deposit a check. It's all done through a VR headset or AR-powered mobile device. A company called Mvelopes is leading the way in this new technology with its app that allows you to access your account on your phone when you have your headset on.

Many banks are also adding more customer services representatives. This is because more people are becoming comfortable with neo banking and want to speak with someone before they complete transactions online. The customer service representatives can answer questions about how neo banking works or help customers if theirs's an issue with their account. With security becoming an increasing concern for banks, many are embracing new technology like voice biometrics, one of the most ways to secure accounts from fraudsters today.

There are also new advancements coming in fraud prevention which will help keep neobanks safe from hackers who want to steal money from accounts or change important details about an account so that it doesn't belong to the true owner. Banks such as HSBC and UBS have developed artificial intelligence (AI) systems called robotics process automation (RPA) which can take over repetitive tasks such as sifting through thousands of records to look for suspicious activity within a few minutes instead of hours or days.

Customer Services -

Customer service is an important part of any business, if a customer has a problem, they'll call for help. With neo banking, the customer service aspect is different and will continue to evolve in the future.

For example, many companies are already experimenting with chatbots. Chatbots are programs that use artificial intelligence (AI) to answer customer questions automatically. They can do everything from answering basic questions about your account to helping you transfer money between accounts.

Chatbots allow you to have 24/7 customer services without having to hire as many people or keep them on staff at all times. By using chatbots, customers can get answers to their questions immediately and receive support when it's convenient for them- not just when a human employee is sitting at a desk near them.

This means that one day, you could potentially have access to 24/7 customer services without actually needing people behind the scenes at all times.

Security and Fraud Prevention -

It's impossible to ignore the threat of security breaches and fraud. With the rapid growth of neo banking, it's a serious concern with all the personal data that need to be accessed, stored, and shared. Thankfully, banks are doing their best to keep customer data safe through encryption techniques, two-factor authentication, and other methods.

However, as customer expectations rise, so do the risks, Fortunately, there are new technologies that are their way that can help banks combat fraudsters and cybercriminals, For example - biometrics has been proven to be an effective way to reduce fraud. By using biometric technology (like fingerprint scanners), you can access your account by scanning your fingerprint instead of inputting a password or PIN code. This increases convenience for customers without compromising safety levels.

VR and AR in Neobanks -

Virtual reality is a game-changer in neobanks. It can unlock the power of personalized banking by allowing the user to explore their accounts in an immersive way. Imagine being able to walk around your account and see what it would look like in different places! Augmented reality makes this possible by overlaying your account information with the world around you. This means you'll be able to visualize your finance as if they were happening, which gives you a better idea of where you stand financially.

VR and AR will also benefit neobanks for security purposes. When someone tries to access an account through VR or AR, they will have to go through a verification process that's more difficult than simply trying to log in with a password. This will another level of safety and security because neobank users won't have to worry about someone else accessing their financial information without permission.

Another cool feature VR offer is the ability for people who live on the opposite side of the world to interact as if they were in the same room. Imagine meeting up with friends or business partners having to leave your home! The only difference is that instead of being face-to-face, you'll be seeing them on your phone or computer screen from afar.

Payment Method Innovations -

Neobanks are on the rise, and one of their most innovative features is their payment method. For example, many neobanks feature an AI assistant that help customer makes final decisions. With these kinds of technology, customers are no longer limited to traditional banking hours or banking in person. Neobank also allows payments through mobile wallets, which facilitates the use of cryptocurrency.

One of the newest innovations in neo banking is called "neomoney". This term refers to digital currencies used for transactions between banks and other financial services providers. Examples include Ripple, Stellar Lumens, NEM, NEO, and others.

Conclusion -

The global banking industry is undergoing a digital transformation and customers want more than just a bank account. They want to be able to access their account anywhere, anytime, on any device and they want to be able to do more than just transfer money.

Neobanks are leading the way in this change, with innovative features like AI-powered chatbots, biometric security, and contactless payments.

But there's more to it than just what you do - it's how you do it. That's why it's important to offer excellent customer services experiences and fraud prevention tools that are second to none.