{"id":4520,"date":"2021-10-08T11:08:12","date_gmt":"2021-10-08T05:38:12","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=4520"},"modified":"2023-01-03T16:02:55","modified_gmt":"2023-01-03T10:32:55","slug":"neobank-bank-of-the-future","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/neobank-bank-of-the-future\/","title":{"rendered":"The Future of Neobanks May Focus on Sachetizing Banking Services: Reeju Datta"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a8f37ecbbe17\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #364250;color:#364250\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #364250;color:#364250\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a8f37ecbbe17\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/neobank-bank-of-the-future\/#But_Whats_a_Neobank\" >But, What&#8217;s a Neobank?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/neobank-bank-of-the-future\/#How_Do_Neobanks_Make_Revenue\" >How Do Neobanks Make Revenue?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/neobank-bank-of-the-future\/#Revenue_Through_Existing_Bank_Customers\" >Revenue Through Existing Bank Customers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/neobank-bank-of-the-future\/#Revenue_Opportunities_from_Non-FS_Players\" >Revenue Opportunities from Non-FS Players<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blogrevamp.cashfree.com\/neobank-bank-of-the-future\/#Value-Added_Services\" >Value-Added Services&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blogrevamp.cashfree.com\/neobank-bank-of-the-future\/#Possibility_of_Subvention_Model\" >Possibility of Subvention Model?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blogrevamp.cashfree.com\/neobank-bank-of-the-future\/#Challenges_to_Growth_Of_Neobanks\" >Challenges to Growth Of Neobanks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/blogrevamp.cashfree.com\/neobank-bank-of-the-future\/#The_Future_of_Neobanks_in_India_Whats_Next\" >The Future of Neobanks in India: What\u2019s Next?<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">Neobanks can very well be termed as the latest buzzword in fintech town.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But what <em>does<\/em> a neobank bring to the table? And how do they make revenue?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These questions seem quite complex, don\u2019t they? Well, experts might help.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>And this blog is all about expert advice.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Global Fintech Fest was conducted from September 28-30, 2021. Our co-founder, Reeju Datta, joined a group of seasoned panellists to discuss all-things-neobank!<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"770\" height=\"403\" data-attachment-id=\"4590\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/neobank-bank-of-the-future\/neobanks-reeju-gff2021-01-1\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/Neobanks-Reeju-GFF2021-01-1.jpg?fit=1200%2C628&amp;ssl=1\" data-orig-size=\"1200,628\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Neobanks-Reeju-GFF2021-01-1\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/Neobanks-Reeju-GFF2021-01-1.jpg?fit=770%2C403&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2021\/10\/Neobanks-Reeju-GFF2021-01-1-1024x536.jpg?resize=770%2C403&#038;ssl=1\" alt=\"future of neobank\" class=\"wp-image-4590\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/Neobanks-Reeju-GFF2021-01-1.jpg?resize=1024%2C536&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/Neobanks-Reeju-GFF2021-01-1.jpg?resize=300%2C157&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/Neobanks-Reeju-GFF2021-01-1.jpg?resize=768%2C402&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2021\/10\/Neobanks-Reeju-GFF2021-01-1.jpg?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The roundtable kicked off by discussing the subject of low digital penetration in India.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, Neobanks, relatively the <em>\u201cnew kid on the block\u201d<\/em> can offer a solution to this issue.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"But_Whats_a_Neobank\"><\/span>But, What&#8217;s a Neobank?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Neobank can literally be translated as a \u2018new way of banking\u2019. It focuses on a more <strong>branchless, digitized kind of banking that meets ever-evolving customer expectations<\/strong>. In other words, a Neobank is a system built over the existing banking infrastructure of traditional banks.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.cashfree.com\/contact-sales?utm_source=blog&amp;utm_medium=gff_neobank_blog\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/lBImLaCZqe2umpcZHU1RYCREPfOJ20391zywce0VefD-bNy0zQASL-qqWxEO9zPXAdL3D34qlbW7DBRkzPWyqoyIlhDEYQqOMk4-tC3CDGw_SshgVvWdC2o-Y1Qr46PoKmbzY7xG=s0\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Historically, traditional banks have created financial products keeping compliance and regulation into consideration. However, neobanks are <strong>inverting the dynamic.&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They are creating products that meet the customer demands and then focus on making them compliant.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, how are neobanks giving strong competition to traditional banks?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Well, here are a few pointers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mobile-first approach<\/li>\n\n\n\n<li>Financial Inclusion; catering to all social sections<\/li>\n\n\n\n<li>Innovative financial products (payment links, wearable payment tech, etc.)<\/li>\n\n\n\n<li>Simplified reconciliation for payments<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Apart from that, there are a lot of reasons for the rise of neobanks in India:<br><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lower entry barriers in the market due to <a href=\"https:\/\/cashfree.com\/blog\/open-banking-api\/\">Open banking API in India<\/a><\/li>\n\n\n\n<li>Demand for banking services by niche markets<\/li>\n\n\n\n<li>Ease of regulation and compliance structures<\/li>\n\n\n\n<li>Traditional banks opening up to partnerships with fintech players.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Related Read:<\/strong> <a href=\"https:\/\/cashfree.com\/blog\/banking-as-a-service-baas\/\">Banking as a Service<\/a>: All You Need To Know<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since we have covered the rise of neobanks, it is only fitting to discuss their business models.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Do_Neobanks_Make_Revenue\"><\/span>How Do Neobanks Make Revenue?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier, traditional banks had a virtual monopoly over the financial industry. Things have changed as new players have entered the market.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here are some models that depict the <strong>economics of neobanks<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Revenue_Through_Existing_Bank_Customers\"><\/span>Revenue Through Existing Bank Customers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Gaining from existing bank customers does not necessarily mean a drop in revenue for banks.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, revenue is divided between banks and third-party entities. However, the overall revenue has also increased significantly as <strong>bank-fintech partnerships help banks tap into new markets<\/strong> as well.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Revenue_Opportunities_from_Non-FS_Players\"><\/span>Revenue Opportunities from Non-FS Players<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In our blog on <a href=\"https:\/\/cashfree.com\/blog\/banking-as-a-service-baas\/\">Banking as a Service<\/a>, we detailed how non-financial services (FS) players are aiming to embed banking services into their eco-system.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, travel agencies may want to offer one-click loans for tickets on their platform. This aids in transforming customer experience and building an ecosystem that reduces churn-offs.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, these <strong>non-FS players may act as new revenue sources for neobanks<\/strong>. With the rise of fintech APIs, more and more players are looking to embed banking services in their products.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Value-Added_Services\"><\/span>Value-Added Services&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Neobank is still a rather new concept in the market (<em>or new kid on the block.<\/em>)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a result, most entrants have to innovate to find new revenue models and streams.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, the <strong>subscription model (<\/strong><a href=\"https:\/\/cashfree.com\/blog\/recurring-bill\/\">recurring bill<\/a>) seems like a lucrative prospect. However, they may not fit the bill for SMEs.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.cashfree.com\/contact-sales?utm_source=blog&amp;utm_medium=gff_neobank_blog\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/ONa-QD50cdd8QUMPIQz5qrp4P_zKDxX3q7rjIgvasIaoOSk6Bq1gBXuYm6UrsC2ofjoglfD5dlxlvgqdbNQAhJHVSSG_drXRUca2uSopViV63XYXu8ZCT07RJ7k8Er79ICAzWJNR=s0\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Another model can be <strong>offering platinum services<\/strong> for earning revenue. For instance, Zomato Pro can be considered a platinum service. (in addition to the default Zomato services)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the success of these revenue models depends on the <strong>response of the Indian customer base.&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Experts agree that the <strong>next 2-3 years will be formative in terms of revenue models<\/strong> for the neobank industry.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Possibility_of_Subvention_Model\"><\/span>Possibility of Subvention Model?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Now, let\u2019s say a neobank is working in the healthcare niche. They are aiming to provide credit to customers for their healthcare needs.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, a hospital may be the direct beneficiary of this business model. Experts discussed the possibility of a subvention model. Here, the third-party player (the hospital, in this case) would <strong>incentivize the neobank<\/strong> in some way.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After all, Neobanks create capacity for some consumption by the end-user. It will be interesting to see if subvention models are taken up as a revenue stream by neobanks in the near future.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, as with any new fintech innovation- there are quite a few challenges for neobank players as well.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Challenges_to_Growth_Of_Neobanks\"><\/span>Challenges to Growth Of Neobanks<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While the advantages and evolving growth models seem encouraging, there is still a lot of room for improvement.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Need to fix operational challenges in integration with banks<\/li>\n\n\n\n<li>Higher cooperation from traditional banks<\/li>\n\n\n\n<li>Lower customer acquisition costs<\/li>\n\n\n\n<li>Optimized regulatory and compliance structures<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">It will be interesting to see how fintech players overcome these challenges. Thus, paving the path for the future of neobanks in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Future_of_Neobanks_in_India_Whats_Next\"><\/span>The Future of Neobanks in India: What\u2019s Next?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The future of neobank may focus on <strong>unbundling of banking services.&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, banking services may be presented on a third-party app. Interestingly, this app does not have to be in the fintech space. For instance, social media platforms like Whatsapp could offer these banking services to customers.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, a user may switch between the services of various banks and get<strong> the optimal financial product for their use case<\/strong>. The aim would be to achieve minimal switching cost and switching time.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Taking this into consideration, it\u2019s safe to say that neobanks just might be the bank of the future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What are your thoughts?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How will the bank-fintech partnerships affect the growth of neobanks? Are there any other business model focusing on neobank growth?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let us know in the comments below!&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Neobanks can very well be termed as the latest buzzword in fintech town.&nbsp; But what does a neobank bring to the table? And how do they make revenue?&nbsp; These questions seem quite complex, don\u2019t they? Well, experts might help.&nbsp; And this blog is all about expert advice. The Global Fintech Fest was conducted from September<\/p>\n","protected":false},"author":17,"featured_media":7163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,1525,2157],"tags":[1499,2107,1517],"class_list":["post-4520","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-banking","category-events","tag-banking-as-a-service","tag-experts-speak","tag-open-banking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Future of Neobanks May Focus on Sachetizing Banking Services: Reeju Datta<\/title>\n<meta name=\"description\" content=\"A group of major industry players got together at The Global Fintech Fest 2021 to discuss all-things-neobank. 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