Ms. Sharanya D.S , Dr. Shailaja M.L
Dept. of MBA, Dr. Ambedkar Institute of Technology, Bengaluru, Karnataka
Abstract
This study highlights how neobanks, which are exclusively digital financial companies, have disrupted traditional banking systems by contrasting and comparing the birth and adoption of these businesses in the US and India. Neobanks provide more efficient, cost-effective, and customized banking experiences by utilizing cutting edge technology. They don't have any physical branches; all of their business is done online. Despite having similar technological infrastructures, the growth and development of neobanks is impacted by distinct regulatory frameworks, socioeconomic factors, and consumer behaviors in the US and India. This study makes use of primary survey data and hypothesis testing to assess critical factors such as user-friendliness, security concerns, customer trust, and overall satisfaction with neobank services in both countries. Based on the analysis, neobanking has become more popular and trusted in the US due to its well-established digital financial ecosystem and robust regulatory frameworks. However, despite its quick growth, the Indian neobanking market faces challenges with regard to customer trust and regulatory compliance. The study concludes with recommendations for increasing the adoption of neobanks, particularly in the Indian market, through regulatory support, improved security measures, and improved customer education.
Keywords: Neobanks, digital banking, financial technology, financial inclusion, digital transformation.
Journal Name :
EPRA International Journal of Environmental Economics, Commerce and Educational Management

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Published on : 2024-09-29

Vol : 11
Issue : 9
Month : September
Year : 2024
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