Independent Neobank Using Blockchain

To fulfill the demands of the economy and enterprises, banking and financial institutions are constantly evolving; it is unclear how new financial assets are created. The fundamental idea behind banks has changed from being only moneylenders to being a modern financial system characterized by core banking and digitization. The major components of digitized banking are FinTech and blockchain technology. Individuals are inclined more toward digital payments and net banking as a result of the effect of demonetization and the pandemic spread of the coronavirus. Neobanks focus on digitalizing banks instead of requiring customers to leave their homes, in contrast to traditional banks. Neobanks are entirely online banking platforms that exclude physical locations. It also serves as a platform for banking as a service. A neobank can perform all of the functions of a traditional bank, including lending, saving, and credit. Neobanks cooperate with chartered banks and employ the FinTech philosophy to provide their customers with financial services. The objective is to make the most of advanced technologies to provide the best customer experience while still keeping operating costs down.