A Study of Consumer’s Perspective on Neo-Banking

In today’s digital landscape, technological advancements are transforming traditional industries, including banking. Neo banks, fully digital financial institutions without physical branches, have emerged as cost-effective and streamlined alternatives to conventional banking. This study examines consumer perceptions of neo banking in comparison to traditional banking and explores its impact on the financial industry. A structured questionnaire was used to collect primary data from 157 participants with experience in both digital and conventional banking. The research employs a descriptive design to assess key factors such as ease of use, cost efficiency, security, and overall satisfaction. Additionally, it evaluates how neo banks are challenging traditional banking models. The sample, recruited through online platforms, represents diverse demographic segments, ensuring comprehensive insights into consumer preferences. Descriptive statistical techniques were applied to analyse the data and identify emerging trends. The findings provide valuable insights into the drivers of digital banking adoption and the challenges neo banks face in reshaping the financial sector. This research contributes to understanding consumer behaviour and offers recommendations for financial institutions and policymakers to enhance digital banking adoption. Understanding consumer sentiment will be crucial in shaping the future of banking as neo banks continue to disrupt traditional models.