NEO BANKING: A COMPARATIVE ANALYSIS OF INDIA & THE UK

Neo banks are considered to be a disruption in banking and finance and are pioneers of innovative products that ease the daily financial requirements of people across the globe. The rise of digital banking services is mainly attributed to increased smartphone penetration and the availability of affordable internet services. The paper attempts to compare and analyse the neo banking scenario in a developing country – India and a developed country- The United Kingdom (UK). The paper identifies and examines the factors that play a crucial role in the overall success of neo banks namely – Government regulations, industry growth projections, licensing policy, business profitability, customer base, products and services offered, and investor funding pattern, through an extensive review of available literature on neo banks of both countries, to identify the gaps and devise a plan to fill those gaps for the smoother and faster growth of neo banks in India.