A Study on Awareness and Challenges of Neo-Banking Among Millennials in Mysuru City

Abstract: The Neo-banking sector is expanding rapidly due to the increasing penetration of the internet and smartphones, supportive government initiatives for digital payments (like UPI), and a large unbanked or underbanked population. The study is aimed at analyzing the awareness, challenges and satisfaction level on Neo- Banking Services. The study is exploratory and is based on primary data collected from 100 samples from Mysuru city of Karnataka. SPSS version 21 was used for data analysis and interpretation. The study found that there is a significance difference in factors with respect to awareness, challenges and satisfaction level among respondents. The factors on awareness, challenges and satisfaction level have been identified. Therefore, this study would assist millennials in acquiring the required knowledge to make savings and investment decisions in future in order to reach the desired economic growth.