The rise of Neo bank, will replace conventional retail banking in the future

Abstract

Technology has become increasingly important in our daily lives as time has passed. Financial institutions appear to be adapting to all types of financial transactions in order to meet the public's needs as soon as possible. Contact with online financial services has spread an epidemic by allowing people to use online services via various applications at any time and from any location, especially when society is in crisis, the more significant and demanding. This is true not only for deposits, transfers, and withdrawals, but also for the requirements of all types of financial products to which customers have immediate access. Even in Thailand, however, not all services are available online. It is still a type of digital banking that is combined with traditional banking forms in which customers conduct specific types of transactions. To verify your identity, you must contact the bank branch or present your identity as requested by the bank. It would be far preferable if Thailand had a virtual banking system known as "Neo bank," similar to how other countries have 100 percent online banking. In addition to the fact that Neo banks does not have any branches. There are no costs associated with ATM maintenance. As a result, traditional banks' fees for certain transactions that they collect from their customers may be reduced or waived. Furthermore, without visiting a bank, all types of customers can gain access to all types of financial services. There are loan requests and approvals that speed up the process. It can also issue financial documents to SME customers using artificial intelligence (AI) without the need for employees in the organization to produce documents. As a result, financial technologies such as Neo banks are more likely to replace traditional banks in the coming years.