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Impact of Neo Banks On Traditional Banking (FINAL)
Impact of Neo Banks On Traditional Banking (FINAL)
Impact of Neo Banks On Traditional Banking (FINAL)
Term - V
Batch: 2022-24
Under the Guidance of
Faculty Guide
Prof. Kapil Bhopatkar
(Project Guide)
2022-24
Shiromani Gurdwara Prabandhak Committee’s (S.G.P.C.)
GNIMS BUSINESS SCHOOL
(Management Institute of G N Khalsa College), Matunga, Mumbai – 400
019 Approved by AICTE, New Delhi.
CERTIFICATE
STUDENT DECLARATION
I hereby declare that the project titled “Impact of Neo Banks on Traditional
Banking” is my own work conducted under the supervision of Prof.Kapil
Bhopatkar.
I further declare that no part in this project work has been plagiarized without
proper citations and has not formed the basis for the award of any degree,
diploma, associateship, fellowship previously.
ACKNOWLEDGEMENT
I avail this opportunity to express my sincere, humble, and deepest
thank and dedicate it to our loving parents for their love and
successfully.
Page
Chapter Topic
No.
1 EXECUTIVE SUMMARY
2 INTRODUCTION
3 INDUSTRY OVERVIEW
4 COMPANY OVERVIEW
5 PROJECT DETAILS
6 DATA ANALYSIS AND INTERPRETATION
7 FINDINGS & RECOMMENDATIONS
8 KEY LEARNINGS
9 CONCLUSION
10 BIBLIOGRAPHY
11 LIST OF ABBREVIATIONS
12 PROJECT PROGRESS REPORT DULY FILLED & SIGNED
13 APPROVED PROJECT SYNOPSIS
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
Neo banks, also known as digital banks or challenger banks, have emerged as
disruptors in the traditional banking landscape. They operate exclusively online
without physical branches, leveraging technology to provide innovative financial
solutions. Neo banks offer several key advantages, including lower fees due to
reduced overhead costs, enhanced digital customer experiences through user-friendly
mobile apps and seamless account opening, and greater flexibility due to lighter
regulation compared to traditional banks.
This project aims to analyze the emergence and growth of neo banks, assess their
impact on traditional banking services, and understand customer perceptions and
preferences regarding these two banking models. The methodology includes
descriptive analysis of the characteristics of neo banks and traditional banks,
quantitative surveys and data analysis to measure customer opinions, and exploratory
research through interviews and case studies to identify emerging trends.
The findings reveal that while neo banks offer compelling advantages in terms of
digital experiences and cost-effectiveness, traditional banks still hold an edge in terms
of trust, security, and the breadth of financial services offered. Customers value the
convenience and innovative features of neo banks but may still rely on traditional
banks for more complex financial needs.
As the banking industry continues to evolve, both neo banks and traditional banks will
need to adapt to changing customer expectations and leverage technology to remain
competitive. Collaboration and coexistence between these two models may be the
way forward, providing customers with a range of banking options tailored to their
specific needs and preferences.
1
INTRODUCTION
INTRODUCTION
Neobanks are new-age banks without any physical location, present entirely online.
They provide digital, mobile-first financial solutions for payments, money transfers,
lending, and more. Neo Banks, also known as digital banks, virtual banks, or
challenger banks, are financial institutions that operate exclusively online without any
physical branches. They are a new breed of banks that leverage technology and
innovative business models to provide banking services to customers in a more
efficient, user-friendly, and cost-effective manner.
Unlike traditional banks, Neo Banks do not have physical locations and rely on
mobile apps and web platforms to deliver their services. They offer a range of
banking services, including account opening, payments, money transfers, savings,
investments, and lending, all accessible through digital channels. Neo Banks often
prioritize a seamless user experience, leveraging user-friendly interfaces, personalized
recommendations, and advanced digital features.
2
Features of Neo Banks:
1. Lower Charges
Neobanks don’t have physical branches, which means they’re not spending money on
rent, electricity, infrastructure, and other expenses that eat away at a traditional bank’s
bottom line.
These savings are passed on to customers in the form of lower fees and higher interest
rates. It also means neobanks have more resources, be it money or manpower, to
dedicate to making the banking experience better for their customers.
2. Ease of Use
The process of opening an account at a traditional bank is long and frustrating. There
are forms to be filled out and waiting time. Some banks even require the customer to
visit the physical branch and will also visit their home to verify their address.
With a neobank, everything is digital. Users can create their accounts on their mobile
phones, sitting on their sofas at home. The account is ready to use in a matter of
minutes.
Tasks that typically require a visit to a physical branch, like depositing a cheque, can
be done on the go from a user’s mobile phone or laptop. This ease of use has become
an important feature – especially in a post-COVID world, where people prefer the
comfort and safety of home.
3. Smoother UI
In 2018, financial institutions’ top strategic priority was improving the consumer’s
digital experience.
Neobank apps are built to improve the digital banking experience. Neo-apps are
simple, powerful, and aesthetically pleasing. To keep up with the times, traditional
financial institutions have been forced to develop their own digital offerings…
But the apps developed by traditional brick-and-mortar banks are held back by
glitches and lags because these banks are not digital-first. Neobanks are.
3
Neobanks can hire the best talent on the market to develop some of the smoothest,
sleekest banking experiences that fintech can offer.
4. Lesser Restrictions
Neobanks are not actual banks – they don’t have banking licenses and are not
regulated by the RBI. As a result, they enjoy slightly more autonomy than traditional
banking institutions. They are not subject to legacy banks’ policies and requirements
and can, as a result, keep their costs low.
4
Definition and Overview of Traditional Banking
Traditional banking refers to the conventional model of banking that has been in
existence for many decades. It involves the operation of physical bank branches,
where customers can visit in person to conduct various financial transactions and avail
banking services. Traditional banks are typically large, established financial
institutions that offer a wide range of services, including deposit accounts, loans,
mortgages, credit cards, investment products, and more. In the constantly evolving
realm of finance, traditional banking continues to play a pivotal role, shaping our
global economic landscape. Traditional banking encompasses the services provided
by banks that have been the backbone of financial systems for centuries. Traditional
banking also refers to banks offering conventional financial services, such as savings
accounts, checking accounts, loans, and more. These banks have physical branches, a
network of ATMs, and a rich history that spans decades or even centuries. Notable
institutions in the world of traditional banking include J.P. Morgan, Wells Fargo, and
Santander, among others. Furthermore, this article touches upon a related topic, which
is the role of Private Finance in today's diverse financial market, providing a well-
rounded perspective on various financial options available to individuals.
5
Features of Traditional Banking
Traditional banks are renowned for the stability and trust they inspire in customers.
Their long-standing presence in the financial sector establishes a sense of security,
making them a preferred choice for individuals and businesses alike. The trust and
stability offered by traditional banks are especially vital in today's volatile Financial
Landscape.
Financial Services
Traditional banks provide a wide array of financial services, addressing the diverse
needs of customers. These services encompass savings and checking accounts,
personal loans, mortgages, and credit cards. They also extend their services to
businesses, offering business loans, merchant services, and business checking
accounts. This comprehensive suite of offerings allows customers to conveniently
address their various financial needs within a single institution.
Physical Presence
One unique feature of traditional banks is their extensive physical presence. With
numerous branch locations and ATMs, customers can easily access their funds, seek
assistance, and conduct banking transactions in person. This presence is particularly
valuable for customers who prefer face-to-face interactions and value the accessibility
provided by local branches, especially in the ever-changing Private Finance
landscape.
Regulatory Compliance
Traditional banks operate under strict regulatory oversight, ensuring the safety of
customer deposits and adherence to financial laws and regulations. This regulatory
framework bolsters consumer confidence in traditional banking institutions, assuring
customers that their funds are well protected.
6
Traditional Banking in the Digital Age
While traditional banking boasts a rich history and a strong foundation, it is not
impervious to the disruptions brought about by the digital age. As technology
advances, traditional banks have had to adapt and evolve to meet the evolving needs
and expectations of their customers.
Online Banking
In response to the growing demand for digital services, many traditional banks have
introduced online banking platforms. These platforms offer customers the
convenience of managing their accounts, transferring funds, and paying bills online.
Online banking has become a cornerstone of modern banking, enabling customers to
perform a wide range of transactions from the comfort of their homes, thereby
redefining the Financial Landscape.
With the rise of cyber threats, traditional banks have made substantial investments in
enhancing their security measures. They employ encryption, multi-factor
authentication, and robust cybersecurity protocols to protect customer data and
transactions.
Neo Banks: Neo Banks operate exclusively online and do not have physical branches.
They provide banking services through mobile apps and web platforms, offering
accessibility anytime and anywhere with an internet connection.
7
Cost Structure:
Neo Banks: Neo Banks often have lower operating costs compared to traditional
banks. Without the expenses associated with maintaining physical branches, they can
pass on cost savings to customers in the form of lower fees or higher interest rates on
deposits.
Neo Banks: Neo Banks leverage advanced technologies and innovative business
models. They often offer user-friendly interfaces, personalized financial insights, and
advanced features like instant notifications, automated savings tools, and AI-driven
recommendations.
Neo Banks: Neo Banks prioritize a seamless digital customer experience, allowing
customers to open accounts and access banking services quickly and conveniently
through mobile devices. They often provide intuitive interfaces, real-time transaction
updates, and easy-to-use budgeting tools.
8
INDUSTRY OVERVIEW
INDUSTRY OVERVIEW
The banking industry plays a vital role in the global economy by facilitating financial
transactions, providing a safe place to store money, offering credit, and supporting
economic growth. Here are some key details about the banking industry:
Types of Banks:
Commercial Banks:
Investment Banks:
Retail Banks:
Retail banks primarily serve individuals and small businesses. They offer basic
banking services such as deposits, loans, and payment services.
Central Banks: Central banks, such as the Federal Reserve in the United States, are
responsible for monetary policy, regulating the banking system, and maintaining
financial stability.
Functions of Banks:
Depository Function: Banks accept deposits from customers, allowing them to store
money securely and access it when needed. Deposits can be in the form of savings
accounts, checking accounts, or certificates of deposit (CDs).
9
Lending Function: Banks provide loans and credit to individuals and businesses. They
assess creditworthiness, determine interest rates, and disburse funds to borrowers.
Loans can be for various purposes, such as mortgages, personal loans, business loans,
or lines of credit.
Foreign Exchange Services: Banks facilitate currency exchange and provide foreign
exchange services to individuals and businesses engaged in international trade and
travel.
Regulatory Framework:
Banking regulations vary by country but generally aim to ensure the stability and
integrity of the banking system, protect depositors' funds, and prevent financial
crimes. Regulatory bodies oversee banks' operations, enforce compliance with rules
and regulations, and monitor capital adequacy and risk management.
The banking industry has been undergoing significant digital transformation, driven
by advancements in technology and changing customer expectations. Banks are
investing in digital channels, mobile banking apps, online platforms, and innovative
technologies like artificial intelligence, machine learning, and blockchain to enhance
customer experience and streamline operations.
10
Challenges and Trends:
Cybersecurity and data privacy are major concerns for banks as they handle sensitive
financial information and are vulnerable to cyber threats.
Sustainable finance and responsible banking practices are gaining prominence, with
banks focusing on environmental, social, and governance (ESG) factors in their
operations and lending decisions.
The traditional banking industry has undergone significant evolution over the years.
Here are some key stages in the evolution of traditional banking.
In the 19th and early 20th centuries, banks began establishing physical branch
networks, providing customers access to deposit accounts, loans, and in-person
services.
11
ATM and Electronic Banking:
The 1970s saw the rise of ATMs, allowing customers to conduct transactions beyond
banking hours. Electronic banking systems emerged in the 1980s and 1990s, offering
online and telephone banking.
Regulatory Changes:
Digital Transformation:
The internet and technology advancements spurred digital transformation, with banks
offering online platforms, mobile apps, and digital payment solutions.
Customer-Centric Approach:
Recent years have seen a focus on sustainability and responsible banking practices,
integrating ESG factors into operations and investment decisions.
12
The evolution of traditional banking continues, driven by technology, regulations,
customer demands, and market trends. Banks adapt to meet changing needs in the
financial landscape.
The emergence of neo banks represents a significant shift in the banking industry,
characterized by innovative business models and a digital-first approach. Here's an
overview of the emergence and key characteristics of neo banks:
Digital Disruption: Neo banks have emerged as disruptors in the traditional banking
landscape, leveraging technology to offer innovative financial services. Their
inception is a response to changing consumer preferences for digital banking
solutions.
Fintech Innovation: Many neo banks are born out of the fintech ecosystem, with
startups leveraging advanced technology, agile methodologies, and innovative
business models to challenge traditional banking norms.
Digital-First Approach: Neo banks operate entirely online, without physical branches.
They prioritize digital channels for all banking activities, offering seamless
experiences through mobile apps and web platforms.
13
Innovative Features: Neo banks differentiate themselves through innovative features
and value-added services. These may include instant account opening, budgeting
tools, round-up savings, fee-free international transactions, and real-time spending
insights.
Agile Operations: Neo banks are characterized by agile operations and rapid iteration
cycles. They can quickly adapt to changing market conditions, customer feedback,
and regulatory requirements, enabling faster innovation and product development.
Partnerships and Integrations: Many neo banks collaborate with fintech companies
and third-party service providers to expand their product offerings. These partnerships
enable them to provide customers with a broader range of financial services without
building everything in-house.
Global Reach: Some neo banks operate on a global scale, targeting customers in
multiple countries and currencies. They may offer multi-currency accounts,
international money transfers, and localized services tailored to specific markets.
In summary, neo banks represent a new breed of financial institutions that are
redefining the banking experience through digital innovation, customer-centricity, and
agile operations. Their emergence signals a fundamental shift in the banking industry
towards greater digitization, convenience, and accessibility for consumers.
14
SWOT Analysis of Neo Banks:
Strengths:
Agility and Flexibility: Neo banks operate with agile methodologies, allowing them to
quickly adapt to changing market conditions, customer needs, and regulatory
requirements. This flexibility enables rapid product iteration and innovation.
Weaknesses:
Brand Recognition: Neo banks often lack the brand recognition and trust associated
with traditional banks, which may hinder customer acquisition, particularly among
older demographics who are more accustomed to brick-and-mortar banking.
Limited Product Offerings: While neo banks excel in offering basic banking services
like savings accounts and payment processing, they may have limited product
offerings compared to traditional banks, such as mortgage loans, investment services,
and insurance products.
15
Opportunities:
Market Expansion: Neo banks have the opportunity to expand their market reach by
targeting underserved segments such as millennials, freelancers, and small businesses.
They can also explore international expansion to tap into new markets and customer
segments.
Partnerships and Collaborations: Neo banks can leverage partnerships with fintech
companies, payment processors, and other financial institutions to enhance their
product offerings and reach a broader customer base. Collaborations can also provide
access to complementary services and expertise.
Threats:
Cybersecurity Risks: The digital nature of neo banks makes them vulnerable to
cybersecurity threats, such as data breaches, phishing attacks, and malware. Any
security incidents could damage reputation and erode customer trust.
16
Overall, while neo banks offer significant advantages in terms of technology, agility,
and customer experience, they also face challenges related to brand recognition,
limited product offerings, cybersecurity risks, and regulatory compliance.
17
Major Players of Neo Banks:
In India, there are several major players in the Neo banking sector, each offering
digital banking services and innovative solutions. Here are some prominent Neo
banks in India:
Paytm Payments Bank is a leading Neo bank in India. It operates as a digital wallet
and offers a range of banking services, including savings accounts, current accounts,
digital payments, and mobile banking.
Niyo:
Niyo is a Neo bank that provides digital banking solutions primarily targeted at
salaried employees. It offers salary accounts, savings accounts, and international
travel cards with features like expense management, tax-saving options, and rewards
programs.
RazorpayX:
Open:
Open is a Neo banking platform for startups and SMEs. It offers business banking
services such as current accounts, invoicing, expense management, and automated
bookkeeping. Open also integrates with various business tools and APIs to streamline
financial operations.
18
YONO SBI:
YONO (You Only Need One) is a digital banking platform offered by the State Bank
of India (SBI). It provides a wide range of banking and financial services, including
savings accounts, loans, investments, bill payments, and shopping deals, through a
single app.
Kotak 811:
Kotak 811 is a digital banking initiative by Kotak Mahindra Bank. It offers zero-
balance savings accounts, instant fund transfers, bill payments, and other banking
services through its app. Kotak 811 aims to provide a seamless digital banking
experience.
INDmoney:
INDmoney is a Neo banking platform that combines banking, investing, and personal
finance management. It offers personalized investment options, expense tracking, goal
planning, and wealth advisory services, all within a single app.
These are some of the major players in the Neo banking sector in India. It's important
to note that the Neo banking landscape in India is evolving, and new players may
enter the market or existing players may expand their offerings in the future.
19
Advantages of Neobanks over traditional banks :
Customer experience:
Neobanks don’t offer novel banking services. Their services are similar to those of
traditional banks, but with a hyper-enhanced and personalised customer experience.
Neobanks have significantly leaner business models and superior technologies at their
disposal compared to traditional banks, providing ease and efficacy in services, such
as seamless account creation, round-the-clock customer service supported by
chatbots, near real-time cross-border payments, and artificial intelligence (AI) and
machine learning (ML)-enabled automated accounting, budgeting and treasury
services.
Automated services:
Apart from providing primary banking services, neobanks offer automated and near
real-time accounting and reconciliation services for bookkeeping, balance sheets,
profit and loss statements and taxation services such as GST-compliant invoicing, tax
payments record keeping and reconciliation, on mobile platforms for affordable
costs..
Transparency:
Easy-to-use APIs:
Most neobanks provide easy-to-deploy and operate APIs to integrate banking into the
accounting and payment infrastructure.
Deep insights:
Most neobanks provide dashboard solutions with highly enhanced interfaces and easy
to understand and valuable insights for services such as payments, payables and
receivables, and bank statements. It’s beneficial for businesses with significant
20
expenditure and appropriate number of employees, to be provided with such insights,
reduce expenditure and boost productivity and revenue.
In India, virtual banking licences are still not granted, though there are foreign
national banks offering digital-only products through their Indian subsidiaries. The
Reserve Bank of India (RBI) remains stern in prioritising banks’ physical presence,
and lately reinforced the requirement for digital banking service providers to have
some physical presence12.
21
Road Ahead
Attributes like easy access, cost-effectiveness, and offering multiple banking services
in one place are driving the popularity of neobanks worldwide. Additionally, FinTech
companies are creating specialized solutions for blue-collar workers and small
businesses with limited credit history, which is a promising direction for the industry.
Initially focusing on specific customer segments, neobanks can expand their services
gradually over time. While many digital banks are gaining traction, most are still
working to achieve sustainable profitability. However, they have the potential to
disrupt the banking industry by providing seamless customer experiences.
22
PROJECT DETAILS
PROJECT DETAILS
METHODOLOGY TO BE USED:
23
SOURCE/S OF DATA:
24
DATA ANALYSIS AND INTERPRETATION
25
Interpretation : This chart depicts the likelihood of respondents recommending a
neo bank to others. 45% of respondents are somewhat likely to recommend a neo
bank, while 25% are very likely to do so. 20% of respondents have a neutral stance,
and 10% are either unlikely or very unlikely to recommend a neo bank.
26
Interpretation : This chart shows that 65% of respondents have used a neo bank for
their banking needs, while 35% have not used a neo bank before.
Interpretation : For those respondents who have used a neo bank, the primary
motivations were an enhanced digital banking experience (35%) and lower fees
27
(30%). 20% were motivated by better interest rates, while 15% cited innovative
features and services as their motivation for using a neo bank.
28
Interpretation : This chart shows respondents' perceptions of the trust and security
levels provided by neo banks compared to traditional banks. 40% believe that
traditional banks are more trustworthy and secure, while 35% consider the trust and
security levels to be comparable between neo banks and traditional banks. 15% find
neo banks more trustworthy and secure, and 10% are undecided.
29
FINDINGS
FINDINGS
As competition Neo Banks, also known as digital banks or challenger banks, are a
new breed of financial institutions that operate exclusively online without any
physical branches. They leverage technology and innovative business models to
provide banking services to customers in a more efficient, user-friendly, and cost-
effective manner.
The key features of Neo Banks include lower charges compared to traditional banks,
as they do not have the expenses associated with maintaining physical branches. This
allows them to offer lower fees and higher interest rates on deposits.
Neo Banks prioritize ease of use by offering a seamless digital experience. Users can
open accounts and access banking services quickly and conveniently through mobile
devices. Traditional processes that require physical visits to a branch, such as
depositing a check, can be done digitally.
Neo Banks excel in providing a smoother user interface and user experience. Their
mobile apps and web platforms are designed to be simple, powerful, and aesthetically
pleasing. They often hire top talent to develop cutting-edge banking experiences.
Neo Banks enjoy greater autonomy compared to traditional banks as they are not
subject to the same regulatory requirements. This flexibility allows them to keep their
costs low and explore innovative approaches to banking services.
Traditional banking, with its physical branch network and long-standing presence,
offers stability and trust to customers. It provides a wide array of financial services,
including savings and checking accounts, loans, mortgages, and credit cards.
Traditional banks have been investing in digital transformation to meet the growing
demand for online banking services. They have introduced online banking platforms
that allow customers to manage their accounts, transfer funds, and pay bills online.
30
While traditional banks have made strides in digital transformation, they may face
challenges in keeping up with the technological advancements offered by Neo Banks.
The legacy systems and infrastructure of traditional banks can limit their ability to
provide a seamless digital experience.
Customer experience and convenience are key priorities for both Neo Banks and
traditional banks. Neo Banks focus on providing intuitive interfaces, real-time
transaction updates, and easy-to-use budgeting tools. Traditional banks offer
personalized face-to-face customer service but may require more steps and physical
visits for certain transactions.
The banking industry as a whole continues to play a pivotal role in the global
economy, facilitating financial transactions, offering financial services, and
supporting economic growth. The coexistence of Neo Banks and traditional banks
provides customers with a variety of banking options and forces traditional banks to
innovate and improve their services.
These findings highlight the evolving landscape of banking, with Neo Banks bringing
new digital capabilities and user-centric approaches, while traditional banks strive to
adapt and enhance their digital offerings to meet changing customer expectations.
31
KEY LEARNINGS
KEY LEARNINGS
Neo Banks, also known as digital banks or challenger banks, are new-age banks that
operate exclusively online without any physical branches. They provide digital,
mobile-first financial solutions for payments, money transfers, lending, and more.
Neo Banks offer several features that differentiate them from traditional banks,
including lower charges due to lower operating costs, ease of use with digital account
opening and transactions, smoother user interfaces, and fewer restrictions due to not
being regulated as traditional banks.
Traditional banking refers to the conventional model of banking with physical bank
branches. Traditional banks provide a wide range of services and are known for
stability, trust, and regulatory compliance. However, they face challenges in keeping
up with the technological advancements and user experience offered by Neo Banks.
The banking industry as a whole plays a vital role in the global economy by
facilitating financial transactions, providing a safe place to store money, offering
credit, and supporting economic growth. It consists of various types of banks,
including commercial banks, investment banks, retail banks, and central banks, each
serving different functions and customer segments.
Digital transformation is a significant trend in the banking industry, with both Neo
Banks and traditional banks investing in online banking platforms and enhanced
security measures. Online banking has become a cornerstone of modern banking,
offering convenience and accessibility to customers.
32
CONCLUSION
CONCLUSION
The impact of Neo Banks on traditional banking is evident through the introduction of
new digital banking models and the changing customer expectations. Neo Banks have
disrupted the industry by leveraging technology and innovative business models to
provide banking services in a more efficient, user-friendly, and cost-effective manner.
They offer lower charges, ease of use, smoother user interfaces, and greater autonomy
compared to traditional banks. However, traditional banks still maintain their
strengths in stability, trust, and regulatory compliance.
The key learning is that the banking industry is evolving rapidly, driven by
technological advancements and changing customer preferences. Both Neo Banks and
traditional banks need to adapt to these changes to remain competitive and meet the
evolving needs of customers. It is likely that traditional banks will continue to invest
in digital transformation to enhance their online banking offerings and improve the
customer experience. Overall, the coexistence of Neo Banks and traditional banks
provides customers with a broader range of banking options and forces traditional
banks to innovate and improve their services.
33
BIBLOGRAPHY
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2676553
https://www.mckinsey.com/industries/financial-services/our-insights/data-sharing-
and-open-banking
https://www.mckinsey.com/industries/financial-services/our-insights/cutting-through-
the-noise-around-financial-technology
https://link.springer.com/article/10.1007/s11573-017-0852-x
https://www.ey.com/Publication/vwLUAssets/ey-fintech-is-gaining-traction/$FILE/
ey-fintech-is-gaining-traction.pdf
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3750702
34
PROJECT PROGRESS REPORT
Name of the Student: Anchal Suresh Jaiswal Class & Roll No.:11 PGDM (BFSI)
Next
Sr. Student Project Guide
Date Topic Discussed Meeting
No. Signature Signature
Date
1.
2.
3.
4.
5.
ANNEXURE
35
QUESTIONNAIRE
A) YES
B) NO
2. How frequently do you use traditional banking services (e.g., visiting a physical
branch, using a traditional bank's website or mobile app)?
A) Frequently
B) Every Month
C) Rarely
D) Never
A) Very Likely
B) Somewhat Likely
C) Neutral
4. Have you ever used a neo bank for your banking needs?
A) YES
B) NO
A) Lower fees
B) Better interest rates
C) Enhanced digital banking experience
D) Innovative features and services
6. Do you believe that neo banks will eventually replace traditional banks?
36
7. How would you rate the level of trust and security provided by neo banks compared
to traditional banks?
37
Student Name: Anchal Suresh Jaiswal Class & Roll No.: PGDM (BFSI) - 11
METHODOLOGY TO BE USED:
38
SOURCE/S OF DATA:
39