Neobank is considered a revolution in the banking industry. Thanks to its advanced features, they have taken business banking to the next level. Due to their low-cost model, they can be the perfect companion for an MSME. If you haven’t tried a neobank, you are missing out on something exciting.
How? Let’s get started.
Table of Contents
- Neobank automates Accounting And Bookkeeping
- Neobanks secure your Payment
- World’s Quickest Bank Loan
- 24*7 Banking
- Lowest Prices
- Neobank autopilots Your Banking
- User-friendly API’s for Seamless Banking
- No Cooling Period in Neobank
- International Payments
- Free Debit Card
- Final Words
1. Neobank automates Accounting and Bookkeeping
Accounting and bookkeeping are the backbones of financial management. It is so because they provide the base for preparing the financial statements. They also help keep a detailed record of transactions.
But manually doing them is not worth it. It is a time-consuming process. And there is a high possibility of errors, as a business does a lot of transactions.
That is where Neobank comes to the rescue. It provides a platform to automate your accounting and bookkeeping activities. Receiving payment from customers, and paying to vendors: All of this gets recorded automatically.
2. Neobank secures your Payment
A business is a warehouse of information. It contains the vital information of the related parties such as customers, vendors, and employees. If it gets into the wrong hands, the result would be disastrous. So, it becomes essential to secure your information.
A neobank helps you to solve this problem. It ensures security by settling payments via different modes. E.g., cards, IMPS, RTGS, UPI, etc. They are considered secure. The customers also have a seamless experience while transacting with your business.
3.World’s Quickest Bank Loan
Finance is considered the lifeblood of the business. It is needed for capital expenditure, working capital, etc. But a business may face trouble in arranging funds. It is due to the lengthy sanctioning process banks follow. Also, there is a need for collateral while applying for loans.
But that is not the case with a neobank. It offers the world’s quickest bank loan for short-term needs. You just have to apply in the app. That’s it! Your loan will get approved within 2 minutes, and that too without any extra charges.
4. 24*7 Banking
Nobody can predict an emergency. A business may need funds even at midnight. Won’t it be troublesome if it has to wait for the next day to transact?
But neobank ensures that such situations won’t arise. With 24*7 business banking, you can transact as and when you want. No matter the day or time! Isn’t it awesome?
5. Lowest Prices
A traditional bank is not pocket-friendly. It is due to various costs related to the bank account. There are charges for not maintaining the minimum balance, doing transactions, and whatnot!
On the other hand, since Neobank is a digital-only bank, so it is cost-effective. Since the majority of the operations are online, the charges are relatively lesser. So, you don’t have to worry about emptying your bank balance on the bank charges.
6. Neobank autopilots Your Banking
Being a businessman is the busiest job. You have to manage your finances, build business relations, hire employees, and supervise the day-to-day operations. So, it is only natural that you won’t have time for trivial activities.
And a Neobank proves to be your ally in this respect. It acts as an autopilot for your banking operations. You can queue the payments and schedule them. Also, you can execute bulk payments. What’s more, it helps to detect any errors with intelligent code mapping.
7. User-friendly API’s for Seamless Banking
We are living in a technological era. Nowadays, we can do anything just by speaking. Thanks to Google Assistant, Siri, and Alexa. The case with a neobank is no different.
Due to the powerful API’s, they have additional flexibility to supply options to contour money operations. Technological advancement has created a surge in digital banking usage.
8. No Cooling Period for transactions in Neobank
If you add a beneficiary in a traditional bank, you have to wait few hours or even days for the verification process. But there is no such thing with neobank. You can make payments to the beneficiaries as soon as you add them. Also, the process is as easy as adding a contact in your phonebook.
9. International Payments
In traditional banks, you first have to ask for permission from the associated bank if you want to activate your card to use abroad. Also, you complete a few paper formalities. And the overall process becomes hectic.
But in neo banks, you’ll be able to collect and send international payments without any hassle. And that too at no extra charges.
10. Free Debit Card
All of the above benefits were wholesome. But that’s not the end. Last but not the least, Neo Banks provide a free debit card. You will be amazed to know that you can manage it directly from the mobile app.
Not only this, you can freeze the card if it gets stolen or lost as well. Also, you can make modifications to the PIN code. The best thing is that you can do all of them 24*7. And directly on your phone.
Final Words
We told you, right? Neobanks are way better than traditional banks in terms of features and customer experience. It offers various competitive benefits, as mentioned above.
We hope that we would be able to convince you to try Neobank. If you are not convinced yet, you should try one. How about signing up now on Enalo – a neobank for SMEs and Freelancer?
