NEO BANKING-EXPLORING OPPORTUNITIES AND CHALLENGES IN THE DIGITAL REVOLUTION

Neobanks have revolutionized the financial industries, resulting in technical innovations for sustainability.They have overturned the established banking structure and altered the financial industrys terrain. The ramifications of digital technology have grown since the Covid period. With India moving towards the cybernetic era, it is interesting to explore the growth potential and the changing landscape of neo-banking in India. Further, the study attempts to analyze the challenges and opportunities of neo-banks in the Indian context and compare services offered by traditional banks and neo-banks. The study uses descriptive research design and relies on data from secondary sources.The top 12 neo-banks in India were examined to determine the opportunities, challenges, and growth in the neo-banking industry. The findings indicate that despite the rising usage of neo-banks,traditional banks are unlikely to be supplanted shortly and both types of banks can coexist.