nBank – All You Should Know About Neobank
Corresponding to the wake of a digital era, Nabil Bank has launched a revolutionary banking platform known as nBank, the first of its kind in Nepal. nBank is a neobank or challenger bank that enables banking functions digitally without any physical branch networks. The country has seen similar forms of Fintech platforms like digital wallets and QR code technology evolve in the past decade. However, their scope was limited to the ease of payment gateway between merchants and consumers. Contrary to the aforementioned, nBank is a futuristic platform that boasts much more. You might as well say that nBank is on its way to becoming the next digital disruptor in the country.
Background
The inception of neobank dates back to the financial crisis of 2007-2009 when several Fintech startups used the term ‘Challenger Bank’ to refer to digital platforms that challenged traditional banking systems. These platforms were accessible via computers and mobile devices. Since then, several neobanks have emerged in the global market that boast a large customer base. Chime, the American Fintech company that started in 2012, solely caters to more than 12 million users in the U.S. alone. In India too, a neobank called Freo has grown its customer base by 300% crossing the one million landmark in 12 months. The covid pandemic that rendered millions immobile throughout the world has contributed to the popularity of neobanks in recent years.
What’s in nBank?
First and foremost, Nepali citizens can breathe a sigh of relief as they need not visit banks to fill up their KYC forms. Moreover, nBank allows you access to a wide range of banking services with a simple swipe on your phone. You can open bank accounts within a matter of a minute, apply for fixed deposits and individual loans, SME loan applications, apply for debit and credit cards, make utility payments, government bills, insurance premiums and much more. Check it out for yourself at https://nbankhome.nabilbank.com.
Why use nBank?
If you are not aware, banks charge a certain amount of yearly fee for mobile banking services. With nBank, the yearly fee is exempted. Furthermore, the bank will also cut back on its operating costs as it does not need to maintain physical branches to conduct its activities. Moreover, the convenience and ease of use aspects are always there because all you need is a computer/laptop/cell phone and a working internet connection.
