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Read the passage given below carefully and answer the questions that follow:
The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.
Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.
Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.
Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.
One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.
Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.
Q. With what aim have the neo-banks come into existence?
  • a)
    To make the traditional banking services easier for their consumers
  • b)
    Getting the necessary clientele to offer modern tech-savvy services
  • c)
    They want to be called as the ‘today’s banks’
  • d)
    To provide an unprecedented smooth customer service
  • e)
    All of the above
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Read the passage given below carefully and answer the questions that ...
The lines given below can be referred to for marking the correct answer option
Neo-banks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve.
The other options have also been mentioned in the passage indirectly or directly but the question asks the aim which can be answered with the principal cause only.
So, the best would be to mark option (d) as the answer.
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Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. Which of the given options can be inferred from the passage?

Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. What gives neo-banks an edge over the traditional banks?

Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. Which of the given parts has an error in it?

Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. Which of the following have led to the wide acceptance of the neo-banks?(i) These banks have become popular among those with irregular revenues and earnings.(ii) Their strong adoption rates and profitable business models have attracted the attention of the investors.(iii) These banks provide a wide range of other services that make handling finance simple.

Read the following passage carefully and answer the questions given below it. Certain words/phrases have been underlineto help you locate them while answering some of the questions.The modern world requires us to repose trust in many anonymous institutions. We strap ourselves in a flying tin can with two hundred other people not because we know the pilot but because we believe that airline travel is safe. Our trust in these institutions depends on two factors : skills and ethics. We expect that the people who run these institutions know what they are doing, that they build and operate machines that work as they are supposed to and that they are looking out for our welfare even though we are strangers.When one of these factors is weak or absent, trust breaks down and we either pay a high price in safety- as in the Bhopal tragedy -or a large ‘welfare premium’ such as the elaborate security measures at airports. Trust-deficient environments work in the favour of the rich and powerful, who can commandpremiumtreatment and afford welfare premiums. Poor people can command neither; which is why air travel is safer than train travel, which in turn is safer than walking by the road side.Every modern society depends on the trust in the skills and ethics of a variety of institutions such as schools and colleges, hospital and markets. If we stopped believing in theexpertiseof our teachers, doctors and engineers, we will stop being a modern society.As the Institution among institutions, it is the duty of the state to ensure that all other institutions meet their ethicalobligations. The Indian state has failed in its regulatory role. Consequently, we cannot trust our schools to turn out good graduates, we cannot ensure that our colleges turn out well trained engineers and we cannot guarantee that our engineers will turn out to be good products.Last year, I was invited to speak at an undergraduate research conference. Most of the participants in this conference were students at the best engineering colleges in the State. One student who was driving me back and forthrecounteda story about the previous year’s final exam. One of his papers had a question from a leading textbook to which the textbook’s answer was wrong. The student was in a dilemma : should he write the (wrong) answer as given in the textbook or should he write the right answer using his own analytical skills. He decided to do the latter and received a zero on that question. Clearly, as the student had suspected, the examiners were looking at the textbook answer while correcting the examination papers instead of verifying its correctness.The behaviour of these examiners is a breakdown of institutional morals, with consequences for the skills acquired by students. I say institutional morals, for the failure of these examiners is not a personal failure. At the same conference I met a whole range of college teachers, all of whom were drafted as examiners at some time or the other. Without exception, they were dedicated individuals who cared about the education and welfare of their students. However, when put in the institutional role of evaluating an anonymous individual, they fail in fulfilling their responsibilities. When some of our best colleges are run in this fashion, is it any wonder that we turn outunskilledengineers and scientists ? If, as we are led to expect, there is a vast increase in education at all levels and the regulatory regime is as weak as it is currently, isn’t it likely that the trust deficit is only going to increase ?We are all aware of the consequences of ignoring corruption at all levels of society. While institutional failures in governance are obvious, I think the real problem lies deeper, in the failure of every day institutions that are quite apart from institutions that impinge on our lives only on rare occasions. It is true that our lives are made more miserable by government officials demanding bribes for all sorts of things, but what about the everyday lying andcheating and breaking of rules with people who are strangers ?Let me give you an example that many of us have experienced. I prefer buying my fruits and vegetables from roadside vendors rather than chain stores. 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Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?a)To make the traditional banking services easier for their consumersb)Getting the necessary clientele to offer modern tech-savvy servicesc)They want to be called as the ‘today’s banks’d)To provide an unprecedented smooth customer servicee)All of the aboveCorrect answer is option 'D'. Can you explain this answer?
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Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?a)To make the traditional banking services easier for their consumersb)Getting the necessary clientele to offer modern tech-savvy servicesc)They want to be called as the ‘today’s banks’d)To provide an unprecedented smooth customer servicee)All of the aboveCorrect answer is option 'D'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?a)To make the traditional banking services easier for their consumersb)Getting the necessary clientele to offer modern tech-savvy servicesc)They want to be called as the ‘today’s banks’d)To provide an unprecedented smooth customer servicee)All of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?a)To make the traditional banking services easier for their consumersb)Getting the necessary clientele to offer modern tech-savvy servicesc)They want to be called as the ‘today’s banks’d)To provide an unprecedented smooth customer servicee)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
Solutions for Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?a)To make the traditional banking services easier for their consumersb)Getting the necessary clientele to offer modern tech-savvy servicesc)They want to be called as the ‘today’s banks’d)To provide an unprecedented smooth customer servicee)All of the aboveCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Banking Exams. Download more important topics, notes, lectures and mock test series for Banking Exams Exam by signing up for free.
Here you can find the meaning of Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?a)To make the traditional banking services easier for their consumersb)Getting the necessary clientele to offer modern tech-savvy servicesc)They want to be called as the ‘today’s banks’d)To provide an unprecedented smooth customer servicee)All of the aboveCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?a)To make the traditional banking services easier for their consumersb)Getting the necessary clientele to offer modern tech-savvy servicesc)They want to be called as the ‘today’s banks’d)To provide an unprecedented smooth customer servicee)All of the aboveCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?a)To make the traditional banking services easier for their consumersb)Getting the necessary clientele to offer modern tech-savvy servicesc)They want to be called as the ‘today’s banks’d)To provide an unprecedented smooth customer servicee)All of the aboveCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?a)To make the traditional banking services easier for their consumersb)Getting the necessary clientele to offer modern tech-savvy servicesc)They want to be called as the ‘today’s banks’d)To provide an unprecedented smooth customer servicee)All of the aboveCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?a)To make the traditional banking services easier for their consumersb)Getting the necessary clientele to offer modern tech-savvy servicesc)They want to be called as the ‘today’s banks’d)To provide an unprecedented smooth customer servicee)All of the aboveCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice Banking Exams tests.
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