As technology and the need for easier accessibility pose challenges to traditional banks, a new form of banking is making its way into how customers borrow. With no physical branches or paperwork, Neobank is a digital bank offering an array of banking services via online platforms. It does not hold a banking licence but provides services via licensed partner banks. Neobanks help easy customer on-boarding and account creation, low customer fees as they don't need physical branches, quick transaction updates and better customer service. Neobanks can be seen as a layer over traditional banks, albeit with limited offerings. A Neobank doesn't offer large corporate/car/home loans as traditional banks do.