Online and mobile banks, including neobanks, are financial institutions that operate primarily or exclusively through digital platforms without traditional physical branches. These banks offer a wide range of services such as checking and savings accounts, loans, and credit cards, often with lower fees and higher interest rates on deposits compared to traditional banks. Neobanks, a subset of online banks, are typically app-based and provide innovative features like real-time spending notifications, budgeting tools, and seamless integration with other financial apps. The convenience of 24/7 access, along with advanced security measures such as encryption and multi-factor authentication, make online and mobile banking an attractive option for tech-savvy consumers seeking efficient and flexible banking solutions.
