“BANKING OPERATIONS BEYOND THE PHYSICAL WALL: NEO BANKING IN INDIA”

Abstract

COVID-19 has undoubtedly had a negative impact on the global economy, but it has accelerated the digital revolution of different businesses. Numerous business paradigms flourished during Covid-19, including neobanks. Neobanks are mostly called as niche segment, however their popularity has grown to match that of regular banks as a result of the Covid-19 pandemic. The quick proliferation of Neo banks in India indicates that the country's netizens are embracing the coronavirus's new normal. Neo banks have revolutionized the period of physical banking by bringing the unbanked into the mainstream, and their popularity and usage are only expected to continue to grow. This primary objective of the paper is to determine the consumer awareness of Neo Banking and also to investigate the influence of a person’s demographic profile on their frequency usage of Neo-Banking. And further it focus to find the degree of relationship between covid-19 pandemic and raise in Neo banking services. The study is based on primary data acquired through a questionnaire from 149 respondents. In order to reveal the study’s results, the Random Sampling Technique was used, as well as statistical techniques such as Chi-square test, ANOVA, Independent T-test, and Pearson Correlation.

Key words: Covid-19 pandemic, digital revolution, Traditional banking, Neo banking.