ADVANTAGES OF NEOBANKS

In terms of advantages, I guess it's a matter of the user interface and you know a number of things whereby any person who's used a Challenger Banks app or any such app knows when you use an app on a smartphone especially when it's been developed well the experience are usually much you know you could say satisfaction is very it's a factory right it's very zone of satisfaction a lot of you could say ease of use a lot of you know enjoyment in using that interface.

If we were to think of the advantages of a Neo Bank of using the services of a near bank one of the key ones I think would be number one is hassle-free account creation if anybody here has gone to open up a bank account with a Traditional Bank you know these large Banks which are physical branches you would know how difficult is you know you need the ID you need to book an appointment and try to open a bank account with an Islamic Bank I had to fill out an entire form and because they were not taking any and they were there were no appointments available to see anybody at the branch so I had to fill out an entire form post the form wait for them to approve and then they would send back my ID in the post right.

So you can understand how difficult and how you know  you could say cumbersome opening a bank account can be with a a a you know Traditional Bank right there's all these layers whereas if you go on one of these Challenger Banks or these Neo Banks and try to open a bank account with them  and and there's some which actually State this like insha which is based in Germany which which intends to expand across the entire Europe right so it's an Islamic Bank a digital bank and they want to expand across the entire Europe they say on the website that you can open a bank account in less than 10 minutes right it takes only 10 minutes to open a bank account and I've opened a banker with one of these Challenger Banks all you have to do is literally switch your like you know you take a photo of your ID you put your details in whether it's a passport or your driver's driver's license and then you just take a picture take a selfie or you take a selfie a picture of your face and that is a you know verification done the authentication is done and that you know so you had now an opportunity to bank have banking services within 10 minutes of just you know scanning your ID taking a photo and done I never had to fill out any you know long forms or any like cumbersome kind of you know signatures required in every page and you know sending you know important documents away.

So one of the key or one of the fundamental and primary benefits of Neo banking is I would say hassle-free account creation that's number one number two is definitely you know something to mention is the user-friendly interface any person who's used an app of a Challenger bank will notice how user-friendly the interface is so you can do a number of things it's very crisp very clean very you know neat hardly any glitches usually it's very you know smooth and you know you can just scroll around you can access a number of services it's very responsive I guess that's the word right it's very irresponsive and well designed to meet the needs of current day customers and that's really where the market is the UX and the UI the user experience in the user interface has to be such that it aligns with you know the current kind of trends that we have in other apps in other areas because it can't be that banking.

I would say one of the primary and fundamental Services which humans use on a daily basis right to access funds it can't be that that experience is more cumbersome or less  you could say  at a substandard level in comparison to your you know your gaming and you know all these kind of your your food deliveries your Ubers and all of these things right yesterday Paul and I guess that's what  this new bank Revolution is trying to address that your banking experience should not be any you know  inferior as an experience than your food delivery or then your taxi order or your you know your other forms of like you know work Communications for example no we all use like you know  product management and project management  tools then you have monday.com and all these different websites now now you can see how user-friendly how you know colorful these things are the user experience the user interface is at a very you know you know Superior level now how can it be that a bank you know be any less or being inferior.

I guess the banks are trying to now or the Neopets are seeing this kind of area and the exploiting is and don't forget don't forget one thing who are the primary customers of new Banks It's usually the youth right it's those people who are very tech savvy is the youngsters in the youth are very tech savvy who have a lot of interest in you know this kind of  experience because for research shows that those who are 50 plus they genuinely wouldn't tend to switch over to a newer bank they they are more set in stone and setting their ways of using the Traditional Bank they're happy to walk to the bank at 9 30 in the morning and you know withdraw their cash whereas the youth they don't have time for that they they have the smartphone they rather just access funds from the smartphone it's more likely that the younger generation will be using  these Neo Bank Services as opposed to the elderly and when that's the case the platform the services must research that it attracts the youth it it chimes with their kind of experiences elsewhere Islamic Finance learning made simple and memorable. 

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