Is Open Banking and Neo Banking the same?

22 Apr 2022 By PAYCEC

  • No, they are totally different regarding the definition of operation.
  • Open Banking is a banking practice or system that uses APIs to provide access to customer banking data for third-party financial service providers.
  • While neo banking means digital banking, banking without physical branches. It is a new concept of the way we bank compared to the traditional model. Nowadays, many consumers know neo banking as fintech firms that provide online-only banking services via mobile apps or web browser platforms.

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