Customer Experience in Neo-Banks: A Comparative Study

Abstract

The high pace of neo-banks has transformed the financial services by providing full digital and low-cost and highly customized banking options to the old systems. With customer expectations changing further to convenience, transparency and smooth interactions on digital platforms, the question of how neo-banks may provide customer experience has become more significant. This paper will examine the consumer experience on some of the most popular neo-banks using a comparison strategy in which customer experience regarding usability, quality of services, personalization, security, and satisfaction will be measured. Based on the questionnaire feedback and formats-based interviews with the active users of various neo-bank platforms, the study finds out the particular features that contribute to customer preferences and loyalty within digital-only banking settings. The results indicate that intuitive interface design, quick processing of transactions, and responsive support to customers are the leading triggers of positive experiences, and issues with information privacy, lack of physical interactions, and system downtime are also quite apparent and significant. As can also be seen in the comparison, all neo-banks focus on ease of use, but the efficiency of personalization algorithms, the support channels responsiveness, and the perceived reliability of security measures differ. The research notes that technological efficiency is not the sole determinant of customer experience in the neo-bank, as well as the trust that users have in the neo-bank digital-only financial ecosystems. As a rule, the research reiterates the significance of neo-banks to be innovative and at the same time reliable enough to ensure that digital convenience is supported with a high level of security and responsiveness of services. The insights will assist in getting a clearer understanding of the intensity of competition in the neo-banking sector and offer a viable solution to the platforms that desire to enhance their user experience and customer retention in the long run