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Neobanks represent a new wave of players that are upending decades-old banking models. Neobanks, which are defined as financial organizations that are exclusively digital and mobile-first, are upending the banking industry with their creative approaches to financial services. Financial firms that only conduct business online and do not have any physical branches are known as neobanks, challenger banks, or digital banks. Neobanks use technology to provide financial services like checking and savings accounts, loans, and investments. This contrasts traditional banks, which mostly rely on physical premises.