Neobanks are digital-only financial institutions that operate without physical branches. They offer banking services through mobile apps and websites, making it easy for users to manage their finances anytime and anywhere. Neobanks typically provide features like checking and savings accounts, money transfers, and budgeting tools, often with lower fees than traditional banks. Unlike traditional banks, neobanks focus on user experience and technology. They leverage advanced software to streamline processes and provide real-time insights into spending habits. Many neobanks also partner with other financial service providers to offer additional features, such as investment options and loans, all within their digital platforms.