Do you know the difference between a neobank and an online bank? Although they offer similar services, they have distinct advantages.
Here's what you need to remember.
What is the difference between a neobank and an online bank?
When it comes to digital banking, it's important to understand the difference between a neobank and an online bank .
Although they offer similar services, opening a bank account with either has distinct advantages.
To choose the bank that will best meet your needs, it is essential to know your objectives and compare the offers of each financial institution.
What is an online bank?
An online bank is a credit institution offering a complete range of banking products and services for the online management of your accounts.
Like a neobank, opening and managing an online bank account is done via a computer, tablet or mobile phone.
However, an online bank must hold a French or European banking license , which guarantees a secure customer experience, similar to that of a traditional bank.
The benefits of using online banking may include:
Access to a full range of banking services
Online banks generally offer extensive functionality, such as cash deposit, checkbook option, card payments, ATM cash withdrawals, as well as the ability to overdraft and financing.
Banking license and security
Being regulated by financial authorities, online banks must comply with security and data protection standards. This provides additional peace of mind to customers regarding the security of their financial information.
Customer Service and Support
Online banks typically offer responsive and accessible customer service through channels such as online chat, telephone or email. Some establishments even offer personalized support to meet the specific needs of clients.
What is a neobank?
Neobanks, such as Qonto or Shine , are mainly payment institutions without a banking license. Although subject to approval by the ACPR (Prudential Control and Resolution Authority), neo-banks offer more restricted online offers. Their functionalities are generally limited to account management via direct debit operations, transfers, payment by card and withdrawal of money from ATMs.
The benefits of using a neobank like Qonto can include:
Integration with accounting software
Some neobanks allow direct connection with popular accounting software such as Pennylane , Odoo or Netsuite . This enables automatic synchronization of financial transactions, thereby simplifying the financial management process and providing greater accuracy.
Improved cash flow control
Neobanks often offer advanced features to track and manage cash flow efficiently. This can include spend categorization tools, real-time alerts, and detailed reporting for a clear view of the company's financial state.
Make the best choice for your digital banking services based on your business needs.
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