Banking · Banking Delivery Channels

Statement 1: Neobanks are a type of delivery model that functions entirely without any physical branch network, offering all their services through a digital interface and usually partnering with a traditional bank to provide the licensed financial products. These entities focus on a superior user interface and advanced data analytics to offer niche products like student credit cards or specialized accounts for freelancers that traditional banks might overlook. Since they do not have the overheads of physical infrastructure, they often offer better interest rates or lower fees to their customers. However, in India, neobanks are not allowed to hold a banking license themselves and must operate as a digital layer on top of a regulated bank. Statement 2: The Internet Banking model allows customers to perform a wide range of financial and non-financial transactions through a secure website of the bank using a computer or a tablet. This model was the first major step away from physical banking and introduced the concept of 'Anytime, Anywhere Banking' to the retail customer. It provides features like fixed deposit opening, utility bill payments, and tax payments which were previously only possible at the branch. To ensure security, banks use Secure Socket Layer or SSL encryption and provide virtual keyboards to prevent keylogger attacks. Statement 3: The WhatsApp Banking delivery model is an emerging channel where banks use the popular messaging app's business API to provide automated responses to customer queries and basic transactional services. This model leverages the high familiarity of the Indian population with WhatsApp to reduce the friction in digital adoption for the less tech-savvy segments. Customers can check their account balance, get a mini-statement, and even apply for small loans through a conversational interface. However, the scope of transactions is usually limited to ensure that sensitive financial data is not compromised in a messaging environment. Identify the correct statement or statements based on the given description.