Neobanking in India: Strategies for Marketing, Customer Engagement, and Trustworthiness.

This study examines the complexities of neobank marketing in India, moving beyond traditional banking paradigms. Using a descriptive research methodology, primary data was collected from 200 respondents through a self-structured questionnaire and analyzed with SPSS. The findings reveal that all respondents were aware of neobanks, but continued to use traditional banking services like savings accounts, credit, loans, and fixed deposits. Hypothesis testing indicates that neobanks achieve higher customer engagement through digital channels compared to traditional banks. Despite this, neobanks face significant challenges related to perceived trustworthiness, especially concerning data security. This has led to a lower level of trust in their marketing communications. However, the study highlights the agility of neobanks in adapting their marketing strategies to regulatory changes and their consistent innovation to stay competitive. Neobanks are more flexible and responsive to changing regulations and market demands, which is a notable advantage. The research recommends that neobanks reassess their marketing strategies to bridge the identified performance gap. Enhancing trustworthiness and data security measures is crucial to align with current market expectations. By addressing these issues, neobanks can improve their competitiveness and better meet customer needs. [ABSTRACT FROM AUTHOR]