# What is a Neobank?
A neobank is a type of direct bank that operates exclusively online without traditional physical branch networks. Neobanks are challenging traditional banks by offering lower fees, higher interest rates, and a more user-friendly mobile experience.
## Key Features
- **Digital-First:** Everything is done through a mobile app.
- **Low Fees:** No physical branches means lower overhead costs.
- **Fast Account Opening:** You can open an account in minutes.
Neobanks are perfect for the digital generation who want to manage their finances on the go.