To aid banking or financial operations, neobanks design digital programs or software. Companies use these technologies to regulate their financial approach.

1. Neobanks & Sustainable Finance
Corporate Social Responsibility (CSR) has been integral to businesses for years feels
Bahaa Abdul Hussein. It allows them to contribute more towards their communities
or for a humanitarian cause. Digital companies like neobanks are a new
phenomenon which are rapidly booming. They may operate on a slightly different
landscape, but they are still subjected to their share of CSR.
In the current landscape, some people are still suspicious of fintech and neobanks.
CSR offers a good solution by improving their image in the public eye. At the same
time, neobank inventions are helping other companies meet their CSR goals faster
and better.
Understanding CSR
CSR reveals a company’s kind intentions. It gets them more closely involved with the
customers they serve and increases confidence from stakeholders. Neobanks must
look outside their company to see how a part of their profits can make the society
better. They can contribute to causes or initiate their own. There are many other
ways to fulfill CSR responsibilities.
Companies benefit from CSR in the following ways:
● Improvement in public image
● Enhancement of employee engagement, mood and productivity
● More confidence from stakeholders
● Reduced operational costs through the implementation of practices that do
not hurt society
Although there are many benefits, implementation of CSR has some problems, such
as:
● Keeping track of disbursed money
● Lack of accountability and answerability of money
● Insufficient returns on CSR activities
Today, digitization has solved most problems related to transparency and
accountability. Neobanks are at the forefront of offering such digital money
management services.
Role of Neobanks in CSR
To aid banking or financial operations, neobanks design digital programs or
software. Companies use these technologies to regulate their financial approach.

2. Neobank services benefit the CSR component of companies in many ways, such as:
Making Digital Payments
Disbursing money is no longer a time-consuming activity for corporates.
App-regulated disbursal portals and mobile wallets have made money transfer very
convenient.
Reducing the gap between communities
Neobanks make financial services accessible to the underdeveloped parts of the
world. Even people who do not have a bank account can use digital financial services
now. Earlier, rural areas had less access to money due to the lack of ATMs and
banks.
Crowdfunding for causes
Customers have an easier time contributing to social causes and charities thanks to
new digital technologies. They can make quick and safe payments to CSR initiatives.
Reducing operational costs
Neobank technologies reduce the need for paperwork and reduce operational costs.
The process of making transactions and approving loans has become a lot faster
due to digital apps and programs.
Conclusion
New digital technologies have made CSR more convenient for businesses. It is much
easier to raise donations and pay vendors for different programs and events thanks
to digital revolution. Thank you for your interest in Bahaa Abdul Hussein blogs. For
more information, please visit www.bahaaabdulhussein.com