As they\u2019re entirely online-based, digital-only banks provide financial services in the most simplified fashion, using real-time data, electronic documentation, and automated processes. Digital-only banks, also known as neobanks, offer banking services via digital platforms such as mobile devices. Unlike traditional banks, neobanks don\u2019t have brick-and-mortar offices where customers can walk in and conduct their financial business with a teller.<\/p>\n