How To Develop A Neo Banking Platform?

Neo banks become a new trend in the financial industries and leave behind brick-and-mortar banks. A study revealed that neo-bank global customers have grown from 2 million to 15 million in three years only, and the number of neo-banks increased from 70 to 250. According to stats, the CAGR rate of neo banks is more than 47% and is expected to hit $722,60 billion by 2028. The growth is a result of massive acceptance from millennials, generation Z, Startups, and MSMEs.

As you are also planning to develop your neo banking platform, therefore looking for “How To Develop A Neo Banking Platform?” Great news! You are at the right place. Here we will discuss all about neo-banking to provide you with in-depth knowledge, if you are lagging something behind.

You can also schedule a discussion with our neo-banking platform development experts. We will understand your business requirements and analyze your customer's needs and industry demand. Our skillful experts will develop a future-ready project for all your needs. Share your requirements with us.

What is Neo Banking?

Neo banks are digital banks enabling users to lend and send money using gadgets that can be only operated through mobile or computer. These banks are designed to overcome shortcomings of the traditional banking system of making transactions and charging high fees. Due to their nonphysical existence, these banks charge very nominal charges on transactions as a fee.

Benefits of Neo Banks

Neo banks are easy to set up compared to traditional platforms. As you just need to build a user-friendly app from experts and enable your users to start making transactions. For the users, neo banks apps are easier to operate. Just by entering a few details, users can start functioning on it. Here we have more benefits of using neo banks.

Lower Operating Cost

These banks required no physical location to operate and different manpower to handle all tasks. Therefore it requires a very low cost to operate a platform computed to traditional banks.

No Duplicate

Users can only operate these banks by entering a few essential details, which leaves no scope for duplicate information. As a result, only genuine people with valid documents can enroll on the platform.

Quicker Processes

Neo banks provide quicker processing of transactions compared to traditional banks, where cheque sometimes requires 3-5 working days for clearance. These banks operate through real-time transactions for users.

Highly Secure

Neo banks are embedded with high-security features and functionality to procure your funds. Experts leave no stone unturned that can harm your brand reputation or customers' information. Therefore, these are becoming a trustworthy approach for modern users.

Also Read: Digital Assets Marketplace Development

Traditional Bank vs Neo Bank

Services Offered by Neo Bank Solution

Neo banks focus on enhancing users' experience with easy-to-go services in no time. With smartphones, users can trigger from one service to another without wasting time and effort. Availing e-Credit cards, business loans, and transferring funds to wallets enables a hassle-free experience. Here we have highlighted services offered by our designed neobanks.

Savings Account

You can allow your users to create a savings account and get all the benefits of a brick-and-mortar-based saving account. The high interest-yielding savings account can let your users store more money and allow your banks to lend.

Credit Cards

E-credit cards or physical credit cards can both help your users to fulfill their needs without looking at their salary date. One tap solution can allow users to apply for their credit card and get it at their doorstep. Some neo-banks also allow industries to get high-value credit cards without security to boost their business performance.

Personal or Business Loans

Neo banks offer various types of business and personal loans to target different customers, such as individuals and start-ups. These are also bridging the gap and finding the weak points of physical banks to offer their services.

Digital Wallet & Crypto Solutions

As the word crypto is trending everywhere, some of the neo-banks offer crypto exchange services too. You can also offer one step ahead of crypto exchange services with advanced analytics integrated into your app.

Customized Banking Mobile Services

You can get the opportunity to offer tailor-made banking services to target various audiences. The app can be subdivided into various categories, such as individuals and small, mid, or large firms, and offer varied services as per their needs.

All Insurance Plan Support

Insurance becomes a need for an hour, and no one wants to visit a physical insurance office to avail of their services, especially when everything lies at their fingertips. You can add various insurance support plans while integrating insurance features into your platform. Just like, trending Neo banking apps Chime, Varo, Dave, Monzo, Revolut, and others are offering.

What Are the Essential Features of NEO banking?

Neo banks are packed with a variety of must-have features that help them to stand out in the stiff competition. Here we have highlighted some of them;

Easy Onboarding

Enables users to register on the platform just by entering a few details and letting them avail themselves of all the benefits of an online bank.

Send & Receive Money

A simple and easy interface to send and receive money enables users to pay and get money instantly.

Virtual And Plastic Card

Virtual and plastic enable users to transfer money funds from account to wallet and enjoy an online shopping experience.

Multi-Currency Account

Your users need to click on what type of currencies they want to deal with. They will have quick access to everything.

Asset Dashboard

Asset dashboard defines investment summary in various portfolios such as mutual funds, SIP, equity, debenture, and more.

Easy Transfers Money

Transferring money will not be a major issue, as you can allow transfers from one account to another using a mobile number.

Card-To-Card Transfer

Neo banks allow card-to-card money transfers that enable your users to make instant transactions.

Customizable Interface

Interfaces can be customized, as users can add or remove items to be seen on the home page, change themes, and more.

Currency Exchange

A single click on an exchange option can allow your customers to convert their currency into any money.

Savings and Lending

Saving and lending features can allow your customers to decide their pattern for what amount they want to save and what they can lend to generate higher interest.

Digital Payments

Our designed Neo banks enable faster and more secure digital payments without third-party involvement.

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Advanced Features of Our NEO Banking Solutions

Financial Chatbots

Advanced financial chatbots are designed to help customers while making financial decisions. These can define how you can invest or withdraw money on various portfolios and decide your investment pattern, whether short or long-term.

Data Management & Analytics

Our designed neo banks app can analyze and manage your user's financial data. They can check various lucrative opportunities for overnight investment to 10 years of investment.

Speech Recognition

Your users can get any question answered using a speech recognition feature. A simple and easy way to track everything on the platform.

Artificial Intelligence

The power of AI lets your users avail customized services as per their investment pattern and the features or function they are looking for.

Security Tools

Advanced Neo bank is embedded with high-security tools that keep the platform secured from unwanted threats such as bugs, errors, and glitches.

Wealth Management

Your users can manage their wealth using advanced features and decide future investment patterns.

Neo Banking Development Process

We follow a simple and clear strategy to build your online banking solution. Let’s check out the various stages of developing your solution.

Requirement

The first step is where our experts gather all your platform requirements over a scheduled call. We understand what type of neo-bank you want to develop, whom you want to target, and what type of services you want to offer. We create a layout of all these factors.

Analysis

Once we have all the essential details of the platform, our Business Analyst team will conduct an in-depth analysis of your platform. Here we will find what your audience wants to see on your app, especially what they are not getting from traditional platforms. After analyzing all the needs of your neo-bank, we proceed to the planning stage.

Planning

The stage is crucial as it is a deciding factor for technology, UI/UX, and platform development cost and tenure. Here we create a wireframe of your project, defining all the details. We also create a prototype of your platform with limited working functionality defining how your app will work with the scope to add more features to clients' recommendations. You can add or amend the above-mentioned features. Once the planning stage is approved, we proceed to the development stage.

Development

This stage involves making your dream platform a reality using codes. Developers at this stage code every aspect of the platform seen on the prototype or recommended by experts. In other words, the stage is also called a pure development stage as it excludes meetings, discussions, and other time spent on development during the project. Once the development stage gets over, we share words with clients for recommendations.

Testing

The testing phase consists of finding errors on the platform. The platform is critically tested and analyzed at this stage by experts to find any issues. This does not end over single-time testing as it involves multiple-level testing to find glitches, code errors, and other bugs.

Post-Deployment

Post development stage involves deploying, launching, maintaining, and upgrading. Deploying involves transferring the app from the local server to the client's server. Launching involves launching your platform on trusted Play stores such as Google Play Store and Playstore to make it available for users. Maintenance and upgrading and ongoing process to keep your platform secured.

Also Read: Web3 Integration Service

What is the Cost of Developing Neo Bank?

The cost of developing neo banks can range between $50000 to $134000 and more. It is based on several factors, such as platform features, functionalities, development team size, and more. Below we have listed some of the essential factors that contribute to the cost of developing a features-packed neo bank.

• Neo-banking app type
• Must have features
• Advanced features
• Platform complexity
• Integrated security features
• Essential tech stack used
• Development company location
• Team size of neo bank development
• Third-party integrated tools
• Wallet creation
• Platform development duration

These are the essential deciding patterns, but to know the accurate price of your platform development, schedule a meeting with our experts.

Build Your Neo Bank with Us

We provide industry-leading solutions packed with all the essential features and functionality. With more than 9+ years of experience and 250+ developers, we are known for our top-notch services in the IT sector. We have designed and delivered similar technology projects, therefore, have the potential to keep your business one step ahead of the pack. Our services include;

• Transparent Pricing
• 24*7 Support
• Advanced tools and technology
• On-time project delivery
• Seasoned professionals team
• Industry experience
• Highly innovative and motivated team
• In-depth knowledge of neo banks
• Nondisclosure agreement
• Guaranteed novelty

Leave your initial neo-bank development specification via this quick form, and one of our technical managers will get in touch with you to discuss further details.