Building Neobank app is the best option for a business. You must learn this fintech app from scratch. It means that you’re in the right place to gather all the information. Banking sectors have raised many new ways to access the mobile app process more easily. Mobile app development companies in Chennai also showed a vast interest in building apps, specifically Neobanks. Data shows that Neobank’s transaction value has reached over $8.97 trillion by 2027.
Neobanks and similar banks have transformed traditional banking systems by providing user-friendly mobile apps to their users. Since people are looking for convenient and secure banking procedures, Neobank has proven and skyrocketed over the globe. Knowing the cost and features are essential to build the app, so read the blog from the ground up. Let’s get started with the blog!
#1 What Is Neobank App Development?
Neobanks, the modern face of banking, operate solely online, transforming traditional financial institutions. With no physical branches, they deliver banking services and products through suitable mobile apps and websites. Neobanks stand out with their intuitive interfaces, cutting-edge features, and remarkable adaptability to cater to customer preferences. They redefine the banking experience, offering seamless digital solutions tailored to individual needs.
#2 What Are the Features of a Neobank App?
The reason why features play a major role in a business app is that it is going to be the stature of customer engagement in an app. Neobank has handled its app from a user perspective.
Some of the features are
Easy login Process: Neobanks empowers users by providing essential financial tools for accessing financial services. They offer seamless account-opening processes that unlock convenient and efficient financial interactions.
Data Security: Ensuring the safety of user information is a top priority for e-wallet applications, which is why they implement robust measures such as biometric verification and advanced encryption to fortify data security.
Real-time Notifications: Fintech apps provide real-time notifications to keep users informed and connected, delivering instant updates and timely alerts for their financial actions.
Convenient Savings Options: Neobanks revolutionize savings by offering convenient and endless opportunities, providing users with quick and easy access to savings accounts for effortless savings.
How To Build a Neobank App?
Building a Neobank app may look daunting at first yet with the right formation and strategies it may look efficient. Also, creating an app as it requires high-security features, security, and steps. If you want to build a prominent Neobank app, consider choosing mobile app developers in Chennai. Let’s crack the code of building a Neobank App.
Define your Project Ideas
Always have a clear idea about your app by finding your target audience and your competitors. By making a clear plan and building a blueprint of it, you can able to identify the gaps and holes left by the competitors and audience felt. As a business, you need to focus on that with your creativity. Determine the specific services and features your neo bank will offer to cater to their requirements.
Build a Robust And Scalable Technology Platform
Invest in a secure and scalable technology infrastructure to support your neobank’s operations. Design a user-friendly mobile app and website with seamless account opening, transaction processing, and customer support capabilities.
Right Tech Stack
When building a Neobank app, it is crucial to choose a robust and secure tech stack that includes technologies such as Java, Kotlin, Swift, React Native, Node.js, MongoDB, and AWS, ensuring seamless integration, scalability, and data protection.
Prioritize data security by implementing advanced encryption techniques, multi-factor authentication, and real-time monitoring systems. Protect customer data from unauthorized access and potential cyber threats.
Devising an intuitive UI design app for these financial service apps that integrate the users and rely on the app for convenient use.
Once the app is developed by integrating the required elements, it needs to undergo quality testing to find and fix those bugs to avoid any blocks in the future.
Maintenance and Updates
It is a final stage yet it continues till the app runs. Maintenance and updates of a Neobank app will help an enterprise to make an effective decision and make changes by updating the app.
#3 Cost of Building a NeoBank
The main stages that are associated with the cost of building the Neobank are
Design an app that comprises UI/UX and features plays a crucial role yet the cost includes $5,000 to $15,000 or more depending on the design you choose.
For integrating robust security, a certificate to ensure that your app is protected may cost around $20,000 to $50,000 or more.
Backend processes like API and third-party services get integrated into an app which costs around $20000 to $100000 and even more depending on the app’s requirement and complexity.
Building the Neobank app requires ripped planning and analysis. If you’re planning to build an efficient Neobank app or related types the above blog will be your guide that helps you from scratch. Fasten your seatbelts and build a world-class Neobank app that meets your business needs.