Introduction

The banking sector is expanding quickly, and new methods like digital banking have been brought to the market for consumers to use as needed.  Numerous apps are available on the market and can be accessed online. The level of comfort and accessibility offered by these apps is more enticing, and the demand for them is increasing. Neobank is one of the ideas that is popular right now. Neobank's primary benefit is that banking activities don't require clients to spend time corresponding with bank staff. The task can be managed through a Neobanking app. 

Witness the Importance of Neobank app

Neobanks are financial technology companies that provide financial services exclusively online, without the need for conventional physical branch networks.Regarded as the digital-only banks, they use cutting-edge technology and only conduct business online and offer a range of banking services through web platforms and mobile apps.Better banking experiences are offered, while operating costs are significantly reduced by doing away with the requirement for physical branches. Lower expenses and higher interest rates are common ways that these savings are passed on to customers. 
A smooth and intuitive banking experience is offered by these apps that will meet all the needs of the clienteles across the globe. Making digitalization more enhancing, Neobanks have started making the utilization of advanced technologies like AI, RPA, and ML to improve security, provide individualized services, and expedite operations, establishing new benchmarks for what clients anticipate from their banking services. Offering agile and innovative banking solutions, these apps help customers manage their financial transactions in a secured way and also make other banking services. 

NeoBank app Development Company

Looking for the right partner to develop your Neobank app? As a leading NeoBank app development company, Hivelance and its team are here to assist you in launching your app with enticing features and functionalities. You can watch the next wave of digital banking platforms that include taxation, accounting, payments, digital banking, and cost management with our Neobank app development services. Our skilled professionals will assist you in starting and expanding your Neobank, regardless of whether you are an established brand seeking to expand or a Fintech startup. 

Features of Our NeoBank App Development

Creation of individual accounts: Account creation is one of Neobank's most crucial functions. To enter the platform, users need to enter their first and last name, email address, password, and others. 

Multiple-payment options: The simplest approach to implementing numerous payment choices is through third-party API integration. P2P, A2A, ACH, and more channels are available.

Real-time notifications: Customers who receive real-time alerts about account activity can stay on top of their finances. These notifications, whether they are reminders for bill payments or transaction alerts, improve financial management.

Streamlined functionalities: The only justification is that, in comparison to traditional banking apps, these processes are more frictionless. Global network synchronization and fee-free account opening are the best examples.

High-end security measures: Neobanks safeguard account access with techniques like facial and fingerprint recognition. Users are shielded from unwanted access by this technology's extra layer of security.Two-factor authentication (2FA) raises the security ante by forcing users to confirm their identity using a second way, like an authentication app or text message.

Tracking of transactions: All transactions, including history, can be tracked by users. Among other things, they can include the recipient's name, currency, bank account, and transaction account.

Integrated Payments and transfers: In order to improve the ease and effectiveness of financial transactions, Neobanks are excellent at providing integrated payments and transfers.Neobanks enable instantaneous financial transfers by facilitating smooth peer-to-peer payments through integration with numerous payment channels. The next noteworthy feature is QR code payments, which helps to make rapid and safe transactions by just scanning a code.

E-wallet: The Neobank app has the facilitation of accessing the e-wallets with which users can make the payments in a safe and reliable way.

Account Management system: With a few clicks on their mobile devices, users can quickly transfer money, view transaction histories, and check balances.When paired with features like integrated payments and transfers, Neobanks' seamless account management makes them a better option than conventional banking practices.

Electronic Know-Your-Customer: Neobanks employ electronic Know Your Customer procedures to remotely validate documents and authenticate users.e-KYC improves consumer satisfaction and adherence to legal standards. Adopting e-KYC allows neobanks to expedite customer acquisition and reduce fraudulent activities. 

Advantages of Using NeoBank App

Personalized financial services: Neobanks are able to offer individualized services and customized financial suggestions with the use of AI and ML.Neobanks can drastically cut operating expenses by doing business without physical branches. 

Cost effectiveness:  Consumers usually gain from these savings in the form of lower fees and better interest rates on loans and savings accounts.

Multiple cryptocurrencies support: Neobank apps are perfect for expats, travelers, and foreign business people because they support a variety of currencies and international transactions.

Easier accessibility: Users of Neobank apps can access banking services around-the-clock from any location with an internet connection. People who do not have easy access to actual bank branches will especially benefit from this accessibility.

Successful Neobanking apps in the market

Some of the market’s available Neobank apps are listed below:

Revolut: Managing financial activities like budgeting tools, crypto trading, payment, stock trading can be carried out.

Chime: As a popular app, it incorporates features like automated savings, free checking, user-friendly interface, and provides services to many users.

Betterment: Portfolio suggestions, and goal based investing is possible.

Varo: Has features like high yield savings account, direct deposit and personalized analytics.

Acorns: Banking services and investment options are together available.

Differences between Neo Bank and Traditional bank 

NeoBank           

• Quick and easy account opening process                        
• Real-time transactions and instant updates                   
• Only digital operations                                                         
• Uses cutting-edge technologies                                         
• User-friendly mobile banking apps                               

Traditional Bank

• Requires paper works, in person visits
• Long transaction processing
• Have physical branches
• Slow use of technologies
• Not as feature-rich as Neobank 

Our Neobank Development Services

Integration of payment gateways: We integrate payment gateways making transaction processes easier and tracking is easy.

Accounting automation: Automated payment reconciliation, on a single platform that connects to your business account is handled. 

Cash management: You can track and manage your accounts payables and receivables, cash management using a single dashboard.

Virtual account: Open a virtual account and UPI ID to take advantage of automated banking and manage your spending, accounting, reconciliation, and payments.

Personalized app development: We build personalized apps that can be according to your business needs and can engage clients as they are feature-enriched.

Wide range of Financial services offered by Our Neobank apps

• High-yield saving accounts
• P2P money transfers
• Easy access to paychecks
• Checking accounts
• Overdraft protection
• Financial education tools

Technology Stacks used to Build your Neobank Apps

• TensorFlow
• PyTorch
• GraphQL
• RESTful APIs
• Scikit -learn
• Kubernetes
• Docker
• Jenkins
• Microsoft azure
• Google cloud platform
• AWS
• Javascript
• HTML5
• CSS3
• Angular.js
• Vue.js
• Ember
• React.js
• .NET
• Ruby on Rails
• Python
• PHP
• Go
• Express.js
• RabbitMQ
• Solr
• ActiveMQ
• Sharepoint
• Hadoop
• Kafka
• MongoDB
• Redis
• Cassandra
• Oracle

Why Choose Hivelance for Neobank App Development?

Fuel your business growth and profit potential by joining hands with Hivelance. As a leading banking software development company, we create your Neobank app with the latest technological stacks. Incorporating advanced features and capabilities, we shape your financial future by offering cost-effective and personalized financial services. Our team leverages modernistic technologies like AI, ML and APIs to develop and launch your Neobank apps that provide seamless user experiences. Along with these, we enhance personalized account management techniques to prevent your financial utilities and guide you in the right pathway of business upliftment.