Crypto Neobank App Development: The Future Of The Fintech Industry

Over the last few decades, the financial industry has experienced many changes with the power of the internet. Building Neo banks like Revolut, Monzo, N26, Starling Bank,

Monese is no exception. Now, neobanks with another category enter into the virtual banking platforms called Crypto Neobank App. As the name defines, these banks solely function in cryptocurrency and provide various services against it. Users can buy, sell, exchange, or invest their cryptocurrency using Neo bank. These apps offer great convenience to users as they can buy or lend money without leaving the space.

If you plan to build a new bank backed by top blockchain technology, you are at the right place. We have rich experience & expertise in designing and developing banking solutions and other top technology apps. Share your words and business requirements with our expert team. We will help you from planning the budget to scheduling delivery time.

What Is Crypto Neobank Solutions?

As the name indicates, banks function solely around cryptocurrency compared to transitional banks that deal in fiat currency. These banks are virtual spaces with no physical branches and are only backed by online banking services. This modern solution is designed to provide market support and lower overhead costs than traditional banks. These banks are designed by aiming technology to offer superior customer experience and boost loyalty due to transparency and lower account maintenance fees.

Stats Defining Neobank Market Size And Prospects

• The Neo banking industry is estimated to be worth $300 billion, and there are around 400 neobank worldwide.
• An average transaction value per user in the neobanking segment amounts to US $17.28k in 2022.
• The number of users is expected to amount to 376.90m In the Neobanking market by 2027
• American men use neobanks more than women, with 9.6% of men having an account compared to 5.5% of women.

Crypto Neobank App Development: Key Considerations

Crypt Non Banks are digital banks that perform similar functions to traditional banking systems but without physical assistance. Users can make payments, transfer money from one account to another, get instant loans, avail of lending benefits, and more. But what are the key considerations that make the platform secured place essential to discuss, especially when you are planning to develop crypto neobank Solutions? Here are these;

Blockchain

Blockchain technology is a decentralized, secure, and error-free network that enables businesses to build a secured platform to conduct transactions. It helps to enhance app security, accelerate payments, and provide cost-effective transactions. As blockchain eliminates the risk of data leaks, expensive transactions, and financial scams, therefore businesses can avail secured places to make transactions. Some of the highly used blockchain technologies to build crypto neo bank app development involves;

• Solana
• Polkadot
• Hyperledger
• Ethereum
• Corda

Artificial Intelligence

Crypto neobank Solutions are backed by AI-based financial services that support users to boost efficiency and enable information accuracy. Various P2P loan apps use AI-powered evaluation that helps to detect users' eligibility for loan approval and minimize risk. AI also helps to detect personalized risk and make the lending process users friendly. AI enables crypto neo banks to make better financial decisions and reduces customer service costs.

AI Chat-Bot Banking

One of the innovative innovations that provide 24/7 customer support reduces workload, improves user experience, and boosts business productivity. AI chatbot solutions resolves minor issues instantly, gets users' feedback, and guides new users.

Biometric Authentication

To keep the security and privacy of customers' data, Biometric authentication has become a new trend in the fintech world. Users can operate the app through face, voice, and fingerprint recognition. It eliminates the need to type passwords and improves the security of transactions.

Micro-Services

These services are composed of short-term services where users interact for small services over APIs.The technology helps to increase the efficiency and flexibility of financial institutions using applications. These services are one of the best trends and keep your business up-to-date with the latest technology.

Mobile Banking And P2P Loans

Mobile banking and P2P loan lending options are highly lucrative opportunities in the business world. It not only provides solutions that accelerate the time-consuming process but also helps to attract most target users toward your app.

Voice Command Integration

Virtual assistants like Siri, Alexa, and Google Assistance are designed to provide a conversational experience. Creating a fintech app commanding these virtual assistants improves the overall user experience.

Crypto Neo bank App Solutions: Must Have Features To Stand Out In 2024

Users can enjoy the leading features of the Crypto Neo bank app. These features also enable a smooth user experience.

• Sign up/ Sign in
• Biometrics
• Quick KYC
• Home page
• Track Spending
• Saving Account
• Debit Card
• Block/Unblock card
• Change PIN
• Report Card Lost
• Support

Our modern attributes packed crypto neobank involve the following.

Cross-Border Payments

Users can make instant cross-border payments using unique IDs only. With the traditional methods, these payments took 5-7 days for clearance.

Budgeting Assistance

Users can allocate their budgets and create a graphical representation of the same. The feature also allows users to create a chart of their previous buying.

Payments Through QR Codes

QR scanning enables users to make quick payments. Therefore, we integrate this feature into the payment process and eliminate the hassle of adding a unique address every time.

Micro-Investment

Users can create micro-investment using crypto neo bank accounts. They can invest in various ICOs and leverage the advantages of the platform. Robust analytical features also help users to track the performance of the platform.

Offer Unbeatable Benefits With an Exclusive Crypto Wallet Card

Crypto neo banks can also offer exclusive crypto wallet cards to engage users. These cards help them to convert crypto into fiat currency and withdraw instantly. More these cards are packed with certain points that users can redeem to shop for anything.

Some crypto wallet card models include;

• Basic
• Black
• Silver
• Gold
• Platinum
• Diamond

These cards allow users to;

• Generate rewards on every spending.
• Boosters-based reward system
• Avail subscription

How Do Crypto Non-Banks Make Money?

Transaction Fee

Crypto Non-Banks can charge money from users on every completed transaction. In other words, every time users pay money or transfer cryptos, the banks can debit some percentage of the amount from their account as a transaction fee.

Monthly Charges

Some crypto neobanks charge money fees, just as a subscription from the users. It's a profit driver technique that allows banks to generate a huge subscription. In exchange, it can allow any number of transactions on the platform.

Credit-Led Model

Credit-led models allow users to avail certain amounts of cryptos as credit from the neobank. Banks charge interest on the amount. The model functions as offering credit cards by banks to account holders.

Product Extensions Model

Product extension is one of the biggest drivers to generate money. Here banks come into a partnership deed with NFT marketplaces of various domains such as digital art, music, gaming, and more. While making transactions, these banks charge a certain amount.

How To Start Crypto Neobank App Development: 7 Main Steps

Here is how we follow simple and easy-to-understand crypto neobank app platform development steps;

Conduct The Discovery

The crypto neobank app development journey begins with the discovery of your app competitors, audience features, functionalities, tech stacks, and more factors. Therefore, our experts start with understanding.

• Who will be your audience?
• Who are your competitors?
• What is the market's current position and expectations in relation to your application?
• What are their app's main features?
• What do you need to stand out from the crowd?
• Technologies that will help you throughout the journey.

Apart from these, our experts help you to choose the right business model and foresee critical circumstances. We also design advanced tools that guide you to change business models before you reach an operating loss.

Assign You A Project Manager

Once we work on all the research patterns of the app development, our next step is to assign a dedicated team of designers and developers that function under the guidance of the project manager.

The role and responsibility of the project manager include the following;

• Build direct relationships with clients.
• Share MVP and define its features
• Communicate team-related feedback and proceed with the development
• Engaged in ongoing maintenance services
• Discuss project cost at every step on customers' demand.
• Ensure the platform should be free from glitches through multiple-level testing
• Hold hand during the launching

Focus On User-Friendly Design

Once we have everything in our hands, our next step is to focus on a user-friendly design that enables your users to navigate easily. For this, we find out various age groups of your audience and device platform design on their usability criteria. We ensure from beginners to experts, and everyone can use your platform flawlessly and make transactions seamlessly. We also create a prototype of the platform and share it with our clients to seek their approval.

Development is Core

The development process is said to be core as every feature seen on the platform starts functioning at this stage only. The development team designs codes for every feature and ensures their functioning enhances the user's experience. We also introduce blockchain technology, design smart contracts to automate platform processes, and integrate payment gateways.

Testing On The Top

End-to-end testing is our priority. We ensure your platform should be free from bugs and glitches and safe from malware attacks. Therefore our QA team conducts rigorous testing of your platform so that users won’t face any trouble.

Deployment

A platform without deployment on top play store apps is worthless. It helps you to reach your audience. Therefore, our professionals help clients to deploy apps from the local server to the client server and deploy them on play stores. With this, we upload your app to the Google play store and Apple play store.

Post-Development Maintenance Services

As mentioned in the contract between the company and clients, we provide maintenance services to clients. We keep your platform updated with the latest tools, techniques, features, and other functionalities. We also help budding entrepreneurs to manage their apps effectively at a discounted price.

How Much Does It Cost To Start A Crypto Neobank Solutions?

The cost of developing a crypto neobank app development depends on numerous factors such as - platform complexity, developing ready-made solutions or building from scratch, team involvement, and app integration features and functionalities.

At Suffescom Solutions, we offer various options to build crypto neobank Solutions;

• Designing and developing crypto neobank app after developing MVP.
• Re fabricate existing apps to upgrade features and functionalities of base apps.
• Rebuild your app using advanced features
• Polish some parts of the crypto neobank app to cope with changing industry demands.

As the needs and demands of each case are different, therefore time frame and development cost vary. On average, it can take 4-8 months to build a fully functional app with MVP.

But to build a fully functional app, you need;

• Project manager
• UX designer
• Front-end developer
• Back-end developers
• Blockchain technology cost
• QA engineers

This is a general scenario. To get the accurate cost of crypto neobank Solutions, contact our team. We will be glad to help you and answer related queries.

Summary

Developing a Crypto Neobank App Development is an incredible journey that opens up new opportunities to interact with the audience and offer a whole new experience. The journey becomes more interesting when you have experienced IT partners to handle all your challenges instantly and provide you with top-notch industry solutions. We, Suffescom Solutions Inc., have rich experience and expertise under one roof. More our offering includes;

• Free blockchain consultancy to polish your knowledge for the best match blockchain technology needs.
• 750+ expert team that functions on customized and ready-to-serve platforms flawlessly.
• Designed and developed innovative products in the industry to serve various niches - web3, play to earn, neobank app development, and more.
• Work around the clock to deliver the best in the quality platform within a stipulated time frame.
• Craft smart contracts, crypto wallets, tokens, and more to support blockchain-based solutions.
• Deploy highly advanced tools to build error and bugs free solutions.

Contact our team to share your idea, and we'll be happy to help.