Neobank App Development Company

When talking about the world going digital, there could be no better example than Neobanks. 2023 is marked by the shift from traditional banking systems to modern, high-tech neobank.

It is just another evolution that technology has brought into the ways of human existence. In this case, we are talking about the fintech sector. Blockchain’s growing dominance in the fintech industry has also fueled the existence of digital banks.

Want to know how you can gain profit by developing your own neobank app? Will it be an investment that’s worth the effort or not? Most importantly, how do you begin? Suffescom Solutions, the most reliable crypto banking solutions provider is the right place to find answers to all your questions. We have the experts and the skills to build your neobank app platform and help you join the next generation of finance.

Now, these digital-only banks are not only for GenZ. It’s a technology that can effectively add convenience to the finance sector, specifically banking. This level of innovation will be useful for everyone regardless of age.

Neobanking Solutions: The New Way of Banking

Every year introduces new technology. This year, it’s neobanks. So, what are they?

Neobanks are one of the many types of Fintech firms. They have acquired several names since they started in the mid-2010s. Some of them are ‘challenger banks’, ‘digital-only banks’, and ‘online banks’. These monikers are primarily associated with the way they differ from the traditional banking systems.

Neobanks do not require a brick-and-mortar setting to operate. They offer financial products via mobile apps or websites. These neobank platforms generally require multiple back-end applications that support the vast features of the platform.

Blockchain And Neobanks

Neobanks will be the bridge between traditional finance and decentralized finance and shift conventional banks towards a brighter future under the umbrella of Web3. Web3 Banking App Development will direct future banking pathways through digital wallet developments, decentralized finances, decentralized application developments, decentralized exchanges, and much more.

Neobanking App Development Trends Today

Neobanks have disrupted the fintech industry just as Uber and Grubhub disrupted the transportation and food sectors. But how prevalent are neobank app platforms? Let’s have a look at the trends.

• The global Neobank market was valued at USD 66.82 billion in 2022 by Grandviewsearch.
• As per Statista, the neobanking solutions segment’s transaction value is predicted to reach USD 4.74 trillion in 2023.
• The number of neobanking users is expected to reach 376.90 million by 2027.
• The annual CAGR is expected to be 54.8% between 2023 and 2030.

These stats explain the rise of the neobank phenomenon and its potential for a better future for the fintech industry. Now let’s understand how you can set foot into this new era of banking.

Neobank App Platform Vs. Traditional Banking Platforms

With Neobanks, you are looking at an enhanced way of banking that makes up for all the problems associated with traditional banks. Unlike traditional banks,

Digital Only Banks

Opening an account in a traditional bank is a lengthy process, but with our neobank app platform development, your account can be opened in minutes with your required documents in place.

Affordable

Unlike the heavy charges that come up in opening an account in a traditional bank, the neobanks are rather cheap, with either zero or close to zero fees. With our neobank app platform, you can open your account with zero paying fees and maintain a zero balance.

Whereas, in the case of traditional banks, users have to maintain a minimum amount criteria with a minimum balance.

More Convenient

The best part about neobanks is that they have no physical branches, and everything is operated online. For the fast-paced GenZ and Millennial population, traditional banks come up with a lot of time taking tasks. And the evolution of neobank can help them access the same banking facilities as offered by a traditional bank right from the comfort of their homes.

24/7 Accessibility

Traditional banks operate on a certain time frame and are often closed on weekends. With neobank, this is not the case; they are open 24*7 with customer support facilities that will respond to customer queries instantly.

Strong Digital Security

One important factor while discussing the feasibility of neobanks over traditional banking is their focus on the safety and security of user data as they don't rely on the old and traditional safety systems of banks. Many of the neobanks are now leveraging AI and ML to identify scammers and prevent BNPL frauds.

Simplistic Processes

The neobanks have a simple app interface, and it is quite easy to operate. At the same time, the traditional banking is highly complex and has less emphasis placed on integrations when compared to financial tools. With Suffescom's neobank app platform creation, get direct API Integration as well as detailed data on every transaction.

Features To Look For In Our Neobank App Platform Services

Suffescom Solutions has been helping businesses to invest in fintech apps for years now. Neo-banks have risen to considerable popularity in the last years, with multiple banking services provided to customers straight from the comfort of their homes.

Customized UX

Modern-age banking services are not limited to just developing a banking app. The neobank app solutions provided by Suffescom will have a customized user experience and a search engine that will allow your users to have an interaction with the app.

Gamification

Our whitelabel neobank development will ensure that your users are never bored while banking with gamified processes embedded in the neobank. With the addition of gamified movable icons, user interaction with the app will genuinely increase.

Real-Time Fraud Detection

Advanced real-time fraud detection in our neobank app platform can detect out-of-pattern behavior instantly, adding to your user's security.

ATM Map

This is an essential feature that has been added to our neobank app platform, which will enable your users to look out for the closest ATMs. Users can also track their transactions, including all the transactions' history.

Card Issuance

Book cards at an instance through our neobank solution and issue card numbers on the top of credit or deposit accounts.

Biometrics

Just like the other GenZ apps, our neobanking solutions also have biometric verification for reducing cyber threats; this is a must-have feature for all digital banks.

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Numerous Neobank Apps Business Model

Being a leading Defi Development Company in the US, we focus on how to empower businesses so that their revenue hits the mountaintop in a short amount of time. Let us have a look at some of the business models for a whitelabel neobank app development solution:

Interchange-Led Business Model

The neobank platform we develop can get income through the interchange, which is charged whenever a customer uses the neobank through their cards, a small interchange fee is charged.

Credit-Led Business Model

This business model is based on the credit-first model that is just like the traditional credit card; neobank gains revenue every time a user uses their card for transactions. Most of them don't charge annual fees, and the customers can pay by, Buy Now, Pay Later. They can pay the interest amount in installments.

Asset-Led Business Model

This business model is based on neo-banks offering savings accounts and gaining a certain part of the deposits with competitive rates. As Suffescom closely monitors the FinTech industry, we are aware of the increased demand for investment apps.

Product Extensions

This business model runs around product extensions which further evades barriers between different financial domains. As per some of the forecasts, a large amount of the earnings of neobank come from product extensions. For instance, Robinhood, a neobank that offers a commission-free trading platform, released its gold subscription, which was just five dollars for certain services. And this gold subscription made them earn millions in a shorter span of time.

Examples Of Neobank App Platforms in 2023

Revolut

This is a UK-based startup that has now expanded globally. This neobank accepts more than 150 currencies, and the company does not charge anything for the exchange of standard currencies. Their Revolut card can be used to spend money anywhere around the globe, with additional access to vaults for saving money. You can also get a chance to earn cash back rewards after your spending through their neobank as well as order special cards and support multiple causes.

Varo

The account created by Varo bank is free, which helps users to manage their spending with zero minimum deposit requirements. This FDIC-insured account comes along with an attached Varo Bank Card, which can be used to pay bills of every sort, withdraw money from 55000 fee-free Allpoint ATMs, and get hassle-free with cashback rewards when transactions are made through Varo Partners.

Daylight

Daylight was founded in 2020 and is the first digital-only bank for the LGBTQ community. Daylight was designed not just to provide banking services but also to fill unique needs for goals, timelines, and future that works best for the American people. They have already raised 15M in funding and will launch another version called Daylight Grow, which will solely cater to the needs of queer families.

Why Choose Suffescom Solutions Inc. To Develop Neobank App Platform?

Web3 in finance is powering the neobank development services worldwide. During the construction of a neobank, features are integrated based on client specifications and market niche. Suffescom has assured that the neobank platform we develop contains all recent features, including high-end designs, better analytics, and much more.

Popular Options And Panels

Our panels are equipped with several unique features and personalized services. The administration panel we design provides complete control over the revenue flow of enterprises, including profiles, data content, and more. The user panel has restricted data access, and the users are unable to modify information. The administrator has the ability to modify, delete, and remove the content.

Interesting UI/UX design

Our UI/UX designers are extremely competent and can assure you of the greatest user interfaces for an unforgettable customer experience. Our clone development features might save a substantial amount of money because the designs are always chosen based on current market trends.

Improved Analytics

Our clone app development services utilizes the most effective analytics based solely on the industry specialty. The analyses are tweaked further in accordance with business requirements. With the help of our pre packaged analytics, your business strategies will be bolstered, and a steady revenue stream will be produced.

On-Time Delivery With Complete Support

We ensure that our ready-made product meets all specifications and is delivered on time, every time. Along with the above services, we also ensure that our clients get a seamless delivery through regular updates.

Excellent Customer Ratings

We are rated 5/5 on GoodFirms and Clutch, with globally scattered clients.

Contact us now to begin your neobank platform development journey.

• NEO Banking Solutions