Neo Banking As A Service

In the coming years, the popularity of neo banks will soar high because of the involvement of AI and blockchain. Studies by leading institutes show that the total number of users in the neo bank segment will reach 376.89 million by 2027. Accordingly, the total projected transaction value will reach $8.97 trillion by 2027.

Do you want to learn more about what a neo bank offers the FinTech business and how it might help their business? Consider the benefits listed below:

• Low cost: One major advantage of a neo bank is that it is much more cost effective than traditional bank providers. Compared to traditional banks, it has very few regulations and credit risks as it does not involve the cost of running the physical branches.
• Convenience: Neo banks are highly convenient for users as the entire banking services are available digitally whenever needed.
• Customer Orientation: Neo banks emphasize the look and feel of the platform, while traditional banking platforms are quite outdated.
• Smart Reporting: It offers a detailed overview of user spending and daily expenses and checks whether the money-saving goals are achieved.
• Fast Processing Time: Neo banks have a much faster processing time when compared to traditional banks.       
• International Payments at Ease: You can make international payments possible instantly through a neobank-based debit card or credit card. 
• Value-added Services: Since banking is much more than just payment and cash transfer, as such offers many value-added services.
• Advanced Security Features: Since it's built for banking services, neo banks employ some of the most advanced security features, including 2FA, biometric, RBAC, etc.

Neo bank development will undeniably encounter many unique legal challenges because it is still a growing technology.

• Regulatory ambiguity
• Data privacy
• Data security
• Anti-money-laundering regulations
• Counter-terrorist financing regulations
• KYC regulations
• Digital identity guidelines

Request a free consultation from one of our neo bank experts to find out how to tackle these issues.

1. Our neo bank solution experts partner with you to build future-proof neo banking solutions and help you reap the benefits of financial technology based on real-world use cases.
2. We employ the best neo bank development practices to adapt to any changes in project requirements while at the same time ensuring that the project delivery is on schedule.
3. Our team is adaptable to applying our neo bank development techniques across your project to meet the project demands.
4. To offer cutting-edge technology to our clients, we have partnered with the top banking technology providers and platforms around the globe.
5. We have over seven years of experience in the FinTech sector.
6. For our technological innovation and strategic product development practice, we were honored with the renowned Frost & Sullivan award for the best blockchain development company.
7. Our experts have developed excellent solutions for several business startups, government organizations, financial institutions, and Fortune 500 companies.
8. We have a diverse team of professionals capable of developing neo bank solutions that offer top-notch neo banking services. 

The costs involved in NBaaS vary significantly based on the project requirement, years of the technological expertise of the assigned team, and the number of experienced developers needed across the project. Similarly, sophisticated projects will need more time, developer resources, and energy, leading to significantly higher costs.