Neobank Solutions Development Company

Neobanks use the "Banking as a Service" model. The current neobank landscape can be divided into three main categories:

• A non-licensed Fintech company collaborated with a conventional bank in the first form of partnership. Fintech utilizes a wrapper around its partner bank's various services and products in this type.
• The second kind occurs when a traditional bank introduces neobanks as part of its digital-only push.
• The third and last type is the neobank, authorized to do digital banking. These neobanks, however, are only legal in nations that allow standalone digital entities.

There are now a relatively small number of neobanks with their digital banking license. The first or second categories best describe the majority of modern neobanks. The majority of neobanks have a bank as a partner because of this. Neobanks use banks as a platform to provide essential banking services.

These banks often have aging infrastructure and legacy systems. Neobanks added a layer of digital services and products over these traditional infrastructures to make financial services flexible, available, and scalable.

A neobank operates considerably differently from a typical or digital bank. These banks save a lot of money on operating and overhead expenses because they don't have any physical premises, branches, or personnel working at these branches.

• A neobank's primary function is to provide consumers with tech-driven financial services.
• The banking partner offers to keep the customer's funds while providing access to funds for lending.
• In addition, the neobank manages customer service, complete customer acquisition, and client servicing while running the app and distributing the product.
• These non-licensed fintech companies typically work with established banks to offer new-age financial services through sleek, user-friendly applications.
• Neobanks are very dependent on data. They gather and analyze customer data to understand client behavior better and provide them with improved services.
• Neobanks seek to enhance the customer journey based on the current consumer activities.
• These banks provide no-fee customer accounts for first-time earners and financing options for young students looking to establish credit.

It will encounter exceptional legal challenges because it is still a new technology.

• KYC regulations
• Compliance, tax, administrative, and IP protection challenges
• Security regulations
• Risk-based authentication regulation
• Data privacy
• Data protection
• Need for a proper grievance redressal mechanism and fair practice code

Have a free consultation with our solution and legal experts to learn how you can address these concerns.

1. Our neobank solution experts work with you to create future-ready banking solutions that use the potential of financial technology with real-world use cases.
2. We employ the best solution development models to adapt to every change in need and always ensure on-time project delivery. 
3. We are always flexible in implementing our project development methodologies to accommodate your needs.
4. We have partnered with leading banking providers and platforms to make cutting-edge technologies available to our clients.
5. We have over seven years of Fintech, blockchain, and AI industry expertise.
6. We received the prestigious Frost and Sullivan award for best blockchain development business for our technological innovation and strategic product development.
7. We have created remarkable solutions for various digital startups, federal agencies, financial institutions, and Fortune 500 corporations.
8. We have a diversified team of specialized neobank solutions development experts to provide high-quality neobank services.

The cost involved in neobank solutions development depends on the solution configuration and the needed functionality. Contact us today to receive a cost estimate for your needs.

The solution functionalities and features determine the time needed to complete your neobank solutions development project successfully. The more intricate the functionality, the longer it takes to design, test, and launch it.