9 Predominant Features of Neo Banking app you can’t miss out
Neobanking is the new buzzword in the fintech industry. Its emergence has hyped many speculations. Some consider Neobank to overtake the sector, while others say it will shift banking to entirely digital platforms. Well, it undoubtedly transforms the users’ banking operations. Being a user-centric solution, Neobanks initiates many learnings for banks out there. Users no longer need to worry about visiting the branch for every aspect of their account. It streamlines the experience of users to manage their finances digitally.
The existing online banking apps like Chime are also an example of Neobank. Its usage and functionality forecast that Neobank will have extended opportunities in upcoming years. So banking firms, it is time to buckle up.
Neobank is in the spotlight, so you can also develop a Neobank app from scratch. For that, it’s necessary to look at the features of Neobanks. Let’s dive into the technically advanced features of Neobanking apps.
Top-notch Features of Neobanking Application
The features of building a Neobank app are many. Being a technically rich solution, Neobanks demands high-quality features. However, the aim of making a user-friendly app is still the priority. So, the more tech solutions you have, the better apps you can develop.
To make it a bit easier for you, here are the essential features to develop a Neobank app.
1) Quick user registration
Neobanks are built with efficient solutions. It offers a smooth journey for new visitors. The users can create their profile by logging in through their email ID. So, it eliminates the need to fill in each detail manually.
Mentioning your email ID will fetch information automatically with permission. Neobanks also verify users with e-KYC documentation. Hence, you can open your account and manage your finances at your fingertips.
2) Biometric solution
Security and privacy factors are common to satin in today’s digital world. Neobanking apps are highly potent and limit unauthorized access to your app. Only the account holder can open and access the app on their device. Therefore, it is quite a better way to keep your account safe and secure. The biometric solution permits the setting up of face recognition, fingerprint, or even voice recognition.
3) Instant fraud detection
Along with digitalization, cyber crimes have risen over the past few years. Neobank has looked into that aspect. The robust Neobank apps are embedded with fraud detection features. So, you are more likely to enjoy the full-proof banking solution. Neobanks keep users stress-free from any malware or fraud.
4) Transaction Management
The transaction management feature is the time-saving approach to maintaining the transaction history. Also, it assists the app in generating financial reports and analytics. Users can oversee their monthly earnings or spending effectively. So, it makes you perform transactions without any hiccups.
5) 24/7 chatbot support
Offering customers with chat support makes your Neobank take the lead. For instance, if you have a banking statement error in the passbook, the traditional bank solves the issue only when you visit the branch. Whereas Neobanks can tackle such issues in a few minutes. You can ask your query or problem in the chatbot. It will further connect you to the respective person.
So, it keeps banking services available anytime and from anywhere in the world. The customers just need to have a proper internet connection. Thus, users can handle banking operations effortlessly.
6) Real-time account updates
Neobank apps automatically oversee users’ activity. It tracks the transaction history and finances on a real-time basis. So, users benefit from getting on-time updates. From checking account balances, monthly expenses, fund transfers, etc., users are well-informed about it. It optimizes users’ experience on your app. As a result, Neobank can achieve its customers’ trust.
7) Numerous payment alternatives
Neobanks has ensured to ease down the whole banking experience for users. It has incorporated the offering of various payment options. It allows users to send and receive money through the Neobank apps.
Utilizing blockchain technology also initiates cryptocurrency alternatives. Digital wallets, card payments, cash payments, and so on are good options for quick payments.
8) Gamification
Glorifying apps with eye-catching visual icons entices users. Neobank emphasizes creating a mobile banking app with design elements. It permits users to win rewards and cashback on their transactions and bill payments. Hence, it keeps users engaged with the platform and increases the chance of using the app repeatedly.
9) Push-notifications
Push notifications are better solutions to interact with users via personalized messages. The apps are designed to notify users of their account details or new features. Hence, it makes users remain updated and aware of apps. Such updates include security, privacy, password changes, etc.
Pro tip: Although the features are critical to consider, it is also equally important to learn the step-by-step guide about how to develop the Neobank app. It covers the advanced solutions for your Neobank app development project.
What would be the cost to build a Neobanking app?
The overall cost of developing a Neobank app depends on multiple factors. So, even if you are planning for Neobank app development, it’s better to evaluate the following features. It helps you to make corrective decisions.
- Feature set for your application
- Technology stack
- Region of outsourcing developers
- Timeline of the project
- Specific project needs
So, after examining these factors you can better decide upon the cost. We suggest starting with creating an MVP, it will strengthen project planning. However, it will range between $30,000 to $2,50,000 approximately. But an efficient Neobank app will provide you with 2x Revenue in the future.
Get started with your project now!
Even if you own banking branches or just a startup bank, you can develop a Neobank app from scratch. The most important task is to search and hire fintech developers. Getting expert app developers will make your dream app turn into reality.
You can make it freelance or in-house, but this right decision will have many beneficial aspects for you. So, begin your app development journey with a leading app development company now!
