In recent years, there has been quite a rise in the demand for digital banking app development. But what has accelerated this sudden demand? Well, the pandemic forcibly led people to limit their physical interactions, including their visits to banks resulting in more people opting for digital banking as a safer and more convenient alternative.
The level of comfort they get from digital banking apps has made them extremely popular among people, especially busy ones. This shift in consumer behavior is prompting banks and many financial institutions to invest heavily in digital banking app development.
The level of convenience, accessibility, and wide range of features that digital banking apps provide is making them increasingly popular among consumers. And as technology continues to advance and customer expectations evolve, the demand for digital banking apps will continue on an upward trajectory.
According to research, by 2025, 53.7 million digital-only bank account holders will be in the US, compared to 29.8 million holders in 2022.
So, if you are planning to kick-start your business in digital banking, the time is right now! Matellio, the leading mobile app development company, can help you with Neobank app development.
You can go through this guide that will lead you through the process and features of digital banking app development and how to stay competitive in the evolving landscape of the banking industry.
- Digital banking apps provide convenience, accessibility, personalized insights, secure transactions, and cost savings, ultimately transforming the way individuals manage their finances.
- The enhanced security measures, coupled with the convenience and ease of use, have instilled confidence in customers, encouraging them to adopt digital banking services.
- Incorporate innovative features such as budgeting tools, spending analysis, and personalized recommendations to digital banking app based on the user’s financial habits.
Table of Contents
Neobank App: A Quick Brief
In simple terms- It is a digital bank that lets users perform all the banking-related operations only without being physically available in branches. With the use of advanced technology and innovative approaches, these apps provide banking services to your users in the most convenient and customer-centric way possible.
Neobank apps provide all the features related to financial services that are typically found in traditional banks too, but with a focus on digital experiences and user-friendly interfaces. Your users will be able to easily access all their banking needs directly from their smartphones or tablets using such apps.
Neobank apps prioritize providing the most streamlined experiences, and innovative features giving your customers convenient, personalized, and digitally driven banking services with simplicity, security, and privacy.
Today, Neobanks apps have become popular among people who demand convenient, agile, and innovative banking solutions. With time, these apps will be the primary interface for your customers to access and manage their financial accounts, perform transactions, and use various banking features.
Neobank App Development: Its Features and Benefits
Who doesn’t want their app to work out just the perfect way they wanted, something different from the competitors that could attract most of its users with more customer retention? Here are some of the features we have listed just for you that you can add to your app to make it a standout from the race.
For your digital banking app development project, adding this feature could provide your users with the comfort of having access to account balances, transaction history, and other basic specifics related to the banking products like account savings, credit cards, loans, and other investments. If you include this feature in your app, your users will be able to easily keep track of their funds and the transactions they perform in real-time.
Payments and Funds Transfer
This feature to your custom digital banking app will let your users transfer their funds easily to different accounts, make bill payments as per their convenience and also send money within taps. And, you know what? You can also create secure payment gateways (we can help you with that) for safe and efficient transactions.
Being mobile-friendly is what today’s generation demands. Your user engagement can go way high by adding this feature to your digital banking app development project. This feature will allow your users to just click the pic of the check, and by this, they will be able to deposit checks to their accounts. You no longer need to go to banks to deposit checks; your users can access them from wherever they want.
Personalized Financial Insights
Personalization is what offers your customers tailored experiences keeping them engaged. Offer your users personalized insights and recommendations like budgeting tips, spending categorization, and alerts for their potential savings opportunities.
Your users will be able to easily manage their debit and credit cards through this feature. You can provide them with options like activating or deactivating cards, setting spending limits, and receiving real-time notifications for transactions.
Security is what each app, as well as the user, demands. You can add multi-factor authentication methods to your digital banking app to ensure security to your user account, like adding fingerprint or facial recognition, traditional username and password combination, or any related. This will enhance the security of your digital banking app, protecting against unauthorized access.
This is an important one to add to your digital banking app, as it will let you communicate with your users in a timely and engaging manner. Push notifications will let your users be informed about every update regarding accounts, transaction confirmations, or any other important event, creating a great user experience and engagement.
Further, you can also add a customer support system to your digital banking app development, like live chats or any chatbot feature. With this, your users will be able to easily and quickly inquire about any information.
If you, too, want to transform your business and take it to the next level, reach out to our enterprise mobility services and get the desired digital banking app.
|Physical Branches||No physical branches, digital-only operations.||Have physical branches for in-person services.|
|Account Opening||Quick and easy online account opening process.||May require paperwork and in-person visits for account opening.|
|Mobile App||Provide user-friendly mobile banking apps.||May have mobile apps, but not as feature-rich as Neobank apps.|
|Transaction Speed||Real-time transactions and instant updates.||Transaction processing time can vary.|
|Personalization||Personalized financial insights and recommendations.||Limited personalized features.|
|Customer Support||Primarily digital support, including chatbots.||Combination of digital and in-person support.|
|Innovation||Embrace cutting-edge technology and features.||Slower to adopt new technologies and features.|
Process of Neobank App Development
Now that you know what features to include in your Neobank app, let’s start with the process of Neobank app development, which involves several stages that encompass planning, design, development, testing, and deployment. If you are not that into technical skills, it’s better to reach directly contact a leading digital wallet app development company like us. Let’s start!
Before starting with the development, in this initial stage, the development team (like ours) collaborates with the neobank to understand their business objectives, the target audience, what desired features to include, and specific requirements (if any). Also, analyzing the market and competition to identify unique selling points is a must.
Now that you are aware of your goals, you can start with the design phase. Hire dedicated designers to create the app’s visual design and user interface (UI). Ensure the app sets perfectly on the brand identity and provides an intuitive user experience (UX). You can also develop prototypes to validate design concepts and gather feedback from stakeholders.
Once you are ready with your design, you can now start with the development phase. Make sure you hire a team of dedicated developers who have years of experience working in the same and can use suitable programming languages, frameworks, and tools for your digital banking app. The team you hired should also be able to add the front-end interface, work on back-end server and integrate APIs for banking services.
Also, don’t forget to add robust security measures to your Neobank app development project, like encryption, secure authentication, and data protection protocols.
Testing and Quality Assurance
Prefer hiring a tester for this one who should be able to perform deep testing to ensure that your app is working correctly, performing well, and is free from bugs or any glitches. The tester you hire should be able to perform different types of testing to check on and rectify issues, if any.
Once your app is launched, ask your development team to monitor the app’s performance, take user feedback, and release regular updates to introduce new features, enhance security, and improve the overall user experience. The ongoing maintenance ensures that your app remains up-to-date and aligned with evolving user needs.
Throughout the entire process, effective project management, collaboration between the Neobank and development team, and adherence to timelines and milestones are critical for successful Neobank app development.
If you are not that techie or facing any issue during the process, you can always opt for our custom Android app development services to develop the digital banking app of your choice.
Why Choose Matellio?
Given the challenges associated with digital banking app development, it may appear to be a time-consuming and laborious task. To be honest, it can be at times. However, in today’s fast-paced world, financial institutions must adhere to this standard.
So, if you want to add new, unique features to your existing app or need to construct a financial app from the ground up, don’t hesitate to contact our team. Matellio has years of experience developing mobile apps that provide excellent user experiences while driving continual business growth.
Matellio has remained at the forefront of banking software development. All our specialized mobile banking solutions demonstrate our expertise and steadfast devotion to our clients.
Connect with us today and get a 30-min free consultation for your digital banking app.
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