What exactly is a Neobank?

A neobank is a class of digital banks with no branches. It has no physical location. It operates only in the digital space. Neobank consists of financial service providers who aid tech-savvy customers with fintech solutions. Neobanks are fintech firms that provide mobile banking services such as payments, transactions, lending/borrowing, etc. Neobanks do not have licenses but depend on bank partners to provide bank-licensed services. Read More: Getting started with open banking – Standards, Regulations, And Examples

How does a Neobank work?

Neobanking is significantly different from digital banking. They work based on the “Banking as a Service” model. The BaaS model allows non-banks to integrate with banks via APIs and thus offer core financial services to their customers. Currently, a combination of these three entities creates the neobanking system: A non-licensed fintech that has partnered with a traditional bank or financial institution. The fintech uses a wrapper around the products and services of the partner bank. The wrapper uses the branding of the fintech, along with its additional services. Traditional banks with a modern outlook or customer-centric digital initiatives. Licensed neobanks with digital banking licenses. They exist as a standalone entity without tying up with a traditional bank. It is possible only in countries that allow such standalone digital entities to operate in their country. Most Neobanks do not have a bank license; they partner with them. The bank provides a platform enabling core banking services. In turn, neobanks build a layer of digital products and services to counter the legacy system that most banks have in place. This layer makes banking services much more accessible, flexible, and scalable. Neobanking apps help customers access this layer.

Why should you consider switching to a Neobank?

The scale of online transactions increases daily, and digital financial services are in demand. So, it's easy to see the appeal of neobanks. Neobanks aid in online transactions like cheque depositing or peer-to-peer payments with lesser fees than traditional banks. Down below are some pros that make a customer shift to neobank. Instant account creation with very few formalities. Payouts can be carried out directly from business accounts without the addition of beneficiaries. Interest-bearing accounts benefit from high-interest rates. Tracking and management systems for both business and personal spending. Scalable banking services are provided anytime and from anywhere in the world. Read More: How Artificial Intelligence is redefining the Banking Sector

How do you start a neobank?

The development phases are a concern for neobanking starts; hence we've given a few steps to guide entrepreneurs to achieving a successful development process. Define your target audience and value proposition Create a fundamental basis for a neobank Procure regulatory approval and licensing Build the backend infrastructure and frontend platform Maintain neobank security and compliance Testing the platform Actual deployment Adapt and expand the platform's reach through your marketing efforts Though this seems straightforward, neobanking platform development requires professional consultation and help.

Why should you choose us?

With a product like CoinFactory , you can simplify, speed up and automate every aspect of your digital finance operations. It can manage everything from payment receiving and cash flow management to payment reconciliation and flexible payouts. Save upto 10x time on instant payouts with minimal effort. Deliver a flawless customer experience. Gain access to a unified dashboard that can help you govern, track, and retrieve insights on all forms of money transactions. Its advanced financial tools help you manage and monitor cash flow to vendors, customers, employees, etc.

How much does it cost to launch a Neobank platform?

The cost of launching a neobanking platform with CoinFactory depends on the personalization and configuration requirements you need. Consult with us today to get a detailed cost estimate.

How soon can I launch the Neobank platform?

If only basic customization is needed, you can launch a neobank platform within a week. We will also incorporate the branding and customization add-ons you need within that time.

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