Features of the creation of Neobank
The modern banking system requires a lot of changes. This concerns not just modernization but completely new solutions. Neobank development allows you to embody even the most daring ideas from the banking world to create new opportunities for your clients. Not only representatives of the financial infrastructure are interested in the development of unique software, but also just large companies that want to improve customer service.
What is Neobanking?
Neobank is an entirely new kind of bank. The main feature is that the client can perform various actions (complete transactions, receive money, take loans, create deposits) without visiting a bank branch. Neobanks do not have components at all, which makes it possible to minimize the costs of servicing the structure as much as possible.
Even though there are no branches in the neobanks, clients can contact the support service, which works 24/7, by e-mail, chat, or by phone. Here you can get advice, perform various actions or different other services.
Neobanks have many advantages. The most important ones are:
- No need to stand in line at the bank to receive the required service;
- More favorable conditions for cooperation (the bank does not spend money on the maintenance of branches, salaries for a vast number of employees. Therefore it can offer more favorable conditions);
- All the necessary data is always at hand;
- A wide range of banking services.
Neobank development service offers to create a bank in a smartphone and, ultimately, new previously unavailable solutions due to a lack of technology.
How can you create a neobank?
How to create a neobank? There are two main ways to make a neobank – register your software or take ready-made solutions.
Practice shows that the first option takes three years, depending on what result you want to get. This method is not only time-consuming but also very expensive. Usually, a team of 20-30 IT specialists is working on such a task. While development is in progress, you will not make a profit. On average, the development and launch of a neobank cost about $ 5 million.
If you want to save your time and money, a good solution would be to purchase ready-made software and remake it to fit your idea. The process is much easier, so the cost is less.
Neobank engineering offers three main types of this product:
- Independent sites;
- Branch of a traditional bank;
- Branch of a technology company.
Each of them has its characteristics, so it is worth considering separately.
Setting up an independent neobank is a good decision if you have an original idea. So, if you know how to fix some of the shortcomings of an existing idea, then you can fix them when launching your product.
This solution has both advantages and disadvantages. First of all, such software development would be pretty expensive and time-consuming. Plus, this project is doomed to fail without a well-thought-out marketing program.
Nevertheless, suppose you can create a high-quality product, conduct an advertising campaign and attract customers. In that case, your profit will be much higher, and there will be an opportunity to develop independently.
Branch of a traditional bank
Many bank owners understand that the existing system is very outdated and that to stay afloat, it is necessary to introduce innovative technologies. So, most modern banks have mobile applications to do business efficiently.
Such branches are in great demand among young people, while older people are much more comfortable visiting bank branches. Thus, by opening neobank, a ready-made financial organization can expand its capabilities, increase its client base.
Branch of a technology company
Today, quite a few companies open their neobanks to improve service to their clients. A prime example of such a solution is MYBank, created by Alibaba Corporation. At the moment, this neobank serves more than 35 million individuals, small and large companies. Giants such as Google, Apple, Amazon, and Baidu also have similar services.
Creating such software will be a good solution for logistics companies and substantial online stores. It will make it faster, easier and more reliable to perform various customer service operations.
How to create a neobank? First of all, you need to come up with an idea. It is the most challenging stage, but the success of the whole business will depend on it. Once you understand what result you want to see, you can contact an IT company. A large team of professionals works here, which will implement even your most daring idea. It is assumed that in the near future, independent neobanks and branches will appear much more often since the economic benefits of such a solution are undeniable. Doing business with your own neobank turns out to be much more efficient.