In today’s time, we can do almost anything right from our smartphones. Even we can get banking services right from our smartphones. Thanks to the concept of Neobanks or digital banks, banking is easier than ever. Also, there are many people who want to develop a neobank and capture the financial market.
If you wish to do the same and are wondering how to start a neo bank, then I am here to help you out. In this article, I will be talking about how you can build a neobank from scratch.
So let’s get into the topic right away:
How to develop a Neobank?
1. Start With Backend
No matter what app you are building, it needs a backend. And the same goes with your neobank, so the first task would have to create the backend of your app.
The backend will be responsible for managing all the processes, and it is a pretty complicated thing to build in neobanks.
Your neobank backend will need certain things. For instance, there will be a core API, a card processing unit, several back-office tools, and more.
Also, you will need to build different APIs which will allow your Neobank to connect with other services. For instance, a payment API will be required for authentication payments and so on.
2. Develop Frontend
Once you are done with the backend, you need to start working on the frontend. The frontend is what your customers are going to see and interact with.
Your neobank should have an easy-to-use and well-optimized UI which can deliver the best user experience to your customers. Also, in the frontend, you should include all the features that your neo bank is offering.
For instance, the homepage of the app should have account details, credit or debit card info, transaction history, and more.
3. Neobank Security
The next aspect you need to consider is the security of your bank. As you are going to deal with money, the security of your app is extremely important. You need to ensure that your neobank is fully secure.
For this, you have to implement different security measures in place. Plus, it is important that you should have multi-layer security combining custom-built solutions and tools.
For instance, you can use machine learning algorithms to identify if there is anything suspicious going on your banking servers. As well, you need to consider developing a wide range of authentication tools that can safeguard your neobank as well as your customers.
In the end, it comes to making sure your app is working fine, so you can open a neobank for your customers to use. To make sure your app is working fine, you are required to run a wide range of tests and ensure that everything is working fine.
For example, you can run a user acceptance test and unit testing. So you can analyze the performance of your neobank. Plus, it will help you to validate the user experience.
Similarly, you should also perform integration testing, which will allow you to understand whether your app can integrate with other apps or not. In addition, you need to perform a number of security and regression tests.
So that was all about how to develop a neobank. Without any doubt developing a neobank from scratch can be a complicated task. And if you are not an experienced developer, you better have a talk with a software firm. Also, if you have any more questions regarding how to start a neobank question, then do feel free to drop a comment below.