NeoBank Mobile App Development – Cost & Key Features

The world where we all are living is the fanatics of the technologies and most important people are always looking for comfort and trust which is covered with mutual pairing.

While looking a while back, in traditional banking, people line up in the queues for a long time and wait just to do their banking. With the awareness and the presence of the technology, they are now in the position to save their time and handle other work as well.

However, in recent years, virtual or digital banks have acquired a larger part of the segment which makes it a more reliable and possible solution for the people. At the point where the older banks have failed, the neo banks came up with the mobile banking solution, becoming much easier for the users at the real end.

With the succinct transformation in the way of banking, there arise more to the users with quick banking solutions. So, it’s time for us to understand more about this neo banking app development solution. Begin with the market insights and analysis.

Go over the Market Analysis and Stats of Neobanks in 2022

Have you ever thought about the success behind the groundwork of neo banking in the real world? How does it mark its solace in a shorter time?

The answer comes with its demand and filling model that caters to the needs of the users. It has many cost-effective solutions at a low budget. With the combination of advanced services and low complex solutions to the IT, businesses, and people; urge it has the potential to be one of the best solutions in 2022.

Coming to its market growth facts and figures;

In the global market, the size of the neo banking solution was valued at $47.4 B in 2021 and will continue to grow with the rate of 53.4% in the period of 2022 to 2030.

The best thing with neo banks is that they would not require any physical branch. They can be virtually handled.

The alarming rate of technological advancement and the internet penetration deeply back to back evokes many of the financial services and digital wallet app development service providers to offer feasible solutions for money transactions.

Here comes the part where neo banks are gaining their popularity. Many of the venture capital and investors are popping their hands into these highly generous market opportunities in these Neobank mobile app development solutions.

In India, the market is viewed with belief for the services and fascinates in sync. According to the Fintech India MEDICI report, the Indian startups had raised more than $200M in 2020 by investing in this solution for mobile banking.

Next to the fact is the collaboration of neo banks and fintech solutions into the industry to sustain the dynamic changes. Some of the key players are chime financial inc., digibank, atom bank plc, dave inc., etc.

What is defined as Neobanking?

Let’s begin with a quick introduction…

Neo banks are the advanced way of banking from the digital platform without any physical existence. However, they are not physically available; there is a major concern of the trust issue.

Many people are taking their chances to come into the virtual industry. Handling everything online like mortgages, rent-paying, or salary to the employees or any payments credited to the people becomes more likely for the people to believe in such kinds of solutions.

How is it unique from traditional banking systems?

The most important question before comparison between neo banking to the traditional banks is how reliable these new end banks are for the people and can they be the next future of banking.

As we know that neo banks do not have any physical state or infrastructure, they are run on the virtual platform. So there is no physical existence and it is a big question.

Many factors would increase the infinite solutions for developing a neo mobile banking app across the global market in recent years.

Some of the top growth rate driver factors are;

  • Integration of AI and blockchain with the banking forms.
  • Cost-effective solutions increase the adoption of these banking systems
  • It offers banking solutions to the institutions with the rapid increase in digitization
  • Operate on different services; offer several unique services for money spending builds trustworthy for the customers and support.
  • Revenue generates ways by charging a small part of the commission to the customers and channeling it to the merchants.
  • Easy accessibility to different accounts single-handedly.

Read Also: How to Create a Mobile Banking App Successfully

Challenges faced while developing the syncing neo banking solution

Challenges in neobank app development are most important for you when building a functional app solution. Being the trustworthy partner for the banks and their customers, it is important for you to lamen your solution with plenty of solutions like security, flexibility, easy integration with authenticated partners, and much more.

  • Flexibility and feasibility

Have you ever thought about why people come to your platform, are you capable of bringing them meaningful solutions for banking? Yes, creation and making it seamless for the customers is equally important for the industries. You can’t come up with an anonymous and unnecessary solution or product in the market without its operability.

For the neo banks, it becomes vital to have a transparent platform that can route on-demand solutions for people who are using it.

Start with the curated and well-designed portfolios for your clients and their customers. Having a significant portfolio makes things easy for the customers. Try and test before lamen some of the top additions to your profiles. Here in our organization we take care of every hinge and drive things accordingly.

Before the implementation, you can invest your time in researching what are the different scopes and areas where people demand fast and forward banking.

  • A secure and safe solution

When it comes to security building a fully fleshed solution makes everything right to the mark. You need to first build the authentication resources like KYC (know your customer). KYC is the first detail of the customers that would guarantee the security of the customers. It can be a valuable asset for the business.

How to make everything workable for the neo banking mobile solutions?

If you want to build a fully functional neo banking platform the first thing you have to keep in your mind is the banking license. Or if there is a far-reaching scenario for you in that case you need to merge with the payment platform which is already PCI DSS compliant. This will save your time and make you reach faster.

Firstly you need to do the market research and then design to build a neo bank application wireframe.

Coming to the point of creating the seismic digital banking app solution like neo banking.

  • Discovery of product and depth analysis

This is the first step in the development process of your application. In this process, you need to go for an in-depth analysis of the banking solutions. Figure out the points where your competitive environment is, where they are lagging, and try to bridge the gap between.

  • Specific requirements

In this stage, you need to curate all of the definite requirements for banking. Add small banks with your organization for faster outreach and combat your solutions. The business analyst keeps gathering crucial information related to the baking solution in the best-optimized way that could be a win-win situation for the user and the banking merchants.

The scope of the business analyst varies as per how to expand the limit of your banking solution. An experienced business analyst understands the larger level of the project scope with the detailed requirements.

  • UI/UX design

Designing is the real trait in the game of the banking solution. The analyst’s role is not just to define the criticalities of the services and products but also intrinsically monitor and communicate with the designer.

Hire some decently experienced designers for your organization who will keep an eye on every bold decision for designing.

Right integration of the visual designs, combat with the elements, bold typography in addition; succinctly makes everything representative to the portfolio.

  • Development

The development process is the final crucial step for customized and functional things. The development involves the summation of the frontend and backend platforms. For the front-end side of development usually, the interface of the web page is aligned with HTML, CSS, and frameworks. This helps inbuilt functionality of every component.

While the experienced developer supports the backend for the organization. His work experience reflects in the overall production of the application. While the back-end development goal is to cross-check whether everything is functional or not. He cares about the database and fills out every immediate solution for quick banking.

  • Integrating with the automatic testing

This is the crucial stage where the testing engineer takes care of every functionality and tests it for full optimization. The role of a QA engineer is to automate every code structure minutely.

If he figures out any of the bugs or issues in the code functionality and performance of the application, he assures the developer or the designer. Banking solutions must be flawless, at any point in time if the user freezes inside the code or any hassle; the possibilities are he will leave the platform.

Neo banks are now in the trend, their solutions are without any halt for the users. The users get quick solutions for account management, payments, monitor the transactions, and every pinpoint.

  • Final deployment

If we take out the best examples for banking then fintech is the obvious platform in the running. Kema is the best example of this type of banking. You have the most reliable platform to get maximum benefit for your customers. To suspect that each client requirement is specific and you have to come up with the mutual adjustment with the solution to create an app solution like fintech.

After the post launching of your banking solution, you need to manage your customers’ needs at every point in time. And why not? This is the advantage of having a feasible platform. With the digitization of the technologies, the smaller and medium enterprises should convey with their solutions what they are and how they must be beneficial for users.

How to make something unique for customers with the smart banking solution neo banking.

Start with the features and technology implementation. Let’s proceed.

Features required for the creation of neobank mobile app development

Prime features to create neo banking from scratch would differ from business to business. But some of the essential features which we here piled for you are;

Profile creation and sign up

This is probably the most confidential and initial step for the banking business solution for you. Under this, you need to add some layers of premises and security for the user registration.

The security layer must be fully accessible and support easy banking for the new time as well as potential users. Once the user comes to the registration process, convey them to add secured and complex passwords, add security questions and email in case of any mishap and aim to make them agree to confidentiality before proceeding further.


For the quick customer onboarding process, you should take care of a few of the important steps. Get your customers to feel much more secure and relaxed while using your platform. You can start the onboarding process for them like that;

1. Add some user interface-based suggestions to the new users. This information can be a savior to the user in case of an urgent time.

2. Avoid using large framed questions, add them with the skip option.

3. Highlight the most important things for the users to understand and fix in mind.

Map branches and ATMs

For the user, it is crucial to find out the nearest banking solution for their necessities. While developing the entire application from scratch you must add filters and every possible ATM location. That would be helpful for the users. Adding some new technologies and trends idealizes your platform in the competitive market and gives more trust to the users.

Transaction management 

This page allows users to view multiple things side by side. Users get tracks about their payments. Add like recipient name, transaction amount and currency, date and time of the transaction, with their current location, recurring payment spending brief; everything they get the view for instantly.

Expense and payments 

Try to add more options for the customers for quick paying, must include card details from the top merchants like Paytm, PayPal, debit and credit cards, net banking, or banking with UPI.

In addition to that, attach the transaction history at the dashboard for users to quickly view every payment in their profile with the options like loans, deposits, taxes and fines, donations, and likewise many other options.

Personal finance planning

It is an important parameter for your business to plan if you are in the queue to initiate your neo banks app development solution. Traction of loans or tools and software for budgeting and other tax planning; everything comes under the personal finance section.

Online banking feature

This is the prime feature of digital banking. It gains trust amongst the users. The online banking feature consists of many different features itself. It gives convenience to users to use the banking anywhere, without any barrier.

Digital wallet integration

With digital wallets, you no longer need to carry your cash in your hands. The great thing is they are trusted and secured with the bank’s authority.

Loyalty programs enrollment

Including this feature in the app, the production helps the business to gain the trust and satisfaction of the end-users. You can offer rewards, discounts, and other referral programs to run and attract loyal customers.

Faster mobile banking

Mobile banking is the best way for companies to gain customer retention and perform every transaction without any delay. This way of banking is accessible for 24*7 without any halt for the people.

Cashbacks and discounts

This is an exciting feature that helps to expand the profits of the business as well as be worthy for your users. Neobanks Development services offer different rebates and concessions to occupy big buying gains.

Automated billing payments 

Paying options are the need for every user to do banking. This fast automated banking option is likely to offer banking options to the users, at their convenience. They can either equate the amounts into parts for the easy transaction of money. There are different options for the customers for banking like; via cell phone, gas, electricity, or many other options.

Confidential messages alert 

These are the messages that allow the users to get notified of every important update at the quickest. This is an important feature for the users to get notified being the hassle to look onto their screens.

Read Also: How to Develop a Fintech Mobile Application?

Technologies implementation for the neobanks app solution

In the Smart NEO banking solution, it is crucial to pair it with technology. Of course, performance and security are the real traits for the development of neo banking.

Some of the top mobile app platforms for neo banking are;

1. Customer-centric neo banks

  • Do not require any authority from banks.
  • Collaborate with the established banks.
  • Integrate your banking solution with a third party.
  • Offer solutions for multiple customers like B2B and B2C.

2. Platform-based neo banks

  • The customized platform supports your clients and customers.
  • This kind of platform has a license.
  • They have their own CBS system
  • Deliver the best solution for better customer retention.

Some of the technical stack implementations for the banking are;

  • Cross-platform languages: React, Xamarin, Flutter
  • Database used: MongoDB, MySQL, PostgreSQL
  • Push notifications: amazon sns
  • Back end: node.js
  • Payment gateways: Stripe, Braintree 
  • Different frameworks: react.js
  • Front end: HTML, CSS, js
  • Core banking system: advapay

How do Neobank apps earn money?

There are some of the crucial ways for banking in neo technology; these can be helpful for the entrepreneurs to gain some amount of money.

Top three models for the businesses to gain money. They are;

Net interest income model: 

Neobanking has scalable policies compared to the other banking solutions like the traditional ones. However, the salary has deductions as compared to the other banks. The net interest is less in neo banking but it also increases the risk of banking with the customers in some or other way.

Commission-based model:

Gathering a large bulk of niche people is what every business wants for regenerating its revenues. To have critical banking your business needs to attract people and gain their trust.

Premium account model:

You can locate people with your business brand values. Offer them grand services that are mutually beneficial for users, banks, and your business as well.

Some of the premium top services are better saving rates, lounge passes, overseas health insurance, travel insurance, and many other options.

What is the cost to define the neobank application?

The cost of creating a successful neobank application depends on many factors. The cost to hire the developers, technologies aligned with the product, third-party integrations, addition of successful payment gateways, etc. are the rich factors for you.

Let’s look over some things to consider before estimating the final price for the development of the application.

In conclusion, the final cost for the development of the neobank application would be a little high of around $55k to $60k.

Read Also: How Much Does it Cost to Develop Payment Switch Application?

Popular categories of apps for Neo Banking


Chime is the banking financial solution; it’s not a physical bank, so it comes into the category of neo banking.

It allows customers to allow free banking solutions to the customers without the hassle to have some minimum amount. It offers many banking solutions to the customers and with the great confinement of revenue. Till the time the generated revenue of $5.8B, greatly satisfied their customers with the virtual services.


It is another giant in the success story of banking virtually. It is a SAAS-based company developing API solutions for small and big institutes and businesses. Stripe has reached a hit marker of 900k requests within a month and that is to define its success.

Final Words!

Neobanks are financial institutions when combined with fintech to mutually cater ready-made solutions for real clients and customers. With the mixed strength of the financial solutions to the new trending bank app solution, it becomes a feasible trait for the companies to adopt.

You can adhere to your banking idea when collaborating with the outsourcing mobile app development company. Get started today on the journey of your banking app solution.


Leave a Comment

Your email address will not be published.

Scroll to Top