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With their growing curiosity, entrepreneurs now want to know how to build an app for Neobank. And if you are one of them, there are certain things you need to know first, like the concept in detail.
The FinTech community is now advocating for a new trend- Neobank. In every sector, the word is getting popularity now. Be it the media or in the news, you can very often hear of this word. But are you aware of this concept?
So, let's dive into the detailed analysis of these payment applications. As every other day, something new comes up and strives to create a stir in the market. But Neobank has taken this FinTech industry by storm and, at the same time, eased the process of financial services and that too to a large extent.
Now, let's start to know the efficient strategy to establish a Neobank.

The two types
You need to deal with tons of paper works while working with the money. Because it is related to a significant deal of responsibility and is also governed by a plethora of rules and regulations. Therefore, accountability is determined by the stack you use to establish your bank. So, you can get two options here, which are viable financial business models.

1. Platform Neobanks
A full-stack Neobank is made by using the platform model. They have different features. Like they have got a banking license and have control over the full value chain. They gain customer insights from the clean data.

2. Front end focused Neobanks
These Neobanks do not have any banking licenses. They form a partnership with much larger and established banks. These Neobanks take care of the niche segments and core banking systems.

The app feature of Digital banking
If you have a clear picture regarding the Digital banking process like Neobanks, you need first to establish the app's primary features, so now you will get to know about the fundamental and optional features that you must include in your banking app.
Profile creation: this is a critical section for digital banking. Here all sorts of security measures include passwords, biometric scanning, and other difficulties. At the point of registration, customers must put a complicated password while connecting the phone number with an email, followed by other personal information.
The next step is customer onboarding: onboarding is another crucial step to ensure the app's success. In the third stage of payments and expenses, FinTech applications are mainly used for financial transactions, and by using Neobanking, you can always make payments for fines and taxes, deposit money, etc.
Finally, in any Neobanking app, the transaction page is the most important component of the app since it allows your customers to track payments and transactions. So, when you want to make any transaction, Neobanking can be your solution.

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TheFrames Team

TheFrames Team has versatile authors to write articles on any topic. They are continuously putting their efforts to put various Series on the website. They put 3-4 articles under each series.

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