What Does It Take to Build a Neobank in 2021?

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What Does It Take to Build a Neobank in 2021?

These days, Neobanks are getting extremely popular because of the vast features they provide. The best part is that they offer all banking services online. So one doesn’t need to visit the bank. Since it is a trending industry, many entrepreneurs out there want to build a Neobank. So the question is, how to start a Neobank?

Starting a Neobank can be tough if you don’t know how to go about it. But not to worry, as in this article, I will be explaining everything about developing a Neobank from scratch. So let’s get into the topic right away:

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How to Build a Neobank

Design Neobank Core

The very first step of getting started with Neobank development is to create a Neobank core. The core or backend will be everything for managing your application. It will be a combination of API, card processing apps, back-office tools, and more.

You will need to build individual solutions. Like you have to build APIs to handle the payment gateway and all the authentication modules. Also, API is used for a wide range of reasons.

There should be a card processing app for all the transaction-related operations, like validating card details and more. The back office tools will be used for managing the whole Neobank platform.

Along with that, you will also need to build tools depending on the features your Neobank will have.

Design Front-End

The next thing you will need to do is design the front-end of your app. The front end is what your customers are going to interact with and make sure it is smooth.

When it comes to the front-end, you will need to build certain windows or modules. Such as account details, accounts history, payment budgeting, investments, and more.

All of these modules will be connected to the backend and fetch data as per the user’s requests. However, to make it easy, there are many third-party modules available that can help you out in this.

But I would strongly recommend not using such modules. Using third-party and unverified modules can lead to hacking of your Neobank system and may lead to financial loss.

Secure Your Neobank

Before you open a Neobank, you need to think about securing it. Since you will be dealing with financials, make sure your platform is highly secure.

You will be required to develop a multi-layer security solution that can protect your platform from every hack and other threat. Also, it is recommended that you implement machine learning algorithms that can help you with your security needs at a deeper level.

Test Your Neobank

Lastly, before you make your Neobank available for the public, you need to test it. This way, you can be sure that your Neobank has all its features in place and can handle large user requests.

It is recommended that you run a couple of tests on your platform. You can start with tests like unit testing so you can understand how well your platform will perform.

You should also focus on integration testing to figure out if you can integrate your Neobank with other third-party solutions or not.

In short, you should at least run a couple of tests as this will help you to understand how your platform is built and how secure it is. Also, when you launch your bank, the end-user will face lesser issues and enjoy a seamless experience.

Final Words:

So that was all for your how to build a neobank question. I hope you now have a clear idea of how you should go about the neobank development. In case there are any other questions regarding how to start a neo bank, then do comment below.