What does it take to build a neobank in 2021?
Nowadays, neobanks are becoming extremely popular due to the vast functionality they offer. The best part is that they offer all online banking services. It is therefore not necessary to go to the bank. Since this is a trendy sector, many entrepreneurs want to start a neobank. The question is therefore: how to start a neobank?
Starting a Neobank can be difficult if you don’t know how to go about it. But don’t worry, because in this article I will explain everything about developing a Neobank from scratch. So let’s get into the subject right away:
How to build a neobank
Neobank Core design
The very first step to start the development of Neobank is to create a neobank heart. The kernel or the backend will be everything to manage your application. It will be a combination of APIs, card processing applications, back office tools, etc.
You will have to build individual solutions. As you need to create APIs to manage the payment gateway and all the authentication modules. Additionally, the API is used for a wide variety of reasons.
There should be a card processing app for all transaction related operations like validating card details etc. The back office tools will be used to manage the entire Neobank platform.
Along with this, you will also need to create tools according to the functionality of your Neobank.
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 everything goes smoothly.
As for the front-end, you will need to create some windows or modules. Such as account details, account history, payment budgeting, investments, etc.
All these modules will be connected to the backend and will retrieve data according to user requests. However, to make things easier, there are many third-party modules available that can help you in this area.
But I strongly advise against using such modules. Using third party and unverified modules may result in your Neobank system being hacked and may result in financial loss.
Secure your neobank
Before opening a Neobank, you must think about securing it. Since you will be dealing with finances, make sure your platform is highly secure.
You will need to develop a multi-layered security solution capable of protecting your platform from hackers and other threats. In addition, it is recommended that you implement machine learning algorithms that can help you better meet your security needs.
Test your neobank
Finally, before making your Neobank available to the public, you must test it. This way you can be sure that your Neobank has all of its features in place and can handle important user demands.
It is recommended that you run some tests on your platform. You can start with tests such as unit tests to understand how your platform is performing.
You should also focus on integration testing to determine whether or not you can integrate your Neobank with other third-party solutions.
In short, you should at least do some testing as it will help you understand how your platform is built and how secure it is. Moreover, when you launch your bank, the end user will face less problems and enjoy a seamless experience.
So that was all for your way of constructing a neobank question. Hope you now have a clear idea of ââhow you should go about neobank development. If there are any other questions on how to start a neo bank then comment below.