Establishing a neobank is a novelty and a customer-focused approach in the digital banking industry. This is a world full of possibilities, where paying attention to details and constantly adapting is crucial. However, it has its challenges and complexities.
Consider a neobank launch guided by competence, inventiveness, and a dedication to safety. Agilie’s team understands security as a core component of the enduring principles for the reliability and integrity of our client’s platform. Plunge into Agilie’s development process to build a secure, transparent, and trustworthy neobank.
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The neobanking development process includes a detailed discovery phase, the development phase from the stage of an MVP to a full-fledged platform, rigorous testing and deployment process for a seamless launch of the product.
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Understanding the full development process allows clients to make informed choices and realize the complexities involved, spotting opportunities for growth and contributing to a successful market launch and operation.
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Agilie’s priority areas are scalability, innovation, security, and user-centric approach.
Resource: https://www.statista.com/outlook/dmo/fintech/neobanking/worldwide
Agilie’s neobanking development process ensures a comprehensive, secure, and efficient rollout of digital banking solutions. Our methodical approach helps in launching a neobank that meets current market demands and adapts to future changes and innovations in the financial sector. Let's discover Agilie’s neobank development process.
Step 1: Discovery Phase
Idea Validation
All great neobanks are the products of unique and far-fetched ideas. Knowing the validation at the very beginning is quite important. Our team conducts the necessary analysis, which ensures that the idea of the neobank revolves around the gap in the financial market and the competition stays within the new entity. Through focus groups, market research, competitor analysis, and industry insights, we carefully assess the core values of the idea, uncover any existing challenges, and determine what differentiates the product from other similar products. The first validation stage of development determines the scope of work and all processes needed.
Requirements Gathering
This step is crucial for understanding the specific needs of the target users and the regulatory landscape the future neobank will navigate. Our team draws from a wealth of experience in FinTech and collaborates closely with stakeholders to identify both functional and non-functional requirements. This cooperation ensures that the final product is user-centric and compliant with global and local financial regulations, embodying a balance between innovation and adherence to standards.
Wireframe Design
Once our experts have a vivid picture of the project, they draw a wireframe to show the user flow and app layout. The wireframing at Agilie is beyond the drawing of the screens; it is about preparing an intuitive space for the users' journey. The blueprints for the neobank carefully place everything to ensure better user interaction and satisfaction. The visual prototype lets us iterate and improve the concept without writing any code. This method is time-saving and cost-effective in terms of the development process.
Architecture Concept Building
The architecture building phase is a crucial element of developing a neobank when Agilie’s developers craft an architecture that facilitates scalability and reliable and secure services. This includes:
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cloud environment,
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API-first designs,
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data security and compliance layer,
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data management, and analysis,
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scalability, and fault tolerance.
Estimation
Our estimation process is thorough and transparent, considering all variables to provide a realistic projection of the neobank development process. This step sets the stage for a smooth execution, aligning expectations and resources for the development ahead.
During the discovery phase, we validate ideas, gather requirements, design wireframes, build scalable architecture, and provide accurate estimations to ensure the project sets up for success and marks the beginning of a transformative journey in the digital banking sector.
Step 2: Development Phase
MVP Building or Proof of Concept (PoC)
The transition from conceptualization to tangible realization begins with the MVP (Minimum Viable Product) or PoC (Proof of Concept) phase. This step is optional but very important as it brings the neobank idea to life in a scaled-down form initially. The purpose of developing an MVP or PoC is multifold:
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to validate the core banking functionalities,
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to gauge user engagement and feedback,
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to test the value proposition.
This phase allows us to implement and test key functionalities, such as user registration, account management, basic transaction processing, and compliance checks, ensuring these components operate seamlessly and securely.
Agilie is your reliable development partner, who sets the foundation for a scalable, robust neobank platform tailored to meet and exceed the expectations of today’s digital-first customers.
Full-featured Platform
Our development process for building a full-featured platform is comprehensive, encompassing the integration of sophisticated financial tools and services such as
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multi-currency accounts,
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real-time transaction processing,
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personalized financial insights,
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advanced security measures,
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regulatory compliance management.
We emphasize the need for an intuitive user interface (UI) and smooth user experience (UX) to make the platform robust, accessible, and interesting for the users.
Our dev team employs the latest FinTech innovations, such as:
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Implementing blockchain to achieve better security and a more transparent process.
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AI in the framework of personalized banking services.
We adopt agile development methodology because we can iterate and deploy new features rapidly responding to market changes and customer needs.
Find out more about our FinTech software development services.
Step 3: Delivery Phase
Testing
The Delivery Phase includes the thorough testing process to ensure reliability, security, and performance with Agilie's rigorous approach, which prepares the platform for secure market entry.
Our testing strategy incorporates:
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Functional Testing: It ensures that every feature runs according to the specs and the unit requirements at the exploration stage, which guarantees a smooth flow of every banking operation.
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Security Testing: This involves vulnerability scan, penetration testing, and compliance checks, which meet global standards like PCI DSS, GDPR, and local standards, making the customers' data protected and platform secured.
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Performance Testing: We test its performance in peak loads and maintain its reliability under various conditions.
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Usability Testing: This enables us to practice UI/UX to produce an interface that is simple, exciting, and adaptable to varying devices and platforms.
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Compatibility Testing: The platform of the neobank is subjected to interoperability tests to guarantee the smooth functioning of the platform on different browsers, operating systems, and devices to ensure a consistent experience for the customer.
Deploying
We carry out the launch of the neobank platform with care and planning to make a seamless transition to live operations. Our deployment strategy encompasses:
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Staged Rollouts: We analyze risks by publishing a controlled group of people at first and after successful trials, it launches and monitors performance in the real world to make any adjustments.
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Monitoring and Support: We are responsible for our services, and we care about our clients. Here we act as ongoing monitors and supporters beyond the launch, providing the best platform operational practices and resolving issues promptly, having a round-the-clock support team for high availability and reliability.
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Feedback Loop Integration: This helps in identifying areas of improvement to ensure the platform grows accordingly to meet user expectations and meet competitive market demands.
Agilie’s Delivery Phase provides correct preparation for a neobank to succeed and compete with digital banks in the market by ensuring stable operations, security of the system, and user-oriented performance.
Discover our cases, Agilie's approach, challenges, and solutions of success stories.
Cost Considerations
Building a neobank’s precise cost depends on the size of the project, the features added, the sector it serves, and the regulatory framework in which the bank starts operations. Here are some general cost ranges for different components of the development process:
1. Technology Infrastructure Development and App Development
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Basic Version: The costs of a simple neobank app with basic features may be in the range of $100,000–$500,000.
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Advanced Version: A more sophisticated app with a broad range of features, such as integrations with various payment systems and significant security measures, can take between $500,000 and $2M or even higher.
2. Licensing and Compliance
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Minor Markets: Licensing and compliance costs in smaller or less regulated markets range between $50,000 and $200,000.
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Major Markets: In a highly regulated market like the U.S. or the EU, such costs can soar above several millions because of the complexity of the regulatory framework.
3. Security Measures
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Set up of security and ongoing monitoring and evaluation will consume $100,000 to $500,000 for the initial cost, while the disbursement would depend on the level of security and monitoring desired.
4. Marketing and Customer Acquisition
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The first round of marketing campaigns can cost about $200,000 to over $1M, depending on the range and types of channels utilized. This is the core to gain visibility and catch users.
5. Operational and Administrative Costs
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These amount from $100,000 yearly for minor operations but can reach $1M for bigger teams and offices, especially as the neobank grows in size.
6. Customer Support Infrastructure
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Establishing customer support can range from $50,000 to $300,000, depending on the complexity of the system and the expected number of customer interactions.
Meet our team of experts who will help you implement your projects with the most advanced approaches.
Summary
Agilie offers a holistic and transparent neobank development process, which considers innovations, security, and user experience. The process comprises the first Discovery Phase, then the Development Phase, and eventually the Delivery Phase. Our FinTech development skills and adherence to security, scalability, and user satisfaction make us a reliable FinTech partner for neobanks. Our approach is to create a product through the partnership that stands for innovation, growth, and success. With Agilie, clients can develop a reliable, scalable, and winning neobank that matches the market requirements and sets new standards for banking in the digital space.
