NEOBANK
How we developed a neobank app concept that builds trust with users
By 2025, 53.7 million digital-only bank account holders will be in the US, compared to 29.8 million holders in 2022. It's a huge difference! The question "How to win the battle for user attention?" will definitely become a hot topic for fintech founders.
Of course, jumping into fintech app development can be tempting. But there are some things to consider first. After all, this isn't just about banking services. To compete, you should provide an experience that makes users come back.
With that in mind, the Uptech product team reviewed the fintech market and created a neobank app concept. We dig deeper into legal, tech, product, and business requirements of neobanking app development. So now, we extended our knowledge and expertise and are ready to share it with our clients.
01
Despite the fancy design, customers need better user experiences to stay. Recent studies showed that neobank apps struggle with low retention, and only 5% are profitable. Neobanking app, done right, must deliver an engaging experience, meet users' needs, and ultimately be profitable, which is quite challenging.
Product development tools and approaches you use determine a big part of the result. We conducted product&market discoveries and used a design thinking approach to create the most engaging customer's app lifecycle. We implemented value-added features like digital loyalty programs and gamification elements to the app so the product goes beyond users' needs.
02
Bank as a service (BaaS) works directly with banks to provide financial services, and it should match our feature sets and meet our requirements. Choosing the right one determines the security level of the future product.
We reviewed 20+ BaaS providers. Yes, we studied all the rules and conditions of collaboration. We integrated with some of them to define their feature sets and validate their support (to ensure they are flexible and reliable.) Following that, we prepared a list of our TOP BaaS that our clients could use and receive reliable service.
One way for Dollar Shave Club to achieve this goal was through a mobile app, which would provide them with account management tools to encourage engagement. We implemented such features to keep users engaged: Original Content, Gift Cards, New Business Model with “Handsome discount”, Internationalization — shops in
non-US countries, and much more. We also needed to make sure the implemented design was
pixel-perfect, so that the app provided a smooth experience across all supported Android devices and as few bugs as possible (seriously).
03
After shaping the idea, we still had to figure out and find the Bank Partner that would cover the Program Manager role.
The list of Program manager’s responsibilities is quite long and important: follow compliance, monitor Legal/Regulatory, provide audits, etc. It’s where a Bank partner can help. We reviewed and classified a bunch of banks to recommend the best one in each case. Btw, BaaS can also provide a suggested list of Bank partners.
04
Trust is the natural feeling of a user that their data, information, or funds will not be misused or abused. While trust is essential for any product, in fintech, it deserves special attention.
Building a solid UI/UX design is one of the main ways to build trust with the user. The design thinking approach helped us craft a product that users trust. We created product wireframes and conducted user tests to design seamless onboarding, intuitive UI, friendly in-app support, and a strong brand identity. We came up with design strategies that helped us win users' trust.
To ensure the neobanking app could solve real users’ needs and provide outstanding experience for users, we successfully passed all stages of the discovery phase.
Even if you think you know the industry, conducting marketing research will uncover new industry trends and legal restrictions to help improve your business and be competitive. At this stage, we studied competitors and the market landscape.
Product discovery can be an eye-opening experience. This method allows us to learn our target audience by conducting user interviews and make informed decisions on the feature set. We use this information to design users' flow, improve the app experience, and craft a lean canvas that shapes business strategy.
Which BaaS API or analytics tool matches your app requirements the best? To find out the best choice, we conducted tech discovery to review each platform and choose the most appropriate tech stack for the product.
User research, usability testings, and top-notch design with easy navigation are the 3 of the most notable traits in crafting app design. We followed all 3 to create a design concept. Thinking about our users allowed us to understand their needs better and ensure that our design would provide a smooth experience and build trust with users.
Even if you think you know the industry, conducting marketing research will uncover new industry trends and legal restrictions to help improve your business and be competitive. At this stage, we studied competitors and the market landscape.
Product discovery can be an eye-opening experience. This method allows us to learn our target audience by conducting user interviews and make informed decisions on the feature set. We use this information to design users' flow, improve the app experience, and craft a lean canvas that shapes business strategy.
Which BaaS API or analytics tool matches your app requirements the best? To find out the best choice, we conducted tech discovery to review each platform and choose the most appropriate tech stack for the product.
User research, usability testings, and top-notch design with easy navigation are the 3 of the most notable traits in crafting app design. We followed all 3 to create a design concept. Thinking about our users allowed us to understand their needs better and ensure that our design would provide a smooth experience and build trust with users.
The smoothest and most straightforward way of entering the app.
- Create and update your data in one click.
- Create, check and save accounts for neobanking app.
All needed information is in the right place.
Run transactions smoothly and safely.
Need to check the date of the transaction? You’ll find it there.
The user can simply check and copy all card details with the debit card screen.
Neobanking app development is a collaborative endeavor between a client and a well-skilled product development team. Instead of spending numerous hours searching BaaS or exploring how UX influences trust within an app, leverage our experience as a product development team to reduce uncertainty and deliver results beyond expectations. We always say that actions speak louder than words.
Drop us a line to learn more about how Uptech can bring your bold idea to life.
Tell us about your idea. We will reach you out.