Living in an era of digitization, there is no escape from adopting digital devices and trends in our regular lifestyles. From ordering products online, storing data on the cloud, smart wearables, and investing in cryptocurrencies, to managing money digitally, technology has become an inevitable part of our lives.
One such buzzword that has taken the world by storm is crypto-friendly neobank solutions.
But before we get into the nitty-gritty details of neobanks, let’s take a glance at recent statistics about the neobanking industry.
What is Crypto-Friendly Neobank Solution?
The term “neobank” is derived from the Greek word “neos”, meaning “new.” Therefore, “neobank” means a “new bank”, which portrays a complete transformation of a traditional banking system. Neobank is completely digital with no physical branches and is backed by online banking services.
Neobanks can be referred to as an institution that offers next-gen yet digital banking experience while making modern banking customers’ life hassle-free. Unlike brick-and-mortar banks, neobanks emphasize offering superior customer and digital asset banking solutions at economical prices.
The Paradigm Shift From Traditional Banks to Neobanks
While traditional banks historically got the power to offer all sorts of financial services in one place, technological advancement in the form of DeFi Banking, neobanking, and numerous other forms is paving the way for customers to manage, handle, and control their money.
When it comes to opening a bank account with a traditional bank, it can be a tedious task that demands lengthy documentation, time-consuming processing, and a long waiting period. But a neobank ensures a hassle-free yet instant account opening process that helps in saving the time and effort of customers and the banking workforce.
Besides that, neobank gets a higher edge in terms of customer experience. Unlike the in-person assistance at traditional banks where customers stand in a queue to get their queries answered and problems solved, white label crypto bank solutions are backed by advanced chatbots that assure round-the-clock services and assistance to the customers.
Therefore, with such growing demands and expectations of modern banking customers, traditional banks are making a smart move to neobanks while going beyond the customer’s expectations in the long run.
Compelling Reasons to Invest in Neobanks
It is surprising that neobanks have grabbed the attention of loyal customers who have been using traditional banks for decades now in a very short span of time. Therefore, neobanks really got convincing factors for the world to invest in this thriving space.
Let’s explore a few of the reasons to count on crypto-friendly neobank solutions.
- Lower Operational Costs
The concept of neobanking accompanies low fees and high-interest rates on checking and savings accounts that ensure economical banking services for customers.
- More Convenience & 24/7 Assistance
Customers can expect the best convenience when it comes to neobanking. Instant processing, no more waiting in queues, instant query resolution to 24/7 assistance, every banking operation is just a click away with neobanking.
- Streamlined Operations
Neobanking simplifies the entire user and employee journey while bringing every regular yet critical operation like user onboarding at the user’s fingertips.
How do I Develop a Neobanking App?
Prior to getting started with the neobanking development lifecycle, it is crucial to understand the prerequisites that can help you successfully develop a robust, scalable, and next-gen application that rules the competitive landscape in the long run. Therefore, one needs to consider the below things while developing a neobanking application.
- Brainstorming sessions to gather well-formulated ideas and transform them into a business idea
- Analyzing the market and competitors at local and global levels
- Analyzing the target audience- their pain points, demographics, preferences, age group, needs, budget, and expectations from a banking application
- Look out for a certified and professional team of developers and project managers
- MVP creation- including UX, QA, and deployment
- Launching
- Feedback gathering
- Ongoing maintenance to ensure scalability and flawless operations
Final Thoughts
The concept of neobanking is here to ‘stay in the game’ in the years to come while becoming the new normal throughout the banking industry. With customers becoming more informed about the true potential of crypto-friendly bank development, key market players are already investing in this evolving space and catering to modern customer needs smartly.
Planning to become a part of this neobanking revolution? Antier can be the one-stop solution to turn your ideas into reality. We hold a strong portfolio in catering to traditional and modern business needs while assisting them to build a neobank of their own. Book a free consultation with our subject matter experts to discuss your banking business model!
Frequently Asked Questions
01. What is a crypto-friendly neobank solution?
A crypto-friendly neobank solution is a digital banking service that operates without physical branches, offering modern banking experiences and supporting digital assets like cryptocurrencies.
02. How do neobanks differ from traditional banks?
Neobanks differ from traditional banks by providing a completely digital banking experience, allowing for instant account openings and superior customer service through advanced technology, such as chatbots.
03. Why are customers shifting from traditional banks to neobanks?
Customers are shifting to neobanks due to their hassle-free account opening processes, better customer experiences, and the ability to manage their finances more efficiently in a digital environment.
