How To Start A Neobank From Basics In 2024?

By RisingMax

August 09, 2023

How To Start A Neobank From Basics In 2024?

Neobanks are a well-liked alternative to conventional banks. Neobanking solutions are produced by businesses for both retail and corporate clients. The software solution should be flexible, user-friendly, and convenient for both of these groups.

In this article, we have covered how to start a neobank and how much money it costs to construct a neobank.

RisingMax Inc. is offering free consultations for those who want to start the neobank. Get in touch with our experts for consultation & high-end neobank app development. We provide a 360-degree solution for your neobank business.

How To Start A Neobank

What Is A Neobank?

Neobanks are cutting-edge online banking systems that function exclusively online, departing from the conventional brick-and-mortar banking paradigm. These banks operate without physical branches and are often run by fintech firms. They have a sizable user base despite not having formal licenses.

Neobanks provides its services through user-friendly mobile applications that are simple for users to download and use. Users looking for simple cash management solutions are the main target market for the Neobank business model. The main emphasis is on utilizing cutting-edge technology to manage large amounts of data and providing Neobanking solutions to a wide range of consumers.

Example Of Popular Neobank


Chime is a fintech startup that solely operates online and collaborates with banks to provide checking and savings accounts. But the lack of banking fees is what attracts their 13 million consumers. With Chime, there are no overdrafts or monthly fees, and customers may round up their transactions to the next dollar. 


Current doesn't have separate account categories like checking and savings as a regular bank would. Instead, Current provides hybrid accounts that mix savings and checking features. Current provides a cash-back rewards program together with 4% interest on Savings Pods up to $6,000 and a cash-back rewards program.

For getting a similar app like Chime or Current, you can also go for the white label neobank platform development.

Launch Your High End Neobank To Generate High Revenue From The Platform.

How To Start A Neobank From Scratch?

Here we have listed the required steps to resolve the question of how to start neobank.

Target Market And Objectives

Establish neobank goals like easy services, financial inclusion, or creative solutions after identifying your target client category.

Market Analysis

Learn about the legislation, the market, and the demands of the customers before starting a neobank. Evaluate your neobank concept's viability, prospective demand, and profitability.

Business Strategy

Create a thorough strategy that details the value offering, income streams, expenses, marketing plans, and financial predictions for your neobank. This will direct how the neobank operates and develops.

Strategic Collaborations

Work together with well-established banks, fintech firms, or IT organizations to benefit from their knowledge, infrastructure, and regulatory adherence. Partnerships can expedite growth and give access to crucial banking services licenses and regulatory approvals. Observe banking laws and get the required permits from the appropriate authorities.

Back-End Infrastructure

Create a core neobank platform leveraging already existing platforms or banking as a service provider to cut expenses.

Easy-To-Use App

Create a user-friendly app with the necessary functionalities, paying special attention to a consistent user experience across devices.


Encryption, authentication, and fraud detection technologies should be prioritized for protecting consumer data. Connect with payment processors and other service providers to ensure smooth transactions and access to extra services.


Run thorough tests to find and fix any functionality, performance, compatibility, and security concerns.


To ensure stability, deploy the application and carefully monitor the system throughout the first phases.


Collect consumer input and evaluate data to improve features, user experience, and customer assistance depending on market trends.

Also Read: Digital Twin Of Bank In Metaverse

Must Have Features For Neobank App

Account Creation

The establishment of accounts is one of Neobank's key functions. Users must enter their first and last names, social security numbers (SSN), email addresses, and passwords when creating an account. 

Single Screen Transfers

Any banking app's ability to allow user money transfers is key to its success. Therefore, implementing a single-screen transfer facility would be wonderful. It guarantees a better user experience.

Multiple Payment Options

The simplest approach to incorporate numerous payment alternatives is through third-party API integration. You can incorporate P2P, A2A, ACH, and other channels.

 Streamlined Processes

In comparison to conventional banking applications, this process is more frictionless. The finest examples include free account opening and synchronizing ATMs with international networks.


The Neobanking app getting this functionality will be amazing. Users get access to a map of all the ATMs nearby, making it easy for them to find one anytime they need one. 

Transaction Monitoring

Users must be able to view all transactions, including the history, in a single window. The name, bank account, transaction account, currency, and other details of the beneficiary can all be included.

Personalized UX

The user experience is more important than anything else; thus, it is ok if you implement the app. Users engage with your app while using it; thus, it needs to be a great experience for them.


The approach of gamification uses procedures in an intriguing way. Gamification in this context indicates that users may customize their accounts. Your Neobanking app will benefit from increased client loyalty and engagement.


Biometrics verification and validation features are included in the majority of modern apps, reducing cyber dangers. The majority of Neobanking customers are young people, and they like simple login and signup processes that prioritize face or fingerprint identification technologies. It will be advantageous to add it to your account.

Detection of Fraud in Real Time

For all sorts of banking apps, the fraud detection system is crucial. Neobank app development may be a novel idea, but it is still important. It will aid in identifying trustworthy users and expose any fraud.


E-wallets and fintech applications are closely related to one another. E-wallets make it easier for consumers to pay instantly. It is a terrific feature to include in your Neobank app from a safety standpoint. Here, you may leverage business by combining e-wallet app development with Neo banking.

Be The Leading Banking Service Provider With Your Top-Notch Neobank Application.

Cost To Start A Neobank

The scope, complexity, features, and development strategy are only a few of the many variables that might affect the price of developing a neobank app in 2024. Here is a list of the major factors that affect the price:


It's critical to have an intuitive and aesthetically attractive app design. Depending on the extent of personalization and complexity, the price might range from $5,500 to $17,500.

Backend Development

Depending on the technology, complexity, and connectivity with external systems, building the basic banking platform can cost anywhere from $20,000 to $45,000+.

Mobile Applications

Depending on the features, complexity, and whether native or cross-platform development is used, developing the app for iOS and Android might cost anywhere between $13,000 and $45,000 per platform.

Integration With External Services

The cost of integrating payment processors and other outside services might run anywhere between $6,000 and $19,000.

Security And Compliance

Putting in place security safeguards, encryption, and other compliance needs can increase costs by $7,000 to $16,000 or more.


It might cost anywhere between $3,000 and $10,000+ to ensure that the app functions flawlessly across scenarios and devices.

Support & Maintenance

Annual fees for feature upgrades and ongoing maintenance might increase by 15% to 20%.

A simple to moderately advanced neobank app may cost somewhere between $40,000 and $70,000+ to develop in 2024. These costs might change based on your location, your development team, and your particular needs.

Advanced Features That RisingMax Inc. Offers In Neobank 

AI Chatbot

We provide neobank solutions that interact with cutting-edge AI chatbots to offer personalized financial services and financial counseling. Financial chatbots are incredibly successful in helping clients safely access financial services and raising red flags in the event of any fraudulent conduct.

Data Management 

We believe in creating applications for the future as a top FinTech software development firm. Neo banking solutions can foresee future market trends and make wiser investment decisions thanks to integration with cutting-edge financial data management and analytics technologies.


Security tools are the primary considerations while transitioning from traditional banking to digital age neo-banking solutions that are in line with continuing tech revolutions. Our white-label Neobank solutions include cutting-edge security technologies for putting cyber-attack defenses in place.

How To Start A Neobank

What We Offer For Neobank Development?

RisingMax Inc. is a leading app development company that helps established businesses and startups to join the online marketplace and grow with reliable and secured applications.

80% Client Retention Rate

Our 80%+ client retention record is due to our on-time project delivery, competent developers, and complete transparency.

Delivered 500+ Apps

Leading app development business RisingMax Inc. has completed more than 500 projects in the banking and fintech industries.

Cost Effective 

We provide affordable neobank development for businesses and startups. We have an influence on the IT sector globally because of this. 

Dedicated Project Manager

We provide a highly skilled project manager who will keep you informed of all developments and assist you in comprehending the full generative AI solution.


We hope that now it is very much clear to you how to start a neobank and what features0 you can put into making the neobank service more user-friendly. Get in touch with our experts to know the complete details of how to start a neobank and how much time it will take to launch the final product.

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