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Frewin Francis

Product Marketing
3 min Read

Delivering a Truly End-to-End Digital Banking Experience

Build a Neobank in Weeks with Appzillon

Frewin Francis

Product Marketing
3 min Read

In the past decade, we have witnessed a lot of change in the banking and financial sector. There have been rapid business transformations, drastic customer preference shifts, and phenomenal growth in mobile banking. One such concept that came onto the scene because of all these factors is ‘Neo-bank’ or a ‘Challenger Bank’.

Today, there are close to 300 Neo-banks worldwide with more than half of them based out of Europe. The number of these Neobanks or digital-only banks is growing because of increasing adoption of API banking, rising demand in digital fronts instead of physical branches and customers’ preference for superior user experience.

While most Neobanks claim themselves to be a bank on an app, there are many flavors of Neo-banks or Challenger banks. Some have their own banking charters, others partner with existing banks where they house their customer accounts, and a few function like a payment bank / app.

So what does a Neo-bank offer that a conventional bank does not?

In today’s, digital economy, more people are comfortable banking with their apps than ever before and have a lot of choices unlike the past. Also, tech savvy customers, particularly the millennial crowd, are very comfortable with a digital front for getting things done. So the fact that everything can be done from the palm of their hand without having to visit a physical branch is one of the factors that have made it easy for Neobanks to gain traction in the market.

Some of the salient features most Neobanks offer their customers include:

  1. Instant account onboarding
  2. Hassle-free payments
  3. Intuitive User experience
  4. Spending insights
  5. No minimum balance requirements
  6. Zero or reduced fees for ATM and other services

Why Appzillon is one of the best bets to build your Neobank?

When the founders of i-exceed set out to build Appzillon; a unique combination of a low-code digital banking platform and a suite of cloud based digital banking solutions, they had one goal in mind – to deliver digital banking offerings that that are easy and convenient to use while offering personalized users experiences.

Our rich understanding of back end banking systems has contributed a great deal in building solutions today that are core-agnostic. So whether it is a legacy core banking system that is decades old or a cutting edge cloud-base core, Appzillon has you covered. The platform’s micro-app based architecture ensures that the development process is modularized and quick with integration and testing aspects that are fully automated. All these put together helps banks in quickly taking new products to the
market while leveraging emerging technologies to ensure that end users have the best of what technology has to offer, right at their fingertips.

Another value add we bring is our impeccable understanding of the customer onboarding journey. Be it retail customer or corporate / SME customer onboarding, our fully digital onboarding solutions have reduced onboarding times by 70-80 per cent. And this is a feature that is a must have for any Neobank – instant online customer onboarding.

Some of the aspects that makes Appzillon ideal for building a Neo-bank:

  1. Cloud-first deployments
  2. Support for eco-system with pre-built integrations – core banking, CRM, KYC, and fraud systems across a wide range of geographies
  3. Exhaustive API ecosystem that simplifies adding new features and making updates
  4. Proven platform architecture for scalability, quick time to market, and security

In the past Appzillon has helped banks set up entire operations from the ground up in record time. Our full stack of offerings factors everything that our customer would need in order to be the best in their business.

Appzillon also powers the apps of over a dozen Neo-banks from different regions around the world.

Want to know more about how Appzillon can help? Get in touch with us – marketing@i-exceed.com