Neobank app
Neobank app for building credit score
Project Idea
Our client is an entrepreneur from the US who decided to launch a new business.
In the USA, residents can’t get a credit card if they have a low credit rating. Client decided to create a service to help users get a higher credit rating or just get and use a credit card.
Our goals
Create a simple and attractive interface
Build a stable and secure system
Protect users financial data
UI/UX design
We carefully thought-out theapp’s navigation to make it assimple as possible.
We started by creating a mind map to organize our ideas, define the essential features of the neobank app, and show connections between screens.
We then created a logo and selected brand colors to establish a cohesive visual identity.
However, we can’t show brand-related details, since these are under an NDA.
However, we can’t show brand-related details, since these are under an NDA.
To figure out the app's style, we used references and anti-references for UI designs our client provided. We madea minimalistic interface with a bright green accent color that symbolizes growth and financial wellness.
UI kit
Banking apps need regular updates without compromising user experience. To help our client add new features while keeping the app consistent and compliant with requirements, we gathered a UI-kit with all design elements.
Key features
Sign in / Sign up
Users can create an account in the app using their phone number.
After that, they can authenticate using a PIN code, Face ID, or Touch ID.
KYC
To use the app, users need to go through a KYC process. First, they fill in their personal info like full name, date of birth, home address, ID and SSN.
Next, the app processes the user’s application and sends a notification when it’s approved or declined.
Home screen
On the home screen, users can view their cards, recent transactions, and rewards. The card balance is hidden and can be revealed by tapping on it.
Cards
Users can issue and reissue the Neobank cards and link their external bank accounts.
Opening a Neobank account, users get a secured charge card that requires a security deposit as collateral.
Transactions
The app lets users receive salary directly into their account, set up auto payments, and make instant transfers and top-ups. It also provides detailed analytics about transactions and recurring payments, helping users track their spending.
It also provides detailed analytics about transactions and recurring payments, helping users track their spending.
Rewards
The app features a cashback system where users can earn rewards by making purchases from both online and offline partners listed in the app. Users can also find the nearby partners on the map.
Users can also find the nearby partners on the map.
Profile
In the profile, users can see and edit their personal info, change card and notifications settings, set a profile picture, and connect their paycheck.
Password recovery
If a user forgets their password, they can recover it via phone or email.
Development
For this project, we chose our regular tech stack — React Native for mobile development, Laravel for backend, and Cloud SQL for databases. These technologies cover a wide range of needs for developing software, including banking applications.
Data privacy
Certifications
For this project, we needed to certify the app with SOC 2 — it ensures that the service follows strict information security policies and procedures required for US financial services. Other important standards that needed to be considered were PCI DSS and ISO/IEC 27001. Our team has already passed the certification, and now we are waiting for the bank’ team to be certified.
Banking solution
To implement banking functionality, we needed to use a Banking as a Service (BaaS) solution. We helped our client evaluate providers from a technical point to find ones that fit the project. After negotiations with different providers, our client chose Bond as a BaaS platform. We used it as a gateway between the app and major US banks like Evolve Bank & Trust. Bond complies with the needed regulations, automates KYC, employs advanced encryption and security measures to protect user data and transactions.
KYC
We use Persona KYC to verify the identity of new users through checking their SSN and ID, ensuring that the users are who they claim to be. Simultaneously, Sardine KYC runs fraud detection checks to ensure the new users are not associated with fraudulent activities or risky behaviors. Once the users pass the KYC checks, we use Bond BaaS to create and manage bank accounts, issue cards, and enable financial transactions via its banking APIs.
Integrations
To implement banking functionality, we needed to use a Banking as a Service (BaaS) solution. We helped our client evaluate providers from a technical point to find ones that fit the project. After negotiations with different providers, our client chose Bond as a BaaS platform. We used it as a gateway between the app and major US banks like Evolve Bank & Trust. Bond complies with the needed regulations, automates KYC, employs advanced encryption and security measures to protect user data and transactions.
- Bond as a BaaS platform.
- Auth0 as our authentication gateway to streamline the authentication process across all microservices.
- Persona for KYC. It uses multiple methods such as document verification, biometric checks, and database cross-referencing.
- Sardine for KYC and risk profile. Detects and prevents fraudulent activities in real time and creates risk profiles for users.
- Getkard to enable cashbacks in the app. The platform provides real-time cashback rewards, allowing users to see their rewards instantly.
- Pinwheel for direct deposit switching. Pinwheel automates the direct deposit switching process, eliminating the need for manual paperwork and minimizing errors and delays.
- Plaid for linking financial accounts. We chose it for a comprehensive range of features, security measures, and minimum downtime.
- Google Pub/Sub for data exchange between microservices, which minimizes interaction time by triggering events within the system. This setup allows various microservices to respond only when needed.
- Laravel Telescope for real-time monitoring within each microservice. In our development environment, its logging made it easy to catch minor errors during client-server interactions. Now it helps optimize the app in the staging environment.
Challenges we faced
Results
The project went into production back in November, then we started a closed beta test — the application had live users, they opened their cards and made transactions, but the app wasn’t published in the App Store. The app was approved in the store in April and now any user can download it — we’ve passed the review, it confirms that the app meets all the important requirements and has no problems with the law.
For now, our client's marketers are thinking over a strategy for how they will catch up with new users. 1,285 accounts have already been created — these are live users who have passed verification. We are continuing to work on the project and are constantly upgrading the app by adding new features.
Project in numbers
The project went into production back in November, then we started a closed beta test — the application had live users, they opened their cards and made transactions, but the app wasn’t published in the App Store. The app was approved in the store in April and now any user can download it — we’ve passed the review, it confirms that the app meets all the important requirements and has no problems with the law.
