A developer’s guide to banking app development like Revolut in 2022

Neobanking, one of the newest concepts of digital banking is the next trendsetter in the Fintech industry. Statista’s report reveals that over 64.4% of Americans have embraced digital banking in 2021 while it’s predicted that this percentage will increase to reach 65.3% in 2022.?

And If we talk about neobanks, they’ve dramatically replaced traditional modes of banking in recent times. A survey by InsiderIntelligence states that there be more than 47.5 million digital-only bank accounts operating actively in the US by 2024.?

The wave of neo-banking solutions has modernized the way people used to transact digitally a few years back. If we chase after the most popular neobanks in the present banking segment, apps named Nubank which is the largest network in the world, followed by Chime & Revolut which is a UK-based neo banking app in the list.?

Do you endeavor to innovate a robust neo banking app like Revolut? Now just take a look at the below graph to view the state of the neo-banking market in the U.S b/w 2020-30.?

The above graphical representation reflects a scenario of the neo-banking market that indicates its ultimate disruption not only in banking but also in the Fintech segment.?

Intro to Revolut, a top-ranked neo banking app in the Fintech market

The journey of neo banking deserves your interest as it has replaced the old traditional methods of banking that usually involve paper-based workflows, inconvenient branch visits, & multiple lengthy procedures.???

Whereas neobanks operate digitally to facilitate a plethora of automated banking services including online transactions, lending, management, investments, & much more.? Although neo banks have no physical branches, they deliver incredible user experiences at reduced operational costs.?

The innovators of Revolut have earlier discovered the potential success of neo banking when Fintech is on its way to gaining prominence in the banking industry. The race of banking app development like Revolut has more participants & bankers competing to shine out like Revolut. Meanwhile, the people who can access neo banking apps like Revolut can avail easier, securer, &? faster financial services at comparatively lower charges than traditional banks.?

Neo banking apps like Revolut have garnered immense popularity in no time, particularly during the pandemic outbreak. And in this regard fintech companies & banks are curious to know about neo banks & their revenue models. But before that, you must get familiar with Revolut & how does it work?

Revolut is one of the market-leading neo banks providing on-demand money transfer & wealth management services. It entered the neo-banking market in 2015 and in 2022, the value of its revenue share was recorded as $33 billion.?

It's unquestionable to state the rise of Revolut as a top player that aced the genre of neo-banking apps in the Fintech marketplace.?

Revolut was earlier introduced as a basic currency exchange platform that gradually transformed into a modern neo-bank for financial services.

So, you must get the best Fintech app developers who're experts at building banking apps like Revolut.?

Here are some awesome stats on Revolut that every business intends to invest in banking app development.?

Interesting statistics on Revolut users & revenue share

• Over 15.5 million active Revolut users are there in June 2021.
• Around 150 million transactions are done per month in 2021.
• Approx 12k average user sign-ups are done on Revolut.
• At least 2 thousand people are employed to work for Revolut.
• Revolut observed a user growth rate of 169% in 2019 while there was a steady growth of 380% of active customers in the same year.
• The revenue share of Revolut was $362 million in 2020.

If you're searching for a trusted Fintech app development partner for building a fintech app like Revolut then you must go through the portfolio of a service provider before hiring.?

Key features to consider for Fintech app development- Revolut

1. Simple User Registration:

While looking to build a FinTech app like Revolut, security is primarily needed. Users won’t have to do multi-step authentications to further protect the registration process. The development of FinTech applications like Robinhood for stock trading & of course, Revolut for neo banking is intended to deliver robust, secure, and flexible FinTech solutions for businesses that are ready to adopt the latest developments such as blockchain, biometrics, API integration, and more.

2. Secure Login:

The most important and key part of choosing the future of your fintech application is security. So, to build a FinTech app like Revolut, it all starts from the registration phase, where users need confirmation that the app reads & verifies their budget details. It usually happens with the production of special codes, visible facial evidence, fingerprint scans, and postal alerts whenever a user accesses the system.

j3. Real-Time Notifications:

In addition to switching to a bank application, users should be aware of all updates to their accounts and finance details. Instant use notifications, investment notices, and payment-related updates. And at the same time, it encourages the authenticity & ongoing user engagement of the app.

4. API Integration:

Nowadays various industries such as payment transfers, asset management, and much more are heavily investing in neo banking apps & other aspects of fintech technology. ?

Therefore, to build a FinTech app, you should be organized in such a way that it can be integrated without much stretching at different stages. One of the best things about this is that programs can uninterruptedly work together to share information.?

And to add communication rules, expected results, order collection, and interaction with each other, Application Programming Interfaces are used with applications. With the help of APIs, designers can integrate large application applications without having to re-create specific functionality for each application.

5. Personalization:

By using some efficient algorithms that can analyze and learn human performance it can help the app to apply the human feeling made for you. Different things like user needs and concerns before providing any kind of financial services.?

That way users are always provided for their needs. This section of personalized user information is customized to keep your app users engaged with the app and definitely bring high revenues and profits.

6. Third-Party Verification:

To be sure of your digital records, two-factor verification may be the best choice. SMS testing is widely used, but third-party applications can be used to protect the fintech application.

7. Secured Biometric System:

Security is one of the most important aspects to consider to build a FinTech app like Revolut. Cyber attacks and risks can damage a user’s confidence in the use of digital payment services. FinTech organizations want to replace unreliable passwords that are based on patterns with different markings (fingerprints) or biometric inputs. Along with the face recognition system, the biometric system that identifies users with their pulse is also in the creative phase.

Later, you will have the option to log into banking apps by guessing your strike with a smartwatch or with a savvy wristband. With this feature, you will have the option of approving the installment by simply checking the palm of your hand or giving it to the user.

8. Powerful Platform:

To build a FinTech app like Revolut, one should be serious about information security issues to ensure transparent communication among users. Security is a fundamental concern that helps ensure information security with guidelines and consistency. Here are a few common safety precautions:

After an unsuccessful login attempt, the account is locked. During payment, only the last three digits of the card will be displayed. While signing in with the app at the same time with shared numbers.

Revolut is operational across 10 Western European markets with banks in over 28 nations. Being a global financial super-app, Revolut is used by more than 18 million customers worldwide & has authorized its Lithuania-based European specialized banking license for 10 European markets.?

Get high-end Fintech solutions developed by experts at Hie HQ?

NeoBanks like Revolut, Simple, Mozo, Fidor, N26, & more are luring gen Y & gen Z customers with options for secure, convenient, & fast banking solutions. With a massive user base of 3.1 million, Revolut has gained prominence for being a top platform for neo banking services. Indeed, such neobanks have gradually positioned themselves as alternatives to traditional banks.

Well, the best is yet to come as Hie HQ, a trusted product partner with deep expertise in co-building high-end business products with a startup-centric approach tailored for various industries. Being a ‘product team for product teams’, HQ holds the excellence in delivering industry-specific solutions with high proficiency in product planning, product design & development, quality testing, and support.?

Our product engineers are certified, skilled, & dedicated to building 2 times better, 2 times faster. Be it a simple or highly complex product, we build and scale your product exponentially within the shorted timeline. Let’s get in touch to discuss this!?