Create a Digital Bank from Scratch
We know how to create a full-fledged digital bank, and we are good at it. Our portfolio includes more than 20 neobank projects in the capacity of a general contractor or a key partner.
How to move e-banking into the microservices architecture?
Get the latest insights on the best way to transform your banking experience.
How to move e-banking into the microservices architecture?
Get the latest insights on the best way to transform your banking experience.
How to move e-banking into the microservices architecture?
Get the latest insights on the best way to transform your banking experience.
How to move e-banking into the microservices architecture?
Get the latest insights on the best way to transform your banking experience.
Our Proposition
Why Us?
Building a neobank in the same way as a traditional bank will not work. Neobanks demand a brand-new approach. It has to be agile, iteration-oriented, with practical research of hypotheses, and rapid consideration of client feedback. Our team knows how to bring all that to life and do it within a year at a very reasonable pricing.
When Is Our Solution a Good Match for You?
- You are planning to obtain a financial license.
- You already have a license and want to build a full-fledged neobank.
- You have a partnership with a bank that allows you to use its license, and you are in need of technical implementation.
Our Detailed Scope of Responsibilities
We can act as a general contractor on your neobank project. We are willing to undertake the integration of all components as well as other vendors into a single structure and be accountable for the achievement of business results.
Definition of the neobank concept, macro-planning, and the establishment of ICP/positioning.
Composition of the BRD. Joined by your team, our domain experts and analysts build and describe the necessary neobank processes.
Participation in negotiations with suppliers of external systems — GAP analysis, cost analysis, analysis of the implementation plan.
Realization of UI/UX, adaptation of business processes to project requirements and local legislation.
Deployment of an omnichannel digital banking platform and integration of all third-party components (more details here).
Coordination of activities related to the implementation of digital bank components and their refinement to meet the requirements (core, processing, CRM, KYC, etc.).
Pre-prod and production environment deployment (cloud or on-premise).
Full-fledged load and security testing.
Analysis of the early adopters' feedback and functionality adaptation.
Providing Tier-2+ support.
Please note that we do not provide core banking, card processing, and CRM functionalities. These components must comply with local regulations. From our side, we can advise on the suitable services providers and help you obtain the most favorable commercial conditions.
Possibilities
The platform encompasses a set of functional services that can be customized to meet the client's business requirements.
Retail Functionality
Basic
- Onboarding & KYC Account opening, login, e-registration
- Accounts & Cards Product information, operations with products, statements, limit management
- Payments Transfers (C2A, C2C, A2C), utility payments
- ATM/ Geolocation Nearest ATMs, offices
Advanced
- PFM Expense analysis, budgeting, financial goals
- Loans & Deposits Opening, statements, operations with products
- Loyalty Discounts and partners
- My Friends Financial operations with a selected group of people
- Family Banking Operations among family members, common financial goals
SMB and Corporate Functionality
- Accounts Opening, account statements, transactions, payments, booking, etc.
- General Information Currency rates, ATMs and branches, company profile, settings, etc.
- Payments Payment orders, archive, cancellation, templates, regular payments, etc.
Basic
- Currency Payments and Control Transit accounts, transaction passports, automated control, OFAC, etc.
- Payroll Project Statements, import, payments, automated control, benefits, etc.
- Corporate Cards Business expenditures, purchasing services and materials, travel, etc.
Advanced
- E-invoicing Sending, receiving, management, and archiving of legally and digitally signed invoices
- Control of Branches/Subordinate Units Multi-layer acceptance and signature, unified ID for several companies, unified view into financials
- Loans & Deposits Opening credit lines, information, statements, loan repayment, etc.
- BFM Budgeting, cash flow forecasting
Financial Clients That Love What We Do
Unified Profile of Digital Banking Solutions
Support different customer profiles within one account. E.g., the user can be a private individual, an entrepreneur, a director at one company and a deputy director at another.
Ecosystem as a Ticket to Quick Development
When developing a digital banking platform, we pay special attention to its easy and smooth integration with third-party services that extend the solution's functionality.
Standart Project Timeline
Our goal is to build you a quality product and make it hit the market as soon as possible. That is why we promote the MVP (a minimum viable product) first approach. This means that instead of spending years on the development of a full-fledged, feature-rich digital bank, you get the opportunity to present your tested and improved application to users within 6 to 12 months. The rest of the functionality will be implemented in the future — no rush, no risks.
Digital Banking Vision
Compulsory licensing
(Un)availability of a partner bank
Who the target audience is and how it affects the functionality and staging
Which solutions/products will be used for the core banking/card processing functionality (if there is no partner bank)
Planning of Stages
What to do:
- Produce the functionality backlog for 1–2 years
- Divide the functionality into stages (PoC, MVP, etc.)
PoC Development
The key task at this stage is to implement 2 or 3 vertical user operation scenarios, e.g. login, card list view, transfer between cards, etc. You also observe the integration design of all components (front end, core banking, card processing, authentication, and so on). Another vital step here is the creation of the UI/UX design.
MVP Development
Once a minimum set of features required to go live is ready, early adopters test the product and give us feedback to improve the solution.
As the leading digital banking vendor, we recommend to include this set of core features:
Client KYC & onboarding
(account opening + card)
Payment integration
(potentially — utility payments)
My products
(cards, accounts)
Transfers between products
Login/logout
Account statements
*More features can be released at later stages.
Continuous Development + Ecosystem Creation
The development of digital banking solutions is better off with regular releases of features. This allows your users to see the growth. We advise arranging the backlog and CI/CD processes under the supervision of the dedicated digital banking team. We can help you both with the implementation of digital banking projects and the subsequent handover of the developed online banking platform to your own team. We also can create a joint hybrid team to enhance your software together.
The second vital point is the construction of the service ecosystem. You don't need to develop all services yourself, as many of them are already available. It is important to integrate engaging services into the digital bank's ecosystem for a fast extension of the functionality (e.g., accounting service for SMBs, personal/business finance management, etc).
Professional Team for Digital Banking Development
No need for individual staffing. We have already assembled, balanced, and focused engineering teams ready for onboarding.
- At least 2 projects in common for every team member.
- Established team process — task management, quality control, delivery of results, and so on.
- Team specialization and focus on digital banking projects.
- Business expertise for the financial/banking domain.
Typical Team Structure for Digital Banking Development
Depending on the project conditions and limitations, the team structure and the number of team members may significantly vary. Our engagement shows that the implementation of a middle-sized digital banking project requires the following team members:
1
Product Owner
1
Project Manager
3
System Analysts
1
Technical Architect
1
UI/UX Expert
4
Back-End
Developers
3
Front-End
Developers
4
Mobile Developers
(iOS + Android)
3
QA Engineers
1
DevOps Engineer
Our company may promptly send you a team profile for digital banking development. We expect to have a lot of questions requiring clarification.
How Much Does It Cost to Create a Digital Bank?
Get insights from our experts on how much financial institutions may pay for the development of a digital bank.
What Does the Implementation Framework Look Like?
We know how to approach a digital banking project effectively, so we've implemented a set of modules and components as well as some typical architectures. From the technical perspective, they ensure that your scalability, maintainability, performance, and security requirements are met.
We can arrange a white-label implementation of the business logic for a range of components which speeds up the project rollout and cuts risks.
Technical Perspective
A digital bank may be defined as a set of microservices (however, the microservice architecture is not a must-have).
Services use the messaging integration style.
Mobile and web clients communicate with services via an API gateway.
All services communicate internally via a message broker (Kafka, ActiveMQ, etc.).
Mobile and web employ the REST communication style.
All services have a similar structure (by default) for technology consistency.
No heavyweight containers. Services are based on lightweight runtime (Spring Boot, MicroProfile, Micronaut, Quarkus, or similar).
Services are containerized (Docker).
Services have externalized configuration for easy staging.
Each service has its own database (scheme).
Personalized Digital Services
Using the Agile approach, we created a digital banking solution that united mobile and online banking. We lessened the burden on retail banking branches and provided clients with more personalized services via smart analytics.
Target Technologies
As a global digital banking provider, we can use any tech from our expertise pool. However, for solutions used by banks and credit unions, we prefer those listed below.
Frontend (Web)
React
Backend
Java .NET Scala Go
Mobile
Swift Kotlin React Native
Middleware
RabbitMQ ActiveMQ Kafka Kubernetes Docker AWS Azure
Database
PostgreSQL MS SQL
Performance and Scalability Issues
The major advantages of the digital banking platform that we offer are its effective horizontal and vertical scalability. We are able to secure the conformity with the performance requirements in case the load on the system rises due to the upgrade of server hardware and the increase in the number of the server cluster nodes.
How We Ensure that the Requirements Are Met
To achieve the required number of users we:
- Apply clustering and load balancing technologies.
- Employ a web framework efficient in resources.
- Minimize the volume of session state data.
- Utilize stateless components.
- Effectively use the client state approach.
- Minimize the volume of data sent with each request.
- Use asynchronous operations and Java NIO to minimize time and server data flows.
To achieve the system response time we:
- Apply asynchronous operations.
- Ensure effective data access.
- Arrange caching at various levels (data access, integration, UI).
Hosting for Digital Banking Solutions
There are two secure options:
on-premises installation
cloud-based deployment
We can go over both alternatives depending on your digital banking platform. As one of the global online banking software providers, we suggest to consider the following factors:
Preferable service-level agreement (SLA)
Inhouse resources and expertise in deployment and system support
Service scaling prognosis (increase in the number of users or operations)
Available hardware resources
Security requirements
Planned staging configuration and CI/CD aspects
How We Ensure Security
Measures We Take
Traffic via HTTPS connectivity
No storage of confidential data on the client side
Multi-factor authentication (login/password, OTP, SMS, MAC)
Protection against most common threats (XSS, CSRF, SQL injection)
Data audit and logging (system events, user request log, client app events)
Reauthentication upon request
Support of the most common cryptographic providers
Integration of the EDS (electronic digital signature)
User session timeout
Our Approach
- We are pragmatic Safety and security measures must be cost-effective. They have to align with the cost of the property to be protected or the amount of damage that can be caused.
- We stick to industry standards We do not reinvent the wheel for our customers and use recognized and tested solutions. A new commercial platform may seem attractive, but we opt for reliability.
- We analyze threats and address them We identify possible threats to the systems and platforms of our customers and devise countermeasures to address those that are worth our attention.
- We use available platforms and solutions We prefer to apply the solutions used by the customer or products from recognized vendors instead of enforcing our own digital banking solution.
- We adapt to the bank's security requirements We provide our insights to banks and credit unions but we never impose them. It's the customer who has the final say.
How We Ensure Security
Just like with any other type of software, to build a user-friendly payment solution, you need to be aware of all its traps and the best industry practices.
- Omnichannel support You should build your solution with the omnichannel approach in mind, although this functionality may seem unnecessary to you at the initial stage. This will save you time and money in the future.
- Reuse of cloud modules Such platforms as AWS or Azure come with a range of ready-to-use technical modules that can be used in online banking development. This is a good option to consider to speed up the project.
- Quick time-to-market It is vital to introduce transformation and related changes to the production environment beforehand. So choose the project architecture and processes that allow it.
- Administration interface No matter what, you will need an interface for the service provider, administrators, content managers, and so on. We advise considering these options as a must in the backlog and include them at the MVP stage.
Contacts
Feel free to get in touch with us! Use this contact form for an ASAP response.
Call us at +44 151 528 8015
E-mail us at request@qulix.com
Feel free to get in touch with us! Use this contact form for an ASAP response.
Call us at +44 151 528 8015
E-mail us at request@qulix.com
