Building a Digital Bank
The Rise of Neobanks: Why Experts are Key to Success
The banking industry has gone through a significant transformation in the past few years, with neobanks leading the charge in the digital banking era. With the rise of neobanks, traditional banks have been forced to rethink their business strategies to remain competitive. But the creation of a neobank requires a banking license, which can be a challenging process. In this article, we explore why relying on experts in the field is crucial to the success of building a neobank.
The Benefits of Becoming a Neobank
Neobanks or fully digital banks offer a new way of banking, providing customers with the same products and services as traditional banks, but with the added benefit of convenience and accessibility. With neobanks, customers can carry out banking operations quickly and easily using digital devices, eliminating the need to visit physical branches. The neobank market has seen significant growth in recent years, with many new players entering the market in Asia and Europe.
Getting a Banking License
To become a neobank, you must first obtain a banking license. However, the process of obtaining a banking license is a challenging one. In Switzerland, for example, the creation of a digital bank is a daunting task, requiring the assistance of experts in the field. One alternative is to acquire an electronic money license, which allows you to offer payment financial services, including the creation of IBAN and sponsorship of BIN credit cards, but does not allow you to issue credit or analyze credit risk.
Expert Consultancy for Building a Neobank
To request a banking license or an electronic money license, it is essential to work with expert consultants who can guide you through the process. At Matwal Solutions, we have lawyers and professionals trained to offer advice to companies in the digital and financial sectors. They can help you connect with fintechs, make improvements to traditional banks, and create a complete banking service platform or mobile application, among others. With the right guidance and recommendations, building a digital bank can become a reality.
Conclusion
In conclusion, the banking industry has undergone a significant transformation, with neobanks leading the way in the digital era. The creation of a neobank requires a banking license, which can be a challenging process. However, relying on experts in the field can ensure the success of building a neobank. At Matwal Solutions, we can provide you with the right advice and recommendations to help you create a complete banking service platform or a fully digital bank.