Vital Neobank Integrations

Integrating third-party services makes it possible to quickly add features and tools to a neobank solution while developing the same functionality on your own could take months. If you want to add value to your neobank solution, extend its functionality, and ensure a seamless and consistent banking experience for users, consider integrating third-party services. Carefully selected, they can help your app compete in the highly competitive fintech market.

How Integrations Benefit Neobanks

Neobanks are convenient, accessible, and secure, and that’s what they owe their success among customers. Another advantage is the wide variety of services that make most financial operations much easier and faster.

For neobanks, being that multi-purpose is possible due to a wide range of third-party services available for integration. The latter benefit from the integrations not only in terms of improved CX but also in many other respects:

Integrations to Use while Developing Neobanking Apps

Choosing what features to add to your solution, make sure you know exactly what your customers need and what problems they are trying to solve with your solution. Otherwise, you run the risk of overwhelming your customers with an over-featured and too expensive product. That being said, there are integrations that every solution should have – let’s take a look at them.

KYC/AML Providers

Сarrying out KYC and AML procedures is required by law to mitigate the risk of being used as a vehicle for financial crime. There're various KYC/AML providers in the market that help neobanks and other financial institutions comply legally, and below I’ve listed some of the most popular providers.

Data Aggregators

Data aggregators pool customers' personal and financial data from a variety of sources and make it easily and conveniently accessible in a single place. Then neobanks can use this data to provide a more personalized experience to users and generate additional income.

Payment Gateways

A payment gateway is an online payment service designed as a channel for making and receiving payments. It securely validates the customer's card details and ensures the availability of funds, therefore, making the payment run smoothly.

Communication services

These services help neobanks streamline communication with their customers and therefore enhance CX.

Brokerage APIs

Enabling neobanks customers to invest in stocks, options, futures, currencies, bonds, and funds through a single integrated account, brokerage APIs are a nice-to-have add-on that would help you reach a wider audience.

How to Choose the Integrations Covering Your Needs

Choosing features you add to your neobank app, keep in mind the real tasks of your customers that would be resolved with this or that feature. Once you have decided on the third-party services you want to integrate into your solution, shortlist the providers. Consider these key points when looking for a third-party integration provider:

• Evaluate the documentation of the potential integrations. Look for API providers with extensive documentation and detailed FAQs to avoid hidden costs or technical limitations.

• Meet the legal requirements. We recommend bringing in a legal member of your team to verify that the data sharing process meets the legal requirements in your country. Make sure the vendors you have shortlisted for integration meet the security standards and legal requirements relevant to your target market.

• Customer service. Find out if your provider offers custom pricing to ensure you are getting a good deal. And ask about technical support availability and pricing.

Summary

If there’s only one piece of advice to give on third-party integrations for neobanks, it is that any API should add value - that’s for sure more important than sheer volume. A plenitude of needless third-party APIs will result in overwhelmed customers, over-featured product, and senseless spendings.