Digital banking service platforms have made payment and transaction facilities easy and fast for users. They are reshaping the traditional banking and finance sector into a modernized industry. Additionally, businesses are also investing money to develop an app like Mashreq NEOBiz for their users.

Industry professionals can find multiple business opportunities in digital banking apps that can help them grow their ventures. So, this is very important to know different aspects regarding the development of a mobile app that provides quick and comfortable money transferring services.

In this blog, we will discuss all the aspects that could help a business investor to make an app like Mashreq NEOBiz. So, let us move forward and understand about this online banking app.

What is Mashreq NEOBiz?

Before starting the process to develop an app like Mashreq NEOBiz, businesses must understand the importance of this app. It provides multiple payment facilities to users. Additionally, this app has numerous investment services available to save and increase user funds.

People can also use other services like commodity buying and stock market investment to channel their income. So, you should find suitable banking & finance software development solutions in the UAE that can offer affordable digital banking app building services. Now, let us understand it’s working.

How Does a Digital Banking App Like Mashreq NEOBiz Work?

Understanding the working mechanism is necessary for businesses before they invest in the process to develop an app like Mashreq NEOBiz. So, in this section, we will see the working of banking apps:

1. Register and Login

The first step for users is to register with a specified ID and login to the banking app. So, it is beneficial for you to avail E-wallet app development services to build a platform with easy and fast registering services.

2. Link With a Bank

Next, they can easily link their bank with a banking app like Mashreq NEOBiz. Additionally, these banking apps require data like account number, bank code, and date of birth to connect with the specific bank.

3. Do Transactions

Now, users can easily perform various transactions and payments. Additionally, they can also transfer money to different people. So, you must know the software development cost to make a digital banking web app.

4. Explore Other Features

Businesses can search different Mashreq NEOBiz app development services to include several other features like investment, trading, and shopping in the app for users. So, people can avail a variety of services.

5. Get and Redeem Coupons

Through different payments, customers can get various shopping and lifestyle coupons that they can redeem easily. So, this is profitable to invest in banking & finance software development services for business investors.

Market Stats Of the Digital Banking Sector

• In 2024, the projected Net Interest Income in the Banking market of the United Arab Emirates is expected to reach $28.21 Billion.
• Traditional Banks are set to dominate this market segment, with a projected market volume of $25.35 Billion in the same year.
• In the coming years, the Net Interest Income is forecasted to exhibit an annual growth rate of 4.26% between 2024 and 2029, resulting in a market volume of $34.76 Billion.

• In comparison to other countries, China is anticipated to generate the highest Net Interest Income, reaching $4,332 Billion in 2024.
• The United Arab Emirates banking market is experiencing a surge in digital banking services, with a growing number of customers opting for mobile and online banking solutions.

Impactful Features of a Digital Banking App

Recognizing features at the right is mandatory to develop an app like Mashreq NEOBiz. Here, we will discuss the major attributes of a digital banking mobile app:

1. Easy & Fast Registration

It is good to hire custom software development companies to add the Mashreq NEOBiz registration feature to your mobile app. This app allows easy and fast app registration and login facilities for users.

2. Updated Account Balance

The Mashreq NEOBiz bank app provides updated bank records to customers and clients. So, they can easily match their transactions with online payments. Additionally, it delivers account statements as well.

3. Bill Payments

A Mashreq NEOBiz app allows users to perform payments to different merchants and vendors. This includes electricity, water, mobile recharges, and store payments.

4. Biometric Authentication

To implement authentic biometric services like Mashreq NEOBiz you can hire dedicated software developers in the UAE. Additionally, it is also good to add face recognition to identify customers.

5. Card & Cash Management

Easy card and cash management facilities allow users to store their money in the bank wallet. Credit cards are kept safe and private from fraudulent users. So, that customers can easily access their assets.

6. Multi-currency Accounts

Mashreq NEOBiz banking app offers multiple currency accounts to users worldwide. Additionally, it provides services like currency converters, money transfer, and equity fund management.

7. Real-time Notifications

Banking apps provide updated and real-time alerts to users. So, they can get information regarding deviations in interest rates, trading, investments, and money transfer requests.

8. Customer Support

This mobile is built with hybrid app development services to provide customer support for android and iOS users. Additionally, a chatbot is also implemented to resolve users’ queries with reliable solutions.

Leading 5 Mashreq NEOBiz App Alternatives

To develop an app like Mashreq NEOBiz you can search for different alternatives to study their business models. Below is a table showing the top 5 alternatives of Mashreq NEOBiz:

How to Develop an App Like Mashreq NEOBiz?

Business investors should identify the right development process before investing money to develop an app like Mashreq NEOBiz. We have discussed the necessary app building steps in this section:

1. Study Business Models

The first development step is to observe and study various business models to build an app like Mashreq NEOBiz. Additionally, you can also analyze different use cases to prepare an initial blueprint for identifying features and development tools. So, this can help you in the development process and also in the management of your budget.

2. Give Development Contract

It is mandatory for a business investor to find a suitable full stack app development company that can build a banking app from scratch. So, it is your responsibility to use a profound hiring process to hire the right development partner and reduce the development cost. First, you can analyze their previous works. Then, you can conduct technical interviews to churn for the perfect match.

3. UI/UX Design

To implement good designs and themes on your mobile app interface you should approach a Mashreq NEOBiz app development company. Additionally, avail their frontend development services and check tool compatibility with the development platform. So, you can easily go through with app functionalities and ensure a responsive interface for your users.

4. API Integration

After the mobile app design process, it is mandatory to implement supportive backend services with API and database integration. So, to develop an app like Mashreq NEOBiz android you should hire a mobile app development company that uses similar development services. But, your job is to ensure the affordability and reliability of your app through these solutions.

5. App Configuration

Take your mobile app through the mobile app testing process. Provide specialized tools to the developers so that they can identify errors and bugs in your mobile app. Additionally, you must also offer resources to deliver security and privacy by investing money to develop an app like Mashreq NEOBiz iOS for Apple device users.

6. Launch and Updates

Finally, it is time for you to launch your digital banking mobile app to start offering services to your users. Additionally, it is compulsory to know the cost to maintain a mobile app to provide regular maintenance and updates to ensure app productivity. So, use dedicated services that can use automated solutions for maintaining and updating the platform.

4 Interesting Benefits of Digital Banking App Development

There are a lot of advantages to investing money to develop an app like Mashreq NEOBiz from business perspective. Let us understand those benefits through the following points:

1. Profitable Industry

The banking and financing industry generates high-valued income for businesses. So, this is a fantastic idea to invest money to create an app like Mashreq NEOBiz that can offer huge profits from multiple sources.

2. High User Engagement

This corporate field is directly connected with users. Everyday, almost a hundred million people use banking services. So, you can use custom software development services in the UAE to target people in large numbers.

3. Worldwide Branding

Industry professionals must reduce the Mashreq NEOBiz mobile app development cost to save funds for marketing. So, this can be used to expand the domain of the business in different regions and markets across the globe.

4. Innovative Growth

Currently, the banking sector is digitally improving. So, it is highly recommended to use AI in mobile app development for automated banking services. Additionally, you can also implement blockchain to enhance security.

What are the Digital Banking App Monetization Methods?

Money earning is a crucial process for businesses to balance the cost invested to develop an app like Mashreq NEOBiz. There are multiple monetization strategies. But, we will observe a few of them:

1. Data Monetization

Monetizing user data is highly profitable for business investors. Additionally, you can balance the cost to build a banking app in the UAE by using customers’ information to personalize their experience and generate revenue.

2. Referral Earnings

Businesses can also earn money through the referrals model. A Mashreq NEOBiz app for account opening allows users to refer this app to their family and friends. So, you can use this model for business earnings.

3. Payment Charges

You must apply the commission and fee model on your online banking platform. Additionally, it is also good to take guidance from an E-wallet app development company to understand earning process through payments.

List the Cost to Develop an App Like Mashreq NEOBiz

It is significant to identify the market price to develop an app like Mashreq NEOBiz. Additionally, there are multiple factors responsible for influencing the app development cost. So, we will look at those factors and the cost with a detailed insight in this section:

1. App Features

Features of a mobile app are majorly responsible for determining the cost to develop an app like Mashreq NEOBiz. Additionally, it is also useful to know that added features increase the cost of than original ones.

2. Hiring Team

Team hiring price also adds up in the cost to develop a mobile app. For freelancers, the hiring cost is much lower than a company hiring. So, it is necessary to specify your budget for development contract.

3. Development Platform

The Mashreq NEOBiz app development cost is also dependent on the type of development platform used. For iOS the price is very much higher than android. So, it is beneficial to use hybrid platforms.

4. Company’s Location and Size

Location and size of a banking & finance software development company also influence the app making cost. Countries like the USA and the UK are more expensive than nations like India, the UAE, and China.

Below is a table representing an estimated cost structure that is ideal. So, businesses can consult the exact market value to build a digital banking app.

Grow Your Business With a Digital Banking App!!

Getting a precise idea to develop an app like Mashreq NEOBiz should be your primary goal to grow your business in the current market. Additionally, you can also study the role of Artificial Intelligence in the financial industry to sophisticate the mobile app development process.

It is also compulsory for business investors to find the right cost to build an app like Mashreq NEOBiz. So, they can spend the money wisely and also speed up the app building procedure. Now, it is the correct time for you to start your business through an online banking app and beat the market competition.

FAQs

1. What is the Cost to Develop an App Like Mashreq NEOBiz?

Multiple factors affect the cost of making a digital banking app.

• The cost is between $8,000-$14,000 for making a simple digital banking app.
• But, it may rise more than $25,000 with additional complexities.

2. How to Reduce the Digital Banking App Development Cost?

It is important to reduce the cost of app development to facilitate business processes.

• Restrict extra expenses by listing temporary assets.
• Develop an MVP to identify the actual features.

3. How to Build a Digital Banking App Like Mashreq NEOBiz?

Business investors must know the development process before investing money.

• Do market research, hire a company, and start the app development.
• Conduct app testing and security checks to launch your app with low cost maintenance.

4. What are the Benefits of Digital Banking App Development?

There are a lot of benefits to building a digital banking app.

• You can target a large number of people worldwide.
• It is easy to generate high revenue profit through this app.

5. How to Earn Money From an App Like Mashreq NEOBiz?

To grow your business it is necessary to monetize your mobile app.

• Implement charges on payments and transactions.
• Add advanced and premium services like money lending to earn more profit.

6. What Solutions Does Dev Technosys Offer to Develop an App Like Mashreq NEOBiz?

Dev Technosys is a highly qualified digital banking app development company.

• Sophisticated digital payment and money transfer solutions.
• Compatible apps that can run on different devices.