How to Develop a Banking App Similar to Mashreq NEOBiz

Oct 4, 2024

With the transformation of digitalization, the banking industry has also had pivoting changes that offered businesses and individuals ultimate convenience. One such change in digital banking that made some noise is the Mashreq NEOBiz App, a revolutionary change that stirred the world of banking and financial services. To build an app like Mushreq NEOBiz online platform you need to understand their business model, unique features etc. In this blog, we can explore in detail how to develop a mobile app similar to Mashreq NEOBiz.

What is the Mashreq NEOBiz App?

Mashreq NEOBiz is the first digital banking app in the UAE that was developed for small and medium-sized (SMEs), start-ups and entrepreneurs. It will simplify the financial process and enable users to manage their money without physically visiting a bank because it is a comprehensive digital banking platform.

Mashreq NEOBiz online was built to organize business banking which gives users the tools needed to open a bank account, track transactions, and manage payroll – all from their smartphones. This has significantly changed financial services, making them more accessible, safe, and user-friendly.

Understanding the Operational Model of Mashreq NEOBiz

The Complete Digital Banking Platform

The idea to provide a comprehensive digital banking experience was the core mission of the Mashreq NEOBiz business model. The introduction of the app has reduced the time-consuming process of traditional banking from opening to managing transactions and getting a financial statement.

Simplified the Financial Process

Mashreq NEOBiz business online has made the financial process much easier,

Accessibility and Convenience: The app allows businesses to open accounts, manage funds, and access banking services online at any time, anywhere which makes it easier for customers to manage their finances.
24/7 Banking: With Mashreq NEOBiz online, banking users can manage their finances anytime which gives them access to their funds any time of the day. This accessibility has made it much easier for SMEs to operate their business without any delay.
Advanced Security: When it comes to digital banking the main challenge is security, and the Mashreq NEOBiz app has advanced encryption protocol and two-factor authentication to protect their users.

Real-time monitoring: This provides account and transaction data immediately. This allows users to monitor financial transactions and other activities which helps them get an informed business decision.

Personalized Feature: The app provides custom business needs with tailored features that allow businesses to track and manage their finances more efficiently.

Reduced Paper Statements: By digitalizing the banking process, the app reduces the physical paperwork which promotes eco-friendly banking.
Improve Cash Flow Management: The app gives its customers a clear view of their cash flow with advanced tools. This helps businesses to avoid financial pitfalls and make strategic decisions.

How to Build an App like Mashreq NEOBiz?

Building an app like Mashreq NEOBiz online needs some vital steps that can be done by an experienced mobile app development company and here are some important steps on how to make a Mashreq NEOBiz-like app.

Understanding the Market Requirements

It is important to understand the market, and for that, you need to conduct thorough market research and gather all the prerequisites that you need for your target audience. You can study the Mashreq NEOBiz app as a reference for the features to be included that will be useful for your app like security, management, timely updates, etc.
State out the Features of Your App
With a specific layout on what are some necessary features that your banking app will offer, like,
- Account opening and management
- On-time transaction tracking
- Biometric Authentication, 2FA
- Customized dashboard
- 24/7 support
- Payroll management
- Accounting software
- Notifications
Choosing the right Technology Stack
The technology stack is what determines how your app can perform and for a scalable and secure app there are the following things to be considered,
- Front-End: For a smooth and easier user experience React Native or Flutter can be used across your platforms.
- Back-End: For transactions, API integration and data management you can consider Node.js, Ruby etc.
- Database: For strong database use you can consider MySQL or MongoDB which are efficient and secure.
- Security: To provide stronger security protocol use AES encryption and OAuth 2.0 for authentication.
User-Friendly Interface
An engaging UI and user-friendliness are what an amazing bank app should have. A clean and simple design is what provides users with easy access to banking services. The best practice of UI/UX design will make customers complete their tasks with minimal effort.
Focus on Security
As the banking app usually handles sensitive information the security of it should be the top priority. These security features should be implemented,
- Two-factor authentication (2FA)
- End-to-end encryption
- Security audits and updates
- Secure login (Biometrics)
- GDPR Compliance
App Development
The development process includes the building of front-end and back-end systems, API integration for payment gateways and also creation of secure database structures. It is important to develop an app that is available on both Android and iOS.
Test and Launch
To make sure your app is functioning without any issues you need to test for security and vulnerabilities. To identify bugs and improve the app’s operation, conduct beta testing.
Maintain and Update the App
Post-launch support is important to ensure the app is working properly and also provide regular updates to fix bugs, improve security and enhance features.

Cost and Time Estimates

Depending on the experience of the developers and the range of implemented features for the banking application similar to Mashreq NEOBiz it can take from 6 to 12 months. The kind of software development might cost as low as $100,000 and as much as $500,000 depending on the features and technology to be applied.

Why Choose Nuox Technologies?

Nuox Technologies is one of the leading mobile app development companies in Dubai, with years of expertise in creating distinctive apps for a variety of industries. Nuox Technologies has experience developing scalable, secure, and creative apps. With a focus on meeting specific needs, they can assist in creating an app similar to Mashreq NEOBiz online.

Conclusion

To develop an app like Mashreq NEOBiz you need to have a structured strategy and careful planning on what technologies to use and how to execute the same. With a focus on security, functionality and convenience you can develop an app that is user-friendly for financial processes and businesses. With expert mobile app developers like Nuox Technologies, you can build a feature-rich app and give you a complete digital banking experience.

FAQs

1. What is the Mashreq NEOBiz App?

Mashreq NEOBiz is a mobile banking application for SMEs and startups allowing them to perform various operations related to the management of funds in an organization without visiting a bank branch.

2. Which features can one expect from the Mashreq NEOBiz app?

Some of the key features include

Transaction tracking
Secure Mashreq NEOBiz login
Customized financial management
Cashflow tracking

3. How long does creating an app similar to Mashreq NEOBiz typically take?

Typically, developing a fully working banking app takes six to twelve months.

4. How much does it cost to create an app for banking?

The app’s complexity and features will determine how much the development would cost, ranging from $100,000 to $500,000.If you want a correct estimate you can contact Nuox Technologies.

5. Why is security crucial for financial applications?

Security is crucial since banking apps handle sensitive financial data. Any breaches might result in lost money and erode customer confidence.