The digitalisation of banking services is a potent global trend. One after the other, banks release apps that allow customers to conduct operations independently, update personal data, and conclude loan and deposit agreements. According to a Citi Bank research, digitalization can reduce banks' operating costs by an average of 47%.

However, developing one' own neobank is still a challenging and costly project. In this context, the experience of IdeaBank and the history of the creation of the O.Bank 2.0 mobile app, which was released just 9 months after the start of development, is extremely promising.

The development of O.Bank 2.0 was a real challenge, given the complexity of the tasks and the deadlines. It was inevitable for us to have a product that would be user-friendly and solid in terms of security. We have received a comprehensive and flexible product, which we can now manage and develop independently. Trigger Software team managed to develop neobank in 9 months despite the war.

Vitaliy Mogylov, Head of Digital Bank at IdeaBank

How O.Bank 2.0 was developed

Neobank is a mobile application that provides customers with remote access to a wide range of banking services: from account management and payments to cashback and referral programs. Now, with the release of O.Bank 2.0, IdeaBank can take a significant part in the new emerging market and deepen the loyalty of existing customers.

Typically, the creation of a neobank entails setting up and sometimes building from scratch many digital processes that would allow it to serve customers automatically. In the case of IdeaBank, most processes had to be developed all over again. Taking this into account, the release of a full-fledged neobank with loans and deposits in just 9 months is a record time for the banking sector.

It has been achieved due to the unique solution Trigger Neobank Engine. The product was created by the Trigger Software team applying the low-code Corezoid platform and the proprietary platform-agnostic interface constructor Trigger Interface Constructor. With these innovative solutions, we were able to provide speed and flexibility in development.

Moreover, we decided to use a custom architecture that allows modifying business processes and interfaces without the need to update applications in the App Store and Google Play. The team managed to implement this idea, and today we can say with certainty that it met its expectations. The development of the O.Bank 2.0 app began in August 2021, and in May 2022, despite the war, the neobank was ready to launch.

Some modules were added to the plan when the development was already in full swing. For example, when we realized that syncing with Diia might not work, we decided to create additional ways to authorize users. And when the Ukrainian government announced the ePidtrymka (“eSupport”) program, we added the ability to issue such a card in the application. Such decisions could have slowed down the whole process, but having built the core on Corezoid, we remained flexible and were able to respond to changes quickly.

Vasyl Sozoniuk, Trigger Software developer

The principles that were embedded in the basis of O.Bank 2.0 ensure further support and growth of the neobank with minimal involvement of developers. Thus, Trigger Interface Constructor allows managers without programming skills to design new screens and even multi-step scenarios on their own.

O.Bank 2.0 features

The core of the Trigger Neobank Engine has several modules that together provide users with all the necessary operations without visiting a bank office.

• Remote onboarding. O.Bank 2.0 has built-in user registration functionality via OTP Authorization and a face recognition system based on Amazon Recognition. Neobank customers can upload photos or scans of identity documents. Integration with Diia is available, which further speeds up and simplifies the registration procedure.
• Data safety. Users can log in to the service using biometric data — fingerprint scanning or face recognition. The software saves the history of each login and allows it to automatically close parallel sessions on other devices. Users' funds are protected by the built-in anti-fraud system, which provides real-time monitoring and protection against the actions of intruders. Account and card management. Users can easily open different types of accounts and cards without the need to visit the bank office. For each card they can manage limits, block/unblock the card, change PIN and CVV codes.
• Money transfers. Transfers between cards and by IBAN are available. O.Bank 2.0 customers can instantly top up mobile accounts all over the world. The system saves payment templates, which is convenient for recurring transactions: utility bills, rent, loan payments, etc.
• Drawing up deposits and loans directly from your device, without queues and expectations. It is possible to open both a standard credit line and loans with flexible terms that each user can customize to its needs.
• History of payments and statements. All transactions are backed up by the system and are available at any time. Customers of neobank can generate and download statements of cash flows for the selected period in PDF or XLS format.
• Integrated offers. Offers from partners are integrated into the list of transactions, which stimulates additional and cross-sales of products and services.
• Cashback and referral programs. Cashback accrual from the bank's partners and further withdrawal to customer’s card deepens loyalty to the service, and the referral program with rewards automates the growth of the neobank and its customer base.
• 24/7 online support. Customers get quick access to online chats with support in Telegram and Viber, as well as local and international support numbers.

How much does it cost to develop a neobank? The average price of neobank development in CIS according to unofficial data ranges from 3 to 5 million USD. Worldwide, this sum reaches 8 million USD. The duration of such a project is on average 2-2.5 years. Building on the Trigger Neobank Engine significantly reduces the cost of development and further support of the neobank.

The era of neobanks is just beginning, and we are happy to help IdeaBank enter this market. Our unique technologies can guarantee the launch of the neobank in just 6-9 months and 7-10 times cheaper than the development of a similar product by an in-house team. With each new client, we will accelerate the process. Today, we are ready to launch a new neobank in 6 months, not 9, as it was with IdeaBank. In addition, the product can be supported and developed by an internal team, which is an extra guarantee of security and the ability to quickly adapt to new challenges without dependence on the vendor

Max Bondar, CEO of Trigger Software

Besides a wide range of options for customers, O.Bank 2.0 app also has features that help to optimize the work of the bank's team:

• A flexible interface constructor provides the ability to create new funnels or scenarios, which opens up huge scope for testing new approaches to interacting with neobank users.
• Built-in CRM-system enables management of the customer base in automatic mode.

With Trigger Neobank Engine today it is possible to launch a fully functional neobank in 6 months and at a fixed cost. After release, this solution enables the bank to maintain and develop the application with minimal expenses.