Vitaliy Mohylov, Head of digital banking at Idea Bank JSC

O.Bank 2.0, a digital neobank, was launched in Ukraine in October 2022. Developed by JSC "Idea Bank" in partnership with Trigger Software using the Trigger Neobank Engine (TNBE) technology, the bank has introduced 20 new features within its first year of operation.

O.Bank 2.0 was launched in a record time of just 9 months. The architecture was designed to facilitate rapid growth by allowing the quick addition of new features and services.

Max Bondar, Trigger Software Founder and CEO.

The bank offers customers the ability to manage accounts, make payments, top up mobile phones, open deposits, and receive loans.

One of the project's goals was to enable business analysts to launch features within hours or days without heavy involvement from developers. This goal was successfully achieved, allowing O.Bank 2.0 to quickly incorporate user feedback and make immediate changes to the product.

Within its first year, O.Bank 2.0 has made hundreds of improvements to the application, including enhancements to speed and the introduction of new functions.

In this article, we will explore the 20 key features that have been introduced in less than a year of O.Bank 2.0's operation, all powered by the innovative Trigger Neobank Engine technology.

1. New Customer Registration through the "Diia" App.

IdeaBank's new customers can now register remotely using the Diia application. To onboard, clients need the Diia app with their ID card or biometric foreign passport, along with their personal identification number and activated Diia Signature feature. Registering a new client in O.Bank 2.0 takes just a few minutes. Users simply need to authorize in Diia, take a selfie, complete a short questionnaire, and sign the Agreement.

2. Simplified Onboarding for Existing Customers.

Existing IdeaBank clients can quickly register in the O.Bank 2.0 mobile application with just a few clicks. The application requires much less information compared to registering a completely new customer. Diia app is not required for this process.

3. "O.Card+" New Product.

O.Bank 2.0 has introduced a new card product called "O.Card+". This credit card is one of the best in the market, offering a limit of up to UAH 200,000, a grace period of up to 62 days, and a credit term of 12 months (with the option to extend). Users can easily order and receive the O.Card+ through the O.Bank 2.0 mobile app.

4. Supplementary Digital Card.

Clients can create an additional digital card linked to their main card with just a few clicks. This digital card can be tokenized and added to Apple Pay and Google Wallet. Customers can set their own individual payment limits on the digital card, allowing for flexible payment management.

5. Opening Deposits and Deposit Wizard.

O.Bank 2.0 has implemented a convenient and flexible wizard for opening deposits. Clients can choose the currency, method of interest payments, and options for partial withdrawal and deposit replenishment.

6. Money Transfer via Phone Number.

O.Bank 2.0 enables quick and convenient money transfers even without knowing the recipient's card number. The "More" section in the menu allows users to activate the feature of money transfer via phone number.

7. Currency Exchange.

In just one week, O.Bank 2.0 implemented a currency exchange feature that allows clients to buy and sell currency on favorable terms through the mobile app. Very soon clients were buying more currency through the app than in the physical branches.

8. Partner Loans.

O.Bank 2.0 has an extensive network of partners that offer special loan terms for household goods and services (POS lending). The mobile application now beautifully and conveniently displays information about these partners, their offers, and credit terms, personalized for each client.

9. Tax Payer in Another Country.

Clients can easily inform the bank that they are taxpayers in another country by filling out a simple questionnaire. This feature was implemented to comply with the requirements of the National Bank of Ukraine. In fact, numerous changes were made to the application to meet the NBU's requirements. It is crucial for digital banking to quickly implement regulatory requirements, both for legal compliance and to prioritize customer-requested features.

10. SME Accounts.

In O.Bank 2.0, small and medium-sized enterprises (SMEs) can now view their account balances and transaction history. This is particularly convenient for the hundreds of thousands of SMEs in Ukraine who have 1-2 accounts and engage in limited business activities. Instead of accessing separate internet banking for legal entities, these clients can easily access their account information through the O.Bank 2.0 mobile application.

11. BankID.

O.Bank 2.0 is now a fully integrated member of the BankID system. This means that clients can easily use BankID for identification purposes when accessing government services or other platforms that accept BankID. With just a few clicks, O.Bank 2.0 can securely transfer client data to the requesting party after proper identification and consent.

12. Easy Cash.

Easy Cash is an experimental project by the O.Bank 2.0 team. Some new clients receive small initial credit limits on their accounts to establish a credit history. This builds trust between the client and the bank, allowing them to access larger funds when needed.

13. Geolocation and Personalized Offers.

O.Bank 2.0 can now offer products and services more accurately based on the customer's geolocation. This experimental feature aims to constantly personalize the customer experience, ensuring that clients receive relevant offers based on their location.

14. iCredit: A Convenient Loan Issuance Process.

iCredit is a separate loan issuance process designed for clients who were attracted through the partner digital channels. With iCredit flow, clients no longer need to visit a branch to apply for a loan. All they need is the O.Bank 2.0 mobile banking app.

15. Loans dashboard.

O.Bank 2.0 features comprehensive loan dashboard, providing clients with easy access to important information. On the loan dashboard, clients can view details such as the loan amount, loan agreement, accrued and paid interest, loan repayment schedule, key dates, and restructuring options.

16. Deposits dashboard.

Similarly, the deposit dashboard offers information on the deposit amount, accrued interest, deposit agreement, interest payment schedule, and options for extending the deposit.

17. Aggregated Accounts.

Aggregated accounts is a unique feature in the Ukrainian market. On the main screen of O.Bank 2.0, clients can now see a consolidated view of all their accounts and cards, categorized by currency. This allows for a clear understanding of the available funds in the bank.

18. Personalized Product Recommendations

O.Bank 2.0 mobile application interface is designed to prioritize products that are recommended for each individual client. Different people have different needs based on their age, profession, place of residence, and work. By personalizing the display of products, the bank ensures that clients are presented with the most relevant banking services for their specific requirements.

19. Transaction Templates.

To streamline banking transactions, we have introduced the ability for clients to create transaction templates. This eliminates the need to enter transaction details repeatedly, saving time and effort for the valued customers.

20. Engaging Stories.

In line with the preferences of our young users, we have incorporated the use of stories in our mobile application. Stories, a popular content format on platforms like Instagram and TikTok. Stories allow sharing news, offers, and promotions in a visually appealing and modern design.

With these exciting updates, O.Bank 2.0 continues to prioritize convenience, personalization, and engaging communication for the customers.

The launch of O.Bank 2.0 was a real challenge given the complexity of the tasks and the set deadlines. It was extremely important for us to get a product that was easy to use and reliable from a security point of view. Thanks to the Trigger Neobank Engine technology, we now have such a complex and flexible mobile banking solution that we can further develop quickly and independently.

Vitaliy Mohylov, Head of digital banking at Idea Bank JSC.

To expedite the development process, the O.Bank 2.0 team utilized an interface constructor for iOS and Android. This constructor enables the configuration of interfaces through a simple JSON format, including buttons, text fields, lists, tabs, switches, and more. With TNBE, interface changes can be immediately displayed without the need for approval from the Apple Store or Google Play Market, streamlining the development process.

This approach empowers business analysts, even those without programming skills, to handle front-end configuration and experiment with necessary assumptions, which is crucial during the launch of a new digital bank.

Trigger Neobank Engine also includes a solution called Trigger API Gateway (TAG) for building new APIs. TAG is a visual API builder that allows for the creation of APIs over various databases such as PostgreSQL, MsSQL, MySQL, Oracle, MongoDB, and AWS S3 for file management, all in under a minute.

Additionally, TAG supports integration with ChatGPT, enabling the creation of SQL queries using natural language instead of traditional SQL syntax. TAG proves to be a valuable tool for any project requiring the development of new APIs.

JSC "Idea Bank" is one of Ukraine's oldest banks, established in 1989, with its main office located in Lviv. Since 2007, it has been a part of Getin Holding S.A., one of the largest financial groups in Central and Eastern Europe.

During the first half of 2023, JSC "Idea Bank" achieved a financial result of over UAH 371 million. The bank has secured its position among the top 10 most stable banks in Ukraine.

Leveraging modern technologies, the bank successfully doubled its loan portfolio in the past year.

Volodymyr Maly, a Member of the Management Board and the Director of Business Development at JSC "Idea Bank".

We are pleased with the accomplished results and the steady growth of our Bank. The progress has been consistently positive. We anticipate further improvement in all indicators, as our Bank boasts a robust liquidity reserve, has established all essential reserves, and possesses a well-defined development strategy and business plan.

Volodymyr Maly, a Member of the Management Board and the Director of Business Development at JSC "Idea Bank".