Neobanks are digital banks that offer financial services without physical branches. They are becoming popular among businesses because they provide advanced solutions that meet their unique needs. In this article, we will explore how neobanks can help businesses streamline their financial operations with technological innovations, API integration, financial management, integrated payments, open banking, automated accounting, real-time analytics, compliance, and Regtech.
Business-Centric Neobanking Solutions
Neobanking isn't a new concept. After the financial crisis 2008, when people were looking for alternatives to traditional banks, it sprung up. Neobanking, on the other hand, has changed over time to meet the needs of companies, startups, and small and medium-sized businesses (SMEs).
The problems these companies face include high fees, hard-to-understand procedures, limited access, and bad customer service from standard banks. Business owners can get a wide range of financial services from Neobanks, including:
• Business accounts and cards
• Accounts and transfers in more than one currency
● Billing and invoicing
● Payroll and spending management
● Tax and Accounting
● Lending and financing
● Insurance and wealth management
Neobanks also has solutions tailored to specific fields and businesses, like e-commerce, gaming, crypto, travel, and more. Companies are looking for these specialized solutions more and more as they try to stay ahead of the competition, cut costs, boost efficiency, and make customers happier.
Technological Foundations
These high-tech services are available to businesses through neobanks because they use the newest financial technologies. Some of the most critical technologies that neobanks use to give companies better financial services are:
APIs:
Application programming interfaces (APIs) are the building blocks of neobanking. They allow neobanks to connect with other platforms and services, such as accounting software, payment gateways, and e-commerce platforms. APIs enable businesses to access and control their neobanking services through their applications or websites, creating a seamless and customized user experience.
Cloud computing:
Cloud computing is the backbone of neobanking, and it allows neobanks to store and process large amounts of data in a secure and scalable manner without the need for physical infrastructure. Cloud computing also enables neobanks to offer faster and cheaper services, as well as to launch new features and products quickly and easily.
Data analytics:
Data analytics is the brain of neobanking. It allows neobanks to collect and analyze data from various sources, such as transactions, customer behavior, market trends, and more. Data analytics also enables neobanks to offer personalized and tailored services, as well as to provide insights and recommendations for business decision-making.
Top Neobank Providers in 2024
Neobanking is a fast-growing and competitive market, with many players vying for a share of the business segment. Some of the critical neobanks that have excelled in catering to the financial needs of businesses are:
Revolut
Revolut is one of the world's most popular and successful neobanks, with over 15 million customers and 500,000 businesses. Revolut offers various financial services for businesses, such as multi-currency accounts, international transfers, corporate cards, expense management, invoicing, payroll, and more. Revolut offers specialized solutions for different industries like e-commerce, crypto, and travel.
N26
N26 is another leading neobank in the world, with over 7 million customers and 250,000 businesses. N26 offers a simple and transparent business account with features such as free ATM withdrawals, cashback, sub-accounts, and integrations with accounting software. N26 also offers a business metal account with premium features such as insurance, lounge access, and concierge service.
We at BMP Global help you with launching neobanks from the very first step since 2017 and has a portfolio of case studies and partners around the world. We start with providing a licence for our clients, it could be MSB (Canadian), there is an opportunity to get Poland's and others. To get more information, fill in contact form and get a free consultation.
Advanced Neobank Solutions for Businesses
Neobanks are digital-only banks that offer various business benefits, such as customized financial management tools. These tools help companies to optimize their cash flow, budget, and profitability in different ways. For example, companies can create sub-accounts within their main Neobank account for other purposes, such as saving, investing, or spending. This helps them to organize their finances, allocate funds, and track expenses.
Businesses can also earn cashback or rewards on their spending, which helps them to save money and increase their income. Additionally, companies can set and manage their financial goals, such as revenue, expenses, or profit, using budgeting tools. This helps them plan and monitor their financial performance and adjust their strategies accordingly. These are some advanced neobank solutions that can help businesses grow and succeed.
API Integration for Seamless Business Operations
Open banking is a principle that allows third-party providers, such as neobanks, to access and offer financial services to customers with their consent. Open banking is enabled by APIs, which allow neobanks to connect and communicate with other platforms and services, such as banks, payment providers, accounting software, e-commerce platforms, and more. Open banking and API connectivity help businesses integrate their neobanking services with their operations, creating a seamless and efficient user experience.
Automated Accounting Processes
One of the main challenges businesses face is accounting, which is a complex and time-consuming process requiring a lot of manual work and expertise. Neobanks are incorporating automation into accounting processes through API connections to help businesses save time, money, and resources.
Real-Time Insights for Business Decision-Making
One of the main advantages of neobanks for businesses is that they provide real-time financial reporting and analytics. This means that companies can access and monitor their financial data, such as transactions, balances, cash flow, profitability, and more, anytime and from any device. Real-time financial reporting and analytics help businesses to:
● Improve their financial visibility and transparency
● Identify and resolve issues and risks
● Optimize their financial performance and growth
● Make informed and strategic decisions
Neobanks uses data visualization tools and predictive analytics to clearly and interactively present financial data, such as charts, graphs, dashboards, and alerts. These tools help businesses understand and analyze their financial data and forecast and plan for the future.
Compliance and Regulatory Technology (Regtech)
Regtech is a branch of fintech that helps businesses comply with financial regulations and standards, such as AML, KYC, and tax reporting. Neobanks, digital-only banks, integrate Regtech solutions into their platforms to ensure that their customers and partners are verified and validated using biometric, document, and database checks. This helps to prevent fraud, money laundering, and terrorism financing. Neobanks also use Regtech to generate and submit financial reports and statements to the authorities, such as tax authorities, regulators, or auditors. This helps to simplify and streamline reporting processes, reduce errors, and save time.
Conclusion
Neobanking is a revolutionary trend in the financial sector that offers businesses a new way of managing their finances. Neobanks provides businesses with advanced solutions tailored to their unique needs, such as financial management, integrated payments, open banking, automated accounting, real-time analytics, compliance, and Regtech.
If you are interested in learning more about neobanking for businesses, or if you want to launch your neobank, you can contact us at BMP Global. With our white-label platform and regulatory and technical support, we are a neobank that helps businesses create and customize their neobanking products and services. We have been helping our customers launch their neobanks since 2017, and we have a portfolio of case studies and partners on our webpage. We would love to hear from you and help you achieve your neobanking goals.
To get started with neobanking for businesses, sign up for a free consultation. We will help you design and launch your neobank with our platform and support.
