Distributed ledger technology (DLT):
DLT is a key component of blockchain technology and is used in neobanks to provide a tamper-proof, decentralized record of transactions.
Smart contracts are self-executing contracts that are programmed to automatically execute when certain conditions are met. Neobanks use smart contracts to automate and streamline processes such as loan approval or payment processing.
Cryptocurrencies and accounts
Some neobanks offer cryptocurrency accounts that allow customers to store, trade and spend cryptocurrencies.
Integration of KYC (Customer Knowledge Checker) module
KYC verification is a key feature of neobanks, and blockchain-based KYC verification can provide increased security and privacy.
AML (Anti-Money Laundering Compliance) Module Integration
Blockchain-based AML compliance tools can help neobanks detect and prevent money laundering and other financial crimes.
Decentralized Identification Module (DID)
DID is a blockchain-based technology that allows people to own and control their digital identity, providing increased security and privacy.
Payment Gateway Module
Non-banks can use blockchain-based payment gateways to provide fast, secure, and inexpensive cross-border payments.
Biometric authentication uses unique biological characteristics, such as fingerprints, facial or voice recognition, to verify a user's identity. We suggest that entrepreneurs who want to make their neobank use biometric authentication as an additional layer of security for their mobile applications.
Digital Signature Module
Digital signatures provide a secure and legally binding way for customers to sign documents, such as loan agreements or account opening forms, without the need for physical signatures.
Credit scoring and underwriting
Neobanks can use our company's off-the-shelf machine learning algorithms to analyze customer data and provide real-time credit scoring and underwriting, allowing them to approve and issue loans faster.
Personal Financial Management
Personal financial management modules can help clients track their spending, budget and save money. They can include features such as expense categorization, budget tracking, and overspending alerts.
We suggest using robo-advisor technology to provide automated investment recommendations based on a client's goals and risk tolerance.
Social Media Integration
Nonbanks can integrate with social media platforms to provide social payments, peer-to-peer lending, and other social financial services