Neobank Transformation: Enhancing Compliance and Security
- Cybersecurity & Privacy - Identity & Authentication Management
- Robots - Wheeled Robots
- Finance & Insurance
- Telecommunications
- Product Research & Development
- Quality Assurance
- Fraud Detection
- Voice Biometrics
- System Integration
- Testing & Certification
The client, a leading specialist digital challenger bank based in the UK, was faced with the challenge of redesigning and rebuilding their mobile banking application. The goal was to provide a more convenient way for their customers, primarily small businesses, entrepreneurs, and consumers, to interact with their platform. Additionally, they needed to implement Open Banking, a mandatory requirement from the UK financial institution. Prior to this, the client had outsourced the development of its mobile app to other vendors. However, they needed a strong team that would take over the development completely and implement new features to improve the functionality for both the client and its customers.
The client is a leading specialist digital challenger bank based in the UK. They offer faster, smarter, simpler banking services for entrepreneurs, independent businesses, and consumers that power the UK economy. For nearly two decades, they have been providing easier ways for millions of customers to pay, bank, and borrow funds through the user-friendly digital platform. The client had a mobile app that was designed for small business owners. They needed to implement and support Open Banking, an API-driven platform that links financial services through Open Banking and is mandatory for financial institutions.
N-iX, an engineering team, extended the client’s testing and backend development capabilities. They built the solution almost from scratch, completed Open Banking implementation, and introduced other features. The team was responsible for implementing Open Banking, introducing a set of regulations that aim at more innovative and highly secure online and mobile payments as well as better consumer protection. They developed Android and iOS native apps, with a focus on security measures such as 24-hour fraud monitoring, secure face and biometric ID, ability to block cards from the app or online, and instant app notifications when money leaves the account. The team also implemented Strong Customer Authentication (SCA) and introduced push notifications. They used the Identity Guard for two-factor authentication and implemented 3DS 2.0, a fraud detection tool.