Neobanks have ruled the world with their numerous advantages. Here are the top neobanking apps that have proved a hit in the US. These applications have given tough competition to the banking industry in the US. Knowing about the details of these payment applications – their pros and cons can help businesses in getting a clear idea of the competitive market.
Can you imagine a virtual banking system today? Well! The answer would be YES. But if the same question was asked a decade ago, people might not even think of it. So, basically, the Neobanks have revolutionized the banking industry.
Neobank is a kind of digital banking system which has no physical branches. The only mode of operations for a Neobank is online banking. Neobanks have proved a super hit because of their advantages over traditional banks.
They offer a range of services with proper categorization of expenditures and revenue. Also, their customer care services are far more efficient than the traditional banks. Due to their numerous benefits over traditional banks, Neobanks have been the choice of millions of users. Top features of Neobanks include:
For detailed information read: Know How to Build an App for a Neobank – The Evolution of Future Banking
Look at the growth figures of the neobanking market.
|Market Size Value (2022)||USD 66.82 billion|
|The revenue forecast in 2030||USD 2,048.53 billion|
|The base year of estimation||2021|
|Growth Rate (from 2022 to 2030)||CAGR of 53.4%|
Neobanking applications aim at offering financial services better than traditional banks. Here is a list of the top neobanking apps that are available in the US.
Chime is a fintech (financial technology) offering fee-free mobile banking services. It enables the users to open a credit, debit, or savings account and avail of fee-free overdraft facilities up to $200. Chime has partnered with The Bancorp Bank and Stride bank for FDIC-insured checking services and debit credit card procurement. (Federal Deposit Insurance Corporation)
Chime earns most of its revenue from the interchange model (charging from the merchant whenever a customer incurs an expenditure with them). It lets people get paid two days early and provides credit-builder services. Moreover, users have access to around 60,000 ATMs for free.
|Founder||CEO Chris Britt CTO Ryan King|
|USP||Chime is not just a bank but a financial technology company|
Current is a fintech company aimed at making spending, saving, and money management better. Its banking partner is a member of FDIC- Choice Financial Group.
Current offers premium and basic account benefits to users of all ages. Users can set their children’s accounts and monitor their expenses, budgets, etc. Other features include high saving interests, early paychecks, rewards like cash-backs and points, instant gas hold removal, privacy controls, etc.
|USP||Mobile banking is better with Current|
|Platform Fees||Basic service= Free, Current premium= $4.99, Child account= $36 per year per account|
Varo is the first all-digital bank offering a comprehensive range of financial services. These include bank accounts management in one place, tracking spending, credit building, high-yielding saving account, access to a cash advance when qualified, and many other helpful features.
It differentiated itself from competitors by applying for a banking license to develop into a full-fledged bank. It created the financial services platform internally.
|Founder||Colin Walsh and Kolya Klymenko|
|USP||With Varo, nothing stops the customers from going ahead|
Dave aims to become your banking buddy with breakthrough financial tools to improve your economic health and no fees. It helps avoid overdrafting and offers real value and solid strategies to boost the credit score.
Dave alerts you when your checking account goes red. It offers analytical budgeting and cash management features. Users can avail of loans and repay them
a) auto-debit when the paycheck arrives
b) any earlier date
However, qualifying for loans and advances requires having a steady income flow and other requirements.
|USP||Dave helps improve your financial health with the breakthrough financial tools|
|Platform Fees||Membership fee of $1 monthly, optional express free between $1.99 to $5.99 to receive funds faster (within 8 hours instead of 1-3 days), optional tips up to 20% of the amount borrowed|
Albert is a saving, budgeting, investing, and banking solution. It offers enriching features like direct deposits, debit cards, early paychecks, and advances.
It offers a comprehensive view of users’ financial picture via pie charts, budgeting tools, etc. Their experts guide your investments in the right direction. Subscribing to the paid version gives access to unlimited human financial advice. It encourages savings by transferring a particular amount automatically to the savings account.
|Founder||Yinon Ravid and Andrzej Baraniak|
|USP||Powerful technology to automate finances|
|Platform Fees||No fees except Genius subscription is of $4 per month|
Moneylion is a personal finance company providing users with finance, mobile banking, cash advancing, investing, and more features. The account minimizes service fees and offers a viable alternative to a traditional checking account.
It provides instacash, automatic spare change investing, credit builder plus, and investment advisory services.
|Founder||Chee Mun Foong, Diwakar Choubey, Pratyush Tiwari, Adam Green|
|USP||Most powerful financial membership|
|Platform Fees||Monthly maintenance fee $1, Credit Builder Plus account- $19.99 monthly plus your monthly loan payment|
Aspiration is a cash management app that lets users save, invest, and bank with a conscience. It helps them make ethical choices with their money without opening traditional savings and checking accounts. They can use it to Spend and Save for routine transactions.
|USP||It provides brokerage services and securities products|
|Platform Fees||Optional to pay what you think is fair; Aspiration Plus comes at a $5.99 monthly fee|
Sofi- short for social finance began as a personal loan and student loan refinancing company. Today, it is a one-stop shop for all the financial services- save, spend, earn, borrow, and invest.
Sofi checking and saving accounts can earn interest rates up to 1% APY. It enables crypto trading, stock investing, ETF, retirement funds, etc., with no commission or minimum amount. Sofi loan with no hidden costs encourages savings. There are complementary analytics and budgeting tools to check financial health.
|Founder||Ian Brady, James Finnigan, Dan Macklin, Mike Cagney|
|USP||An easier way to control finances|
Acorns help grow money by investing in your future and retirement plans. It invests money in recurring ETFs backed by experts. Moreover, investment accounts for kids and custom rewards for families are available.
The checking account and a metal debit card allow early paycheck and a portion invested automatically. It offers rewards, job opportunities, and financial literacy through educational content.
|Founder||Jeffrey James Cruttenden and Walter Wemple Cruttenden|
|USP||Specializes in micro-investing|
|Platform Fees||$3 per month personal and $5 for family|
Go2Bank enables users to manage their finances and build their credit with a mobile banking app and debit card enriched with features. Its value and convenience lie in direct deposits with no fees, a vast ATM network, overdraft protection, early paycheck, better credit scores, fraud alerts, etc.
|USP||Better manage your money and build your credit|
|Platform Fees||Monthly $5 fee waived with a direct deposit account.|
Making an application is not an easy task. It requires a lot of brainstorming and innovative ideas to make an application that would stand out from the crowd. To make the application development process easier and more convenient, you need experienced developers. Idea Usher is one of the best application development companies which can provide you with all your requirements.
The experts at Idea Usher can help you develop an application from scratch. You can create mind-blowing features for your app with the help of experienced developers. This would make your application a great hit in the market.
The above-mentioned list of top neobanking apps has brought a revolution to the banking industry. They might have given you a fair idea of the competition that is already there in the market. Now if you want to create an app that could fight this competition, you need some creative ideas. To get out-of-the-box application development ideas, you should visit Idea Usher.
For more information and a detailed understanding of the application development process, you can contact them at.
E-mail: [email protected]
Phone Numbers : (+91)9463407140, (+91)8591407140, and (+1)7329624560
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Here are some interesting FAQs on top neobanking apps
A. Depending upon its features and functionalities, the time taken to develop a neobanking app usually ranges between 45 days to 90 days.
A. The steps to start a neobank include:
A. Open banking aims to create better financial services options for consumers by giving more stakeholders access to finance.
Idea Usher is a pioneering IT company with a definite set of services and solutions. We aim at providing impeccable services to our clients and establishing a reliable relationship.