In May 1995, American bank Wells Fargo introduced internet banking to their customers. In other words, Wells Fargo was the very first physical bank to make the shift to the internet. Today, there are 1.9 billion active online banking users worldwide, and the number is forecast to reach 2.5 billion by 2024.
Banking in this digital age must be convenient, accurate, safe, and available immediately. Banking services were once only available from 9 am to 5 pm, Monday to Friday, except on holidays. Nowadays, people are turning to smart banking solutions for their banking needs. The different types of banking services such as opening an account, applying for a loan, depositing, or withdrawing money no longer require the customers to visit the branches.
Considering that the number of individuals opening their accounts and connecting to the banking system is continuously increasing, mobile app banking appears to have a bright future.
Throughout this article, you will learn about things you should consider when developing a mobile banking app and why you actually need one.
What do you understand by Mobile Banking?
Mobile banking is an application that can be used to do almost everything you’d do at a physical bank, but you can now do it from your phone or tablet. “Perhaps, it’s like having a physical bank in your pocket, but now it’s in your hands.”
With a mobile banking app, users can access their bank accounts 24/7.
Steps to Create Mobile Banking App
The following tips can help you to develop an online banking application-
1. Market Research
Your process should begin with a market analysis, followed by a study of our competitors and market conditions. The cultural aspect, user persona, mentality, and usage habits should be seriously considered when developing mobile banking.
Mobile banking involves handling sensitive consumer data, which is why there are some security considerations you should consider before development begins- auto-logout, secure password, data privacy, and security authentication.
3. Developing and Testing a prototype
Prototypes can be viewed as simplified versions of the final product which includes- app structure and app design. Prototype enables you to test your idea. By collecting user feedback, and understanding what works and what doesn’t, you can make appropriate changes.
4. Designing UI and UX
One of the benefits of online banking apps is their user-friendly design. Transferring a large amount of money always makes you nervous, so make sure you hire a good UX & UI Designer who will design a simple, intuitive, and friendly interface.
5. Technology Stack
Each project has its own specific needs when it comes to mobile banking development.
However, a smartly chosen tech stack can help lower costs, reduce software development time, and increase time to market.
The app can be implemented by in-house developers or by software development outsourcing partners. If you have the budget and time to hire banking software developers, the first approach is suited for you. However, if you want to begin the development process quickly, we recommend hiring efficient banking app developers who are employed by experienced vendors.
6. Market your Banking App
You must follow different requirements for submitting apps to Google Play Market, Apple’s App Store, and Microsoft Store so that the submission process goes smoothly. The app will receive its first feedback, ratings, and stars once it has been published.
7. Mobile Banking App Features
Check out these app features that turned the app from competitive to cutting-edge.
- Login page
- User Profile
- Check account balance
- Transaction history
- Money Transfer
- Face ID
- Integration with Wallet app
- 24/7 support
- Push notification
- Personalized offers
- QR code scanner
- Recurring payments
- ATM and bank branch locations
- KYC verification
Benefits of Mobile Banking App
The following reasons may explain why customers prefer mobile banking apps-
- The bank enables you to open various types of accounts and apply for different schemes, and money transfers, receive payments, deposit funds and apply for loans, check your account balance instantly, and get support from the customer service executive if you have any queries.
- The 24/7 accessibility of all the online banking services is one key reason for people to move toward smart banking solutions.
- With a banking app, you do not have to visit the branch every time you need the service. In addition, the solution is cost-effective because banks do not charge anything extra.
Benefits of online banking app development brings your business
- Faster development.
- Reaching users easily.
- Easier A/B testing.
- A better understanding of user behavior.
- Making the mobile banking software better.
Technology Stack for Mobile Banking App Development
Listed below are the technologies we recommend for developing mobile banking apps-
1. Cross-Platform Development
Cross-platform app development provides developers with the ability to develop apps that can run on multiple operating systems with one code base.
2. Native App Development
When creating a banking application for iOS or Android only, it is best to use native app development. iOS-based software solutions for mobile banking are best made with Swift, Xcode, and iOS SDK. Android-based mobile banking applications can be developed with Java, Kotlin, Android Studio, and the Android SDK.
Is it expensive to develop a mobile banking app?
There is no definitive answer to this question. There are many factors that determine the cost of mobile banking software solutions, including scope, complexity, and technology:
- Technology Stack
- Expected deadline
- Team augmentation
- API integration services
A drastic change has taken place in the way people access banking services since mobile banking was introduced. With this, it has reached out to a wide range of people.
For us, the best part about developing mobile banking apps is when our features and design together reach a whole new level of user experience.
Feel free to contact us for more information on mobile banking application development.