In the past, even the most basic operations with your bank account required a visit to the bank branch during official hours. Now, financial institutions can create a banking application and let their users have it all in the palm of their hands. The functionality of the mobile bank app has become a deciding factor for users, and rightly so.
If you are looking to get started with developing your own mobile banking app, you should have a clear idea of what makes it great, what is the process behind making one on demand, and what is the cost of developing a mobile banking app.
So, today in this blog, we will disclose how to build a mobile banking app. Let’s see!
What Is Mobile Banking?
As Wikipedia says, mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. In other words, mobile banking is an application that you can use for almost all the activities that you would do in a physical bank, but now you have it in your pocket.
Since we figured out what mobile banking is, now it's time to understand how to create a mobile banking app. So keep reading to find out more.
Current Stats of Mobile Banking Apps
The research paints a bright picture, predicting a nearly $2 billion milestone for this market by 2026, but the outcome remains to be seen. Here are some more reassuring statistics:
- More than 75% of Americans used a mobile to check their balance in 2019
- 89% of Americans use bank mobile apps for account management
- According to Statista, This year, the mobile app market is expected to bring in $437.80 billion in total revenue. Additionally, the market is expected to reach $565 billion by 2026, with an annual growth rate of 6.58 percent for total revenue.
Key Features of a Mobile Banking App
A leading finance app development company highlighted a slightly different set of standard features that should be present in all mobile banking apps. Let's take a quick look:
- The mobile app must be able to display the updated online passbook and transaction log to users.
- Other services such as money transfers, bill payments, etc. must also be included in the characteristics. A user should have the freedom to do more than just view deposit and withdrawal history.
- Customer service is also a fundamental requirement of the banking application. Customers should be allowed to contact bank officials in case of inquiries.
- Push notifications send constant reminders to users. Things like debit and credit on the account or alerts to avoid false calls and messages, etc.
- The application should also allow users to create a user profile so that they can put information such as name, IFSC code, account number, date of birth, etc.
Step-by-Step Guide to Develop a Mobile Banking App
Here, in this section, we will disclose the steps to build a mobile banking app. Let’s take a quick look!
Step 1: Carry out detailed research and conceptualize
Detailed research papers as the basis for construction and implementation projects. Therefore, a researcher needs to investigate every facet of an app's design, from researching industry trends to researching its rivals.
- What are the requirements of your customers?
- What distinctive feature does your bank have?
- What distinctive feature of your app will help it attract new users?
- Why is customer needs important before you?
Are you able to answer each of these queries? If yes, then you should collect the existing information, plan something new and exciting for her, and dive into mobile banking app development by hiring a professional developer who can turn your concepts into a working program.
Step 2: Build and validate your prototype
Without initially developing a prototype version, it is impossible to create a working mobile banking app that works. An executive file, a prototype, and its beta version are all required. The layout, aesthetics, user interface, viewable content, and any other features desired in the final app will be illustrated in the post-prototype.
Solving all the structural and design issues in the middle of prototyping is considerably more cost-effective than doing it during the actual implementation phases of a mobile app.
Step 3: Plan our total security measures
Among the crucial components of mobile app development services, security is important for customers or user accounts. Therefore, you should set up a safe and harmless bench before starting the creation of the final product.
These fundamental security measures need to be sturdy and impossible to break. They must be able to recognize and classify any risk to prevent them from accessing their customer accounts. This is an important stage in the development of your software as a single failure in the security system can cause significant damage.
If a hazard enters your system, not only your bank and customers could suffer financial loss, but you will also lose some important customers. Ensure the creation of the mobile banking application under the highest possible security mechanism and terms.
Step 4: UI and UX Design in the Interface Phase
More users will download your software if it offers 100% usability. Now it is required to provide a personalized and rational approach for each category of client. Therefore, be careful to include a simple and transparent interface when creating the UI or UX of your program.
Unique and convenient usability guarantees accessibility to 100% of business demands while ensuring the bridge between customers and their needs. With simplicity and ease of use being the hottest trends in human-computer interaction, more customization reflects more traffic and conversion rates on a mobile banking app.
Step 5: Choose the technology infrastructure
We all know that no one-size-fits-all bunch of tech is useful, right? Also in the development of mobile applications. Always decide what technical infrastructure should be added to an operational program or file because each company's demand is different from others.
You must strategically choose the technology stack that best suits the needs of your banking business to benefit from affordable costs, rapid growth, and rapid marketing. This differs when considering the characteristics of an electronic banking organization.
Step 6: Maintain your implementation and version
It's time to be rewarded for the product produced right now. Putting it up for sale. You are on the right track if you have a team of experts working on the software or if you have hired a team of knowledgeable banking app developers.
These experts will perfectly polish your software and prepare it for publication in the relevant stores, such as Google Play and Apple App Store. After this initial launch, you will be able to inform your customers about this new product and introduce it to your audience.
Step 7: Submit your app to the marketplace and get feedback
Before you can market your program, it must meet the standards of each app store, including Apple store, Google Play, and Microsoft Store. To make sure your mobile banking app submission goes smoothly, mobile app developers working on your banking software must adhere to these specifications.
Once everything is complete, you can launch the app to the market to collect early reviews, suggestions, and product ratings. You can slowly roll out the app to your new and remaining customers after introducing it to your long-term and devoted clientele first and soliciting their feedback on the software product.
Challenges to Developing a Mobile Banking App
According to an excellent mobile app development services provider, below are the challenges some financial app developers face. So, you should take a look at those:
As we mentioned earlier, banking apps are an attractive target for hackers. Threats happen all too often for many reasons, and lack of security is the main problem that causes them. And with the rise of technologies, the number of attacks also increases. Therefore, companies should always provide advanced security measures to ensure the safety and protection of user data. This is where blockchain, Ai, and ML can come in handy.
Both smartphone and app technology evolve daily. Therefore, developers must regularly update their applications to keep the software compatible with new operating systems and compete in the market. Despite the apparent simplicity, regular updates typically necessitate dedicated time, money, and resources.
To enable users to successfully and easily conduct transactions through your mobile banking application and to be approved, the application must meet a wide range of market requirements in terms of security and privacy. This is because other financial partners can automatically block the app in case of vulnerabilities.
The development of the mobile banking application is a great step forward for the needs of the users. At banks, people don't have to wait in long lines. Instead, they just open the app and do what they want in minutes.
Mobile banking development, in contrast to other apps, necessitates a significant focus on data privacy. That is why you should include the security stage in the process. It has an effect on the features you add and also brings new difficulties.
So if you have an idea for a mobile banking app, you need to hire mobile app developers to bring it to life.