Nowadays, fintech solutions are significantly simplifying different spheres of people’s lives. Not long ago, you must have visited a bank branch and wasted a lot of time waiting in the queue to perform typical financial transactions. So, physical visits to traditional banks were necessary to pay bills, transfer money, and deposit your funds.
At the same time, complex deals, including investments or signing insurance contracts, could take several weeks or even months. But now, everything is available thanks to your banking mobile app. According to Statista, 36% of smartphone owners consider using a mobile banking solution as the top activity on their devices. Moreover, 33% report that the opportunity for mobile payment transactions is the main reason for them to remain clients of current banking institutions.
The modern mobile banking services market offers plenty of fintech apps that can satisfy various business requirements, from personal account management to crypto trading and stock investments. After all, app features provided by high-quality banking software are becoming incredibly sophisticated. Thus, we can even suppose that digital-only banking services will replace the current banking industry.
But before it happens, let’s analyze how to build a mobile banking app properly.
Modern customers will likely use mobile banking apps but not visit traditional branches. No doubt, they have different reasons to do that.
Banking application development is growing in popularity because today’s life and customer habits make internal mobile banking apps crucial. That is because of:
At the same time, banking institutions can also obtain some valuable advantages from creating their own banking apps:
Thus, modern banks need to develop a mobile banking solution. That helps them stay competitive and attract new customers.
Millennials and Gen Zers are the key target audience when it comes to banking app development. These people prefer managing their financial operations using banking apps. For instance, during a usual month, Millennials in the United States access their personal accounts more than eight times using mobile banking apps, while non-Millennials access only three times. Besides, in terms of credit card opening, almost 61% of Millenials do that through a banking application.
Many experts believe that Millenials will take over the banking industry between 2025 and 2035. On the other hand, the wealth of generations like Baby Boomers and Gen Ys will reduce. Therefore, these two tech-savvy categories define the global course of modern banking systems. However, only some banks have the appropriate technical background necessary for catering to them.
So what will be the future of banking app development according to the mobile-first Millenials’ approach? The relevant shift will provide a more customer-oriented model, a connected environment, frictionless operations, etc. In this case, understanding the current state of mobile banking app development and the target audience serves as the critical starting point.
The most popular trends in the mobile banking sector are the following:
Below, we have analyzed the most critical app features that serve as the core of banking software:
To drive innovation and stay ahead of other competitors in the mobile banking market, you can add some of the following mobile banking app features to your solution:
Of course, the presence of different app features is the first criteria for all clients when they decide whether to use your banking software. Thus, you have to consider that during your mobile banking application development.
If your organization wants to develop a secure mobile banking app, your product owners and software engineers may face some challenges typical for the fintech development process.
Mobile banking app development comes with many technical nuances that engineers should remember:
Of course, mobile banking app development solutions have to be compliant with multiple laws, standards, and rules. The most critical of them include:
So after finishing the theoretical part, let’s analyze the mobile banking app development process.
Here, we will describe how to start banking app development and build mobile apps that will ensure millions of downloads. So, we have created a list of the critical steps your company can implement in a relevant roadmap.
Such a preliminary phase is crucial, and your business should not skip it at any cost. Thus, the first step requires conducting market research. In this case, your business analyst can define your main competitors, analyze different mobile banking apps available on the market, and understand what features make particular solutions popular among people. If your organization fails to do that, you will go the wrong way.
After getting the research results, you should define the target audience of your mobile banking app. It can cover corporate customers, families, individual clients, or institutions. Understanding your audience allows you to identify the existing pain points necessary to sketch an app toolkit.
During this phase, you have to create a detailed plan to develop a mobile banking solution. That also involves expenditure projections that will serve as the basis for your budget.
All fintech or mobile banking apps start with a simple idea. To bring into life, your company has to build a relevant sketch or prototype that will explain in general terms the future structure and order of different design components, visuals, and content. For instance, you can start using low-fidelity wireframing. That allows for sketching a home screen, clients’ accounts, personal dashboards, etc.
Traditionally, wireframes include boxes, lines, and texts. Besides, companies make them using the white and black color scheme. Your organization may utilize a mobile banking app wireframe for validation of your concept and collection of early feedback.
After that, you can transform wireframes into hi-fi prototypes that cover the product’s graphic presentation, layout, interface elements, color scheme, and relevant micro-interactions. As in the case of wireframes, you should use the prototype of your banking app development solution to represent its toolkit, test functions, and user interface. Lastly, you can provide default texts, placeholders, or test information. That will allow customers to understand how such banking apps work.
The particular part of banking app development requires some hard work. That is because the appropriate design of mobile apps makes them recognizable.
Of course, there are numerous tactics to create an excellent design for your banking application. Below, you can find a short list containing the most critical recommendations:
When selecting a technology stack for your banking application, there is a need to focus on four critical areas:
In addition, your company should create a checklist covering the following aspects:
Today, there are various mobile apps, including native, hybrid, and cross-platform. All types have their own advantages and disadvantages, along with specific features.
For instance, native apps are probably the most robust. They are well-known for their high performance, which makes them a perfect solution for established businesses. These apps enable tech specialists to implement native functionality of relevant iOS and Android devices with no need to utilize different third-party APIs.
Your company can choose one of the two paths of developing banking apps – use an app builder or hire a dedicated software development team. The “Do IT Yourself” approach requires you to utilize an app builder, select a template, configure the settings, implement the necessary layout, and obtain a ready-made application in just a few minutes.
Such app builders are perfect if you have no tech skills, enough time, or financial resources to create an appropriate mobile banking application. Besides, the support team behind a relevant maker will help your company maintain the app and offer great analytics tools.
On the other hand, if your organization has a brand-new idea that requires custom software development, you should hire a team of experienced specialists. Not surprisingly, this approach is more costly and lengthy. However, it enables companies to build banking apps with a well-thought-out architecture and a user-friendly interface and select the most suitable technology stack.
Google Play Market, Apple App Store, and Microsoft Store are among the most popular marketplaces. Each of them has various requirements for mobile apps. Thus, your company has to follow them to avoid potential rejection.
If your organization utilizes an app builder, you will be sure that your banking application adheres to all the required standards by default. But when you create banking apps on your own, there is a need to control the particular process. That will save time on further improvements or changes. After your product appears on Google Play Store, iTunes, or Microsoft Store, you should wait for first ratings and feedback.
Launching your mobile banking app means the beginning. After that, your company needs to collect valuable feedback and understand how to improve and update its product. Here, you should ask your customers for reviews, contact relevant review sources, or ask different influences to test your application.
For example, if your target audience is Apple users, your company can submit a specific application to Apple’s editorial team. Then, they will provide you with an expert review. Also, you can apply your banking application to Top Apps lists or other different awards.
After receiving the feedback, you may identify the weak and strong sides of your mobile app and create a plan to improve them.
Selecting the right technology stack is an essential step in mobile banking application development. Below, there are some widely used tools and technologies you can utilize for your fintech app development.
Of course, your company can build a mobile application solely for a specific platform – iOS or Android. In this case, your option is native app development. When creating iOS-based native apps, your mobile banking application development team can use the following technology stack: Swift, XCode, and iOS SDK. On the other hand, when building Android-based native apps, your app development process should depend on tools like Java, Kotlin, Android Studio, and Android SDK.
Many mobile banking development companies consider cross-platform app development the best possible approach. That is because it enables online and mobile banking engineers to implement a single code base for various operating systems. When choosing the technology stack, React Native, Flutter, and Xamarin can assist you in building cross-platform apps.
The modern online banking industry is quite specific. Therefore, developing an efficient mobile banking application requires relevant efforts. But at the same time, your organization can develop a high-quality banking app if you can meet previously defined deadlines, create a realistic budget plan, and build an experienced mobile banking development team. After all, a successful mobile banking app is one that delivers a memorable financial experience.
So, how to make a mobile banking app that provides value?
The cost of developing a mobile banking app may vary from $100,000 to $500,000. It depends on the mobile development services your organization requires, the project complexity, and the team’s size.
The cost of developing a mobile banking app may vary from $100,000 to $500,000.
Mobile banking app development will take 6-10 months to provide the first client-ready MVP.
If your organization is a tech company aiming to create a banking app, you have to focus on the existing legal rules and compliance. After all, there are more than 120 of those your company should comply with.
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