The app development process can be challenging due to the constant changes and new trends emerging. Building a banking app nowadays is a must for any company to compete and grow because their business users need to stay connected while on the go without any problems, especially in terms of their fund management. How to create a bank app so that to stay ahead of time?
Mobile banking app features
Speed and comfort are the two main characteristics that are expected from any payment service people use today. Therefore, in order to better understand the needs of customers and offer super-fast and high-quality customer services, many companies are launching their own digital applications, banks and FinTech are not exceptional. They build a banking app with top-notch features. Here are at least nine must-have features that comprise a great banking app.
Bill Payments
Bill payment is the key feature that should be provided by mobile apps. It allows your customers to conveniently and quickly pay any bill by simply pressing a few buttons. However, this useful feature can become even better if it is wisely supplemented with extra features.
CORE Banking Features
Your software is made on the basis of a unified and centralized data system allowing banks to quickly perform key banking operations, such as accessing bank accounts, updating user accounts, processing transactions, making other financial records, performing customer relationship management (CRM) and others is a minimum for the market survival.
Bank Account Management
Bank Account Management (BAM) consists of the range of policies, procedures and various actions corporates follow to open, close, or modify their bank accounts held by their financial institutions fast and easily. With it, you may easily create access levels for individual accounts and allow accountants to view and manage them for your different businesses.
Peer-to-Peer Payments
Peer-to-peer (P2P) is a convenient way to transfer funds to someone else’s account through a mobile application. Many financial institutions have adopted this mechanism because it allows many banking transactions to be completed quickly and can process a large volume of transactions, ensuring the smooth functioning of products. The technology also helps banks quickly partner with other Fintech companies and easily scale their infrastructure. It’s up to the user to choose via which digital medium i.e. to transfer funds – the Internet or a mobile device.
QR Code Payments
QR technology is rapidly spreading across industries including banking and retail. Now customers can instantly purchase any product they like and do it without any contact.
Mobile Check Deposits
Traditional banking is off date. Mobile banking applications have already replaced many of the services provided under normal conditions, but not all services can be performed using digital solutions. Recently, another service has become available digitally: banks have begun offering online deposits using mobile checks.
Intelligent Chatbots
More and more financial companies are realizing the need to provide more personalized and faster services while getting more data from their customers, and chatbots as a feature are perfect for this.
Advanced Security & Fraud Alerts
Developing a mobile banking application is impossible without robust security. Multi-factor authentication and biometrics are the most popular solutions for secured banking applications. However, they can also be hacked by hackers. Here are a few steps companies can take to improve the security of their applications:
Dwell on HTML5
This is a standard for web development. Previously, media content was played using third-party browser add-ons such as Flash and Silverlight, which, were not supported by Apple devices. If what the experts say is true, and web apps will eventually replace downloadable apps on mobile devices, then HTML5 is worth it because the cost of developing and maintaining web apps is lower than downloadable apps.
Key banking app development challenges
The major risks and challenges for mobile banking app projects implementation are more likely to be connected with serious security concerns, protection of user data privacy (e.g. GDPR in Europe and similar in the USA), very detailed verifications of user input, and the same time keeping the service simple to use. Blockchain is also a point of controversy. Thus, security should be synonymous with your financial app. How to make a safe and great UX banking app with minimum risk? – do not neglect banking software development services.
Mobile Banking Development Process
When you’re on your way to creating your app with an ideal tech stack, and you’ve already picked your dream team for performance, the process begins and it has several steps to take:
Step 1: Conduct research and make a plan
To ensure the greatest user experience and seamless app functioning, prior you need to make thorough research and come up with a plan.
Step 2: Build and verify a prototype
As a plan goes and you have that vision of what you want to create, your team will help to build the first product prototype to check your idea for validity.
Step 3: Lay the groundwork for security
Since security comes first with mobile banking apps, you should be able to provide a number of necessary security measures to protect the users’ data, guarantee confidentiality of your accounts when banking on your IOS or Android smartphones and so much more.
Step 4: Design the UI and UX
UX design always comes first in the product development process, followed by UI.
You should also guarantee impeccable UX design for an app because it is all about identifying and solving user problems. Create intuitive, aesthetically-pleasing, app interfaces.
Step 5: Choose a technology stack
Express your stack ideas to the professionals so that they may pick an ideal solution. Personal requirements and the technology based on the problem you want to solve are to be discussed here. Put down the scope of the project and set the time to market.
Step 6: Code the app
Design an app, code in JavaScript or any other with either blocks or text, and then share your app and make releases, etc. Don’t forget to test it and make sure it complies with security standards.
Step 7: Integrate with third-party solutions
It often happens that your apps need some integrations. Third-party API integration means adding the API of another company to gain access to their data, functionality, or certain features. Such integrations allow developers to benefit from another ready-made solution without the need to develop their own for the same purposes. It saves time and budget.
Best technology stack for mobile banking app development
How to make a mobile banking app with the best possible technology? Consider some of the following innovative technologies for digital banking apps to add:
- Artificial intelligence (AI)
- Distributed ledger technology (DLT)
- Robotic Process Automation (RPA)
- Cloud computing, etc.
Thus, your apps will be able to ensure the stable and sustainable growth of their business and satisfy the needs of even the most demanding customers.
How much does it cost to develop a mobile banking app?
The banking app development cost may vary to anything between $100k-500k, which depends on the product type, complexity, and the type of cooperation. If you prefer hiring an in-house team, it can even go over $1 million. You may also build an app under $100k, under the condition that it is a simple one.
Conclusion
When choosing a mobile banking app development partner, you should choose someone who follows the standard app development process. This will help ensure the exceptional quality of your online banking and payment application. In addition, security is also an important part of your application, especially since you are dealing with people’s data and the most tangible sphere – cash payments. And good quality apps tend to be safer than most.
With the help of mobile banking applications, you may attract new customers and retain existing ones. However, to do this effectively, you need to constantly look for a reliable FinTech or mobile banking app development company that can update their digital solutions with the latest banking and finance features. Make sure you find it here.
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