How to Create a Mobile Banking App: 10 Steps of Successful
21 Sep, 2022
If you follow the right steps to create the best mobile banking app, you can simply build an app on your own or with the help of a software developer if you don't want to engage a mobile development company.
But why not learn how to create a bank app first? Learn about the progress that has been made in mobile banking so far.
Stop visiting banks anymore for the simplest tasks like amount transfer or checking balance. The simplest tasks are simple, so straightforwardly deal with them. Deem out for mobile banking applications that are customized and personalized for any use case and say bye to bank visiting activities.
With online banking, all one should do is just register his or her account on the bank’s application. Although the process of mobile app registration is a bit overwhelming, trust me, you can have many more benefits in the end. Why does the process be complex? Because won’t let anyone in until the user provides authentication. Of course, this complexity is a plus point for us as no one can hack or scam your amount or account, isn’t it?
So, what is preventing you from acquiring mobile app development services? Get your banking users a high-quality mobile app to win their favours of mobile applications and draw in some new clients!
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Mobile Banking – An Overview of the Market
The FinTech sector has made significant advancements over the past ten years to effectively fulfill the high demands and customer expectations. High levels of market competitiveness have prompted several businesses to launch new programs like Open Banking and updated payment services directives.
As previously said, your clients now prefer utilizing the mobile banking system over travelling to the bank; they try to avoid doing so as much as they can. All corporate banking procedures may now be completed much more easily through an app, closing the gap between FinTech and the banking sector and laying the groundwork for improved client services and products.
The market has already been significantly impacted by mobile banking. According to a study by the mobile banking competitive edge, 89% of respondents use mobile banking. Additionally, 97% of millennials use mobile banking more regularly than anyone from the generation before them.
The desires of the consumer drive current trends. In-demand innovations in mobile banking for 2022 include:
1. Account Management
People desire a stress-free account management process. You can provide them just that with a mobile banking app. a single-channel application experience that enables users to manage every aspect of their bank accounts via the app, without requesting your assistance.
2. Control and Security
One of the most important features of the banking industry is the emphasis on security. Customers desire top-notch security that safeguards all their data from any dangers. Customer confidence will rise when the security of your app is strengthened.
Banks provide their customers access to and control over their accounts by enhancing their security measures, giving them the tools, they need to ward against threats.
3. Transaction Alerts
Offering notifications to customers regarding their transactions is another helpful modern practice. Additionally, banks use this as their main method of contact with staff members. Notifying them of each transaction carried out verifies their actions. This approach may be used to interact with your audience.
If you want to be technologically advanced and appealing to your audience, consider adding these outstanding and cutting-edge features to your company’s mobile banking application.
1. Superior Authorization
Your users need a variety of permission options. A username and password alone are not as secure a sign-in choice as multifactor authentication. People may require a faster way to sign in than a long password since they are pressed for time to finish their business. In this case, combining another method of permission with fingerprint authentication works considerably better.
2. Expense Tracker
Everyone enjoys keeping tabs on their spending. Your clients will be grateful for a function added to their banking app that completes this duty. Therefore, be sure to include this cutting-edge function while creating your mobile banking app!
3. Cashback Features
People prefer utilizing mobile banking platforms to pay for their purchases, and the e-commerce business is growing daily. However, if a customer returns a product, it might take a very long time to receive their payback. Introduce this wonderful function to stand out among your rivals.
4. Personalized Offers
Who doesn’t enjoy deals and promotions? By presenting some eye-catching incentives, you may strengthen your brand and attract new customers. These special offers and coupons improve consumer loyalty and confidence while boosting revenue.
Fundamental 10 Steps to Succeed e-Banking Application
The infrastructure of each application is distinctive. Likewise, the same may be said of banking apps. Customers can select the banking institution they prefer because all banks provide varying levels of customer service.
Therefore, you cannot just acquire one online. You must participate in every step of the progress process & guarantee that the program is made ensuing the specifications of the bank & meets the demands of all your customers.
The procedure you may acquire for the greatest mobile banking development is below:
Step 1: Carry Out Detailed Research & Conceptualize
Detailed research works as the foundation of construction and implementation projects. Therefore, a researcher needs to research every facet of designing an app, from researching industry trends to researching your rivals.
What are the requirements of your clients?
What distinguishing feature does your bank have?
What distinguishing feature of your app will help it draw in new users?
Why clients’ needs important are prior to you?
Are you able to respond to each of these queries? If yes, you must collect the existing information, plan something new and exciting for it, and dive into mobile banking app development by recruiting a professional developer who may turn your concepts into a functional program.
Step 2: Construct & Validate your Prototype
Without initially developing a prototype version, building a running and operable mobile banking app is impossible. You need a prototype, its beta version, and finally an executive file. The layout, UI, aesthetics, visible content, and any other features that were desired in the final application will be illustrated in the consecutive prototype.
Fixing all design & structural issues amid prototyping are considerably more cost-effective than doing it in the course of the actual implementation phases of a mobile app.
Step 3: Plan our All-Security Measures
Among the crucial components of mobile application development services, security is significant for clients’ or users’ accounts. Therefore, you must set up harmless and confident banking before starting the final product creation.
These foundational security measures must be strong and impregnable. They must be able to recognize and classify any risks to prevent them from accessing your customer accounts. This is an important stage in the development of your software since a single security system flaw may cause significant harm.
If a danger enters your system, not only might your bank and customers suffer financial losses, but you’ll almost certainly lose some important clients as well. Ensure creation of mobile banking app under the greatest security mechanism and terms as possible.
Step 4: Design of UI & UX in Interface Phase
More users will download your software if it offers 100% usability. Providing a tailored and rational approach for each of the client’s category is now required. Therefore, be careful to include a straightforward and translucent interface while creating the UI or UX of your program.
A unique and convenient usability guarantee 100% business demands accessibility while assuring the bridge between customers and their needs. Because simplicity and usability are the most popular trends in Human-Computer Interaction, more personalization reflects more traffic and conversion rates in a mobile banking application.
Step 5: Pick Out the Technology Infrastructure
No one-size-fits-all technological heap comes handy we all know, don’t we? Likewise in mobile applications development. Always decide on what technical infrastructure needs to be added in a program or operational file because every company’s demand is different from others.
You must strategically choose the technological stack that best fits your banking company’s needs in order to benefit from affordable costs, rapid growth, and quick marketing. This differs when considering characteristics of an e-banking organization.
Step 6: Write down the Source Codes for the Application
Once the idea and interface or front end for a model are complete, you may write source codes for your intended apps and go with the implementation phase with internal team support. By doing this, you can quickly fix any bugs or problems with the app before introducing it to your clients.
To design a capable mobile banking app, you may also use software development or outsourcing suppliers. You can acquire a great mobile app that goes well with all your banking activities if you own proper personnel, channel, development time and of course, the capital.
Step 7: Incorporate Third-Party or Off-The-Shelf Frameworks
After the software is coded, it must be improved for even better outcomes. How do you manage that?
Here, you may include off-the-shelf solutions, third-party products, or frameworks, or even commercials modules and use them to enhance required mobile banking application. Your mobile application is improved by the integration of front-end and back-end. Additionally, avoid starting from zero when adding new features to the mobile banking app.
Step 8: Maintain your Implementation and Release
It’s time to be rewarded for produced product right now. Putting it out there for sale. You’re on the correct road if you have a team of experts working on the software or if you’ve hired a team of knowledgeable banking app developers.
Your software will be flawlessly polished by these experts, who will then get it ready for publication on the appropriate stores like Google Play and the Apple App Store. Following this initial release, you will be able to inform your customers about this new product and introduce it to your audiences.
Step 9: Introduce Your App in the Market and Acquire Feedback
Before you can market your program, it must meet the standards of each application store, including Google Play, Apple Store, and Microsoft Store. To make sure that the submission of your mobile banking application passes without a hitch, the mobile app developers working on your banking software must adhere to these specifications.
Once everything is completed, you may launch the app on the market to gather first opinions, suggestions, and product ratings. You may slowly roll out the app to your remaining and new clients after introducing it to your devoted and long-term clientele in the first place and soliciting their feedback on the software product.
Step 10: Refine your Uploaded Version & Upgrade
Never hesitate to ask for feedback. Feel free to make requests. People admire the apps when you pitch them to solicit their feedback for your products. If you ask them in friendly manner, they respect your willingness in return to accomplish better version of existing software. Some even wait to see new changes.
Consequently, upgrade mobile banking application for user-friendly platform and as low as mini points load in the responsiveness of application while assembling demands of consumers. Be confident to develop what end-users adore to see.
How would you find these reviews? Either collaborate with reviewing sites, contact influencers to use and share word of mouth, incorporate emails or newsletters, and ask employees to collect and partake referrals.
Remember, consumers appreciate development and improvement attempts, and if your application is accepted, you’ll probably bring in more clients because you’re willing to make improvements.
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Mobile Banking –Finest Technical Infrastructure of Today
As was already said, there is no one-size-fits-all technology stack. Choosing the right tools but also tech architecture for your mobile banking app is indeed essential. All your financial demands must be met by these suitable technical hardware platforms, and they must also be suitable for your consumers. Thus, if you’re unsure of which software stack to use for the creation of your mobile banking application, the accompanying ones might be ideal:
App Development for Cross Platforms
Professionals that specialize in trans developing apps run a program mainly on two iOS and Android devices using the same codebase. Mobile banking services are a good candidate for this strategy since they successfully imitate the native app user experience.
In this type of cross-platform app development, the platform’s native graphics technology is utilized, which enhances the user engagement. Cross-platform mobile app has become increasingly widespread, resulting in significantly advanced mobile banking.
Hybrid App Development
Cross-platform app production and hybrid application development are frequently mixed up. The only feature they have in common is indeed the utilization of code shareability. They might really be efficiently merged into it since process of creating hybrid apps is more akin to that of native apps.
Native App Development
In contrast to the other two categories of developing apps, native app development is more concentrated on a select few operating systems. For contrast, there are differences between the iOS and Android operating systems.
To create finance available for Android users, you would thus need to make use of a variety of technologies and tools, including Kotlin, SDK, Java, and Android SDK. These technology solutions deliver users the greatest application GUI.
Nevertheless, you will provide iOS users with the best user experience if you develop a mobile banking app for the platform. Therefore, the best tools to try when working on building an iOS payment gateway are the mac OS SDK, Swift, and Similar software.
Native programming requires a thorough grasp of the coding and framework of each ecosystem. Consequently. If you intend to create applications for both hardware and software, you will be required to engage two separate software developers. Despite having similar appearances and behaviors, they really are using completely different equipment and technologies.
The Importance & Demand in the Mobile Banking Sector
Who doesn’t, at least initially, desire ease and comfort in their lives? All tasks today must be completed online, and the introduction of mobile banking has made banking easier in every way.
Mobile banking has now dominated the world and turned into a prerequisite for everyone to carry out all internal banking activities due to the following reasons:
A simple examination of transaction history and information
One-click bill payments
Online loan repayment
Money transfer that is simple and quick
By providing these services to customers, the banking industry profits as well. When they adapt the mobile banking facility, they acquire:
Improved customer experience
Raise the return on investments (ROI)
Fewer expenses for operations
Custom services because of the data analytics
With the help of push-notification, higher value altogether
With the aid of these mobile applications, banks can keep a step ahead of the competition and plan to dominate this race for a very long time. Some of the banks that provide these mobile banking applications are now at the top of their game:
Revolut, which has its headquarters in the UK, is one of the top banks founded in 2015. They are made to assist customers in maintaining coherence, control, and financial health. It is also one of the institutions that permit the transfer of cryptocurrencies like Bitcoin and Ethereum, which is a type of digital currency.
While offering the ability to trade cryptocurrencies, it has also provided its clients with the flexibility to use mobile banking and do all of their banking duties directly from their phones.
The Revolut mobile banking platform offers a variety of conveniences and products to help you achieve your goals, whether you want to start trading bitcoin or become a full-fledged investor.
Bunq, a bank founded in the Netherlands in 2012, takes pride in being “The bank of the Free.” Before introducing mobile banking to its subscribers in 2015, it operated in the traditional banking capacity.
When compared to other banks, Bunq offers a totally unique way to the bank. Users of its financial services have total control over their money. Customers have the most control over their financial matters because it is based on their financial status. FinTech innovations abound in Bunq’s banking application, which works to enhance the user experience for its clients.
Barclays was founded in 1690 and is one of the industry’s universal banks. Barclays was among the first banks to provide mobile banking services to its customers since it was one of the first financial institutions to embrace change and innovation.
The company’s digital platform, which has more than 50 million clients globally, provides consumers with a vast array of safe and secure banking operations and solutions. The bank’s mobile application offers access to all sorts of activities, including transactions, evaluations, communication, and reporting.
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Why Choose Us?
When you’re trying to digitalize your operations for the first time, digital banking processes might seem overwhelming. This abrupt shift may occasionally interfere with basic banking procedures. However, if you work with professionals to create a safe and effective banking application, your banking operations won’t ever be interrupted.
For you, FinHost can provide the greatest mobile banking platform. We can provide you with either a white-label mobile digital wallet or a digital core banking software, depending on your needs.
How do we help our clientele?
After you look at our presentation and get in touch with us, we may check into the software modules that will work for your banking company and then determine all the needs. You will collaborate with our project manager, who will take your suggestions into account and then translate them into the software.
You may pick the finest business module by working closely with our tech team at every stage.
The FinHost staff will adjust the banking application to your requirements.
Finally, we’ll assist you with releasing your product to the public and the market.
Before we give the application to you, we’ll additionally monitor its performance for a month after the release!
How can we know that the app is properly protected for all your consumers?
Our priority is security; therefore it makes sense that you would have concerns about the security of your customers’ funds when using a banking app that is in charge of safeguarding all of your finances.
FinHost, however, ensures that no threat may approach any accounts by using the most up-to-date security measures. Any odd behaviour is instantly stopped when it is detected by our app, which operates automatically. Our programs have a multi-locking system integrated into them for further protection. This system prevents your customer or any other user from logging in until they have finished and logged into the multi-secure system.
As a result, both you and your clients are safe from any harm or hazard.
Do you offer ongoing support, update, and maintenance?
Yes, you have the choice to hire us on an as-needed basis for help or sign up for a monthly retainer if you need a higher degree of consistency and dependability in your service.
FinHost may be used for projects that only need a little help to save monthly charges and fixes. However, since these meetings are organized based on when our staff is available for you, this might come at the sacrifice of objectivity.
Most of our clients choose to pay at least a little monthly support charge to get the best response because dedicated time is scheduled months in advance. We provide a monthly support retainer to cover small ad-hoc modifications, updates, upgrades, and help if you are working with us on a highly technical project.
So, don’t worry—we are available to you around the clock. Just get in touch with us a few weeks beforehand, and we’ll take care of all your questions.
You should keep in mind the following main points as you follow this step-by-step guide to developing and integrating mobile banking applications:
Instead of making multiple trips to the bank, users prefer transferring money with the click of a button.
Research is the foundation of any construction project. You need to research every facet of designing an app, from researching industry trends to researching your rivals.
Make a preliminary prototype. The layout, design, aesthetics, content, and any other features that you desire in your final application will be illustrated in this prototype.
Laying the foundation for safe and secure banking is necessary. These foundational security measures must be strong and impregnable.
A unique user experience will guarantee that the app meets all business demands while also being tailored to the needs of your customers. Your clients will be able to use the app with ease thanks to a personalized user interface (UI).
You must strategically choose the technological stack that best fits your banking company’s needs to benefit from low costs, rapid development, and quick marketing. This depends on the characteristics of your banking organization.
Third-party solutions can be integrated and used to enhance your mobile banking application.
Before you can market your program, it must meet the standards of each application store, including Google Play, Apple Store, and Microsoft Store.
Your customers will appreciate your efforts and, if your application is successful, you will probably attract additional customers to your financial company since you are open to updates and enhancements.
But if you’re worried about your product development, get in touch with our dedicated development team in Ukraine right away to create the ideal mobile banking app for your banking clients!
Searching for cutting-edge mobile banking options? So, there’s no need to wait any longer — get in touch with our staff right now, talk about your needs, and obtain the ideal mobile banking app for your business!
PMOlena Mykoliv"I know that I know nothing. So the only way to grow is to leave room for self-doubt and find the courage to the decisions."
1. How Much Does It Cost for Banking App Development?
This question has no definitive answer. Every mobile application is unique from the others. They need a variety of techniques and technologies and range in complexity and scope. All these factors have an impact on application costs.
In addition to this, we consider additional factors that affect our pricing and your budget. These consist of:
How quickly do you need your app to be created?
The work breakdown structure (WBS) for developing mobile banking
The tools and technology stacks you need
the project’s framework, resources, and timeline
A development team has to incorporate integration and APIs.
It may take anything between six and ten months to create a fantastic application, depending on all the aforementioned factors. What do you desire, then? Are you searching for a simple application that won’t need much work or a complicated application module that will meet all your customers’ needs?
The longer it takes to create the finest of the best features for your mobile banking app, the more features you need!
2. Are you Looking for a Price Estimate for Your Project?
It takes around 3 months, to develop a conventional banking application with a standard set of characteristics and features (account data, appropriate security, in-app chat, alerts, transaction history, and support analytics).
However, because every project has different specifications, if you’d like a price, get in touch with us, so we can go over each detail and estimate how much your finished product will cost, or you can estimate your project online.