Last updated on October 11th, 2023 at 09:38 am
Online banking software is the potential opportunity in the finance sector. Banking apps offer convenient, secure, and easy access to financial services for customers. Developing online banking apps can help banks to better meet their customers’ requirements by offering a user-friendly, modern mobile banking experience that is convenient and secure.
The best mobile banking apps let users to make fraudulent transactions from their phones or other mobile devices, giving them more control over their money. By making online banking apps, customers can get the services they need quickly and easily and that will help to improve brand recognition and loyalty.
In this blog, you’ll find a more detailed guide on creating a mobile banking app with all the features needed to cut down on manual work costs. This will help businesses to make more money and give better customer service.
What is Mobile Banking?
Mobile banking is a more advanced version of all banking services that can be done through a mobile app. The first step is for users to download the respective mobile app from the app store.
Users can conduct different functions while they develop their user profile on this platform, like checking their passbook or account balances, making fund transfers, making payments, and booking tickets.
- One must have two important things to use a mobile banking app: a smartphone and a stable internet connection.
- It enhances the customer’s competencies by allowing them to make banking transactions anywhere at any time.
- Customers can access essential information through the SMS inquiry.
- The mobile banking app sends push notifications for discounts, time updates, and deals.
Facts and Statistics of the Mobile Banking App
- In the context of mobile banking apps, there are about 5.22 billion unique mobile users globally.
- Bank of America continues to be the market leader due to its high level of mobile app users such as about 30 million.
- The value of payments made using mobile apps is constantly growing. Therefore, developing a mobile banking app can be profitable for banks.
Benefits of Developing Banking Apps
Mobile banking apps increased in popularity during the pandemic when people needed to swap money without touching or getting in contact. But the developers should put a lot of effort into mobile banking app development to provide all the services essential to a customer from a bank.
Mobile banking is a link between customers and banks that lets customers to get the services they want at the touch of a button.
Let’s discuss some benefits of mobile banking app development for users.
Following are the benefit of mobile banking app development for users:
24*7 Banking Services
It is another plus for creating mobile banking apps. As a customer, the transfer requirement can arise at any time. But for the bank, it isn’t easy to provide.
Hence, digital services play an imperative role. Because of this, you don’t need to wait, stand in a queue, or delay an urgent transaction due to a bank holiday. You can transfer or get the amount from anywhere at any time.
You can also call it all-time banking due to the 24-hour availability of services.
It is one of the key advantages of creating mobile banking app. You cannot create transactions outside the bank’s hours when they depend on visiting a bank branch. Using the mobile app, you can immediately transfer funds anytime and anywhere.
Availability of All Banking Services
With the mobile banking app, you can benefit from almost every banking service you can think of. Moreover, the key benefit is that you don’t have to visit the bank branch to get services.
For example, you can pay bills, transfer money, make payments, get your bank statement, and create the FD within seconds. You don’t need to wait for services, as it provides hassle-free and immediate service.
If the customer has concerns with the app, the bank also offers customer care services that can address them. The support team responds to the chats, calls, and emails sent by customers having issues.
You can also take advantage of their support at the time of fraudulent transactions and get your debit blocked by the online bank itself.
Enhanced Security in the Mobile Banking App
Face ID, fingerprint sensors, multi-factor authentication, and multiple PINs are ways to improve security in mobile banking apps. It will secure banks from thieves if your phone gets stolen or lost.
The bank also permits the features to disable the app remotely. Some even provide the facility to share the location for detecting the location of the fraud.
Better Finance Control
With the support of mobile banking, you can keep an eye on your finances. You can also focus on expenditures and spending and avoid unnecessary costs. It could be a key part of your budget planning. It will support you in making your financial management sound and helping you to save more money.
Avoids the Linguistic Challenges
Another problem that you generally face in an app is the available languages. So it is also resolved in the mobile apps. These banking apps are available in different languages, breaking language barriers.
It also reduces the confusion you would otherwise face with the app’s functioning.
For Financial Institutions
A balance must be struck between the benefits for users and the benefits for businesses. It is not adequate to understand how to create a mobile banking app. It would help if you comprehended what business benefits you want to grow.
Declined Operating Costs
Using some or even all parts of online operations considerably reduces operating costs. You don’t have to open a bank branch or a few in each city where you have clients.
Larger Client Base
Nothing can stop the growth of mobile banking’s popularity. The offered convenience will support you in influencing more clients and considerably expanding the client base.
Good Return on Investment (ROI)
Banks save more money when they reduce the number of employees, offices, and branches. You can significantly increase ROI and optimize costs using online mobile banking.
Improve Customer Loyalty
Clients can access banking services from any location across the world. They can rapidly make payments, check their balance, get 24*7 customer support, and more. Such features create solid customer experience and increases customer loyalty.
New Marketing Channel
The development of a mobile app will create a new marketing platform. You can use the gathered data to develop special offers, promote other services, and notify customers of any changes in your business.
Artificial intelligence and machine learning can drive mobile apps. The system can use the collected data to create a highly personalized experience for mobile users.
The received data will support the development of the user’s behaviour models to address further how to create a mobile banking app.
Must-have Features in Mobile Banking App
Following are some of the essential features in your mobile app development process:
Users must be able to easily manage their accounts to find out about their bank balances and transactions, understand how they spend their money, and keep track of the past. You can also use the features to make plans for investments, set up automatic payments, and set goals for saving.
Proper Authentication and Authorization Flows
The authentication procedure should be highly secure. Therefore, you can consider implementing multi-factor authentication to ensure maximum protection against unauthorized access.
In addition, you can also execute biometric authentication with user metrics such as face, voice, eyes, and fingerprint. Data security is highly significant in fintech apps, and you cannot ignore the security measures at the time of the mobile app development procedure.
Customers often want to know the location of nearby ATMs and bank branches. But, instead of making them go to Google Maps and manually find the locations, your mobile banking app can also locate the branches and ATMs.
The customer must be able to easily access customer support 24 hours a day, seven days a week, to resolve their issues. Therefore, it is significant to consider a customer support panel in your mobile app development procedure. Furthermore, you can use an AI chatbot to create a highly rationalized customer support procedure.
You can use mobile banking as a marketing technique for your business. Through this, you can send customized push notifications to the users regarding the latest offers, deals, and updates.
Having a top mobile app development company on board can support you in executing this feature easily.
When developing a mobile banking app, you should include flexible payment choices. It would allow users to send payments through distinct channels.
Many mobile users use banking mobile applications to track their expenditures. It helps them save more money and stick to their budget. Therefore, you must add these features to your mobile app development procedure.
Cardless ATM Access
Its highly extensive digital feature doesn’t require users to bring their ATM cards. Due to this, you can consider these features to offer the best services for digital ATM transactions within the application itself.
With the introduction of QR codes, money transfers and payments have become intensely popular. Therefore, you must implement a QR scanner in your mobile banking development procedure to permit users to send and receive payments.
How to Create Mobile Banking App?
The mobile app development process considers different complex tasks and operations. Developing your mobile banking app can be highly complex if you don’t have any experience.
Therefore, hiring a top mobile banking app development company is recommended. Let’s delve deeper into how to create a mobile banking app.
Conduct Market Research
Any business that wants to stay in business needs competitor analysis and deep market research. So, before you start making a mobile app, you need to learn about the current industry trends, your competitors, and development trends.
Understanding the market and your competitors will help you to develop a unique business model or value proposition.
UI/UX design is a highly significant part of the development procedure. Indeed, a mobile app cannot produce good outcomes without the best user-friendly design. Therefore, you must emphasize on building the wireframes, user guides, mockups, and prototypes.
It would be the best way to approach the app’s logic, design, structure, and other parts. A mobile app development company can also help you by making a mobile banking app easy on the wallet.
Creating the Security Infrastructure
The security of your mobile banking app must be a top priority. Therefore, you should enlist the support of Android and iOS app developers to develop the security infrastructure for your application.
Indeed, you can also launch DevSecOps into your development procedure to understand highly popular and hazardous risks.
Coding the App
After discussing the security infrastructure, your mobile app development team will need to start working on the coding part of your mobile banking application development. Above all, your team would perform on the app’s front-end, API(s), and back-end parts.
To make this process go smoothly, you must hire dedicated developers that makes mobile banking apps. They have the real industry experience to go through the development procedure effortlessly.
Integrating Third-Party Solutions
You don’t need to develop some features from the start. Indeed, there is a different, useful banking API that will make your mobile banking app convenient and feature-rich.
Therefore, utilizing them saves the maximum amount of time and effort in your development procedure.
Testing the Banking App
The mobile banking app development procedure isn’t complete without testing the app for its security and integrity. Because of this, your development team should test well to find and fix any glitches, errors, or bugs. Mistakes in the development process could be fixed by doing a lot of testing and ensuring the user experience is great.
Deploying the Banking App
The app store and play store have strict rules and regulations for app deployment. Therefore, your selected fintech app development company should keep a checklist during development. It ensures effective deployment in the respective stores.
Marketing and Learning from Feedback
After your mobile banking app runs, you should start marketing campaigns to get more mobile customers. You can utilize marketing tools such as social media platforms and paid ads.
After obtaining adequate users for your mobile banking application, you should focus on user feedback to optimize your offers.
This step will help you improve your mobile app’s user experience and stability even more. In addition, reviews and feedback are significant for developing loyalty and meeting market expectations.
5 Best Mobile Banking Apps in 2023
Based on the current trends and popularity, the following are some of the top 5 mobile banking apps, which are:-
- JPMorgan Chase – Chase Mobile
- Bank of America – Mobile Banking
- Ally Bank – Ally Mobile
- Wells Fargo – Mobile Banking
- Capital One – Mobile Banking
Tech Stack to Create a Mobile Banking Application
You should need some technical expertise to develop a mobile banking app, depending on your selected platforms.
|Android development||iOS development||
Hybrid app development
|React Native||Java||Xcode IDE||Ionic|
|Jetpack Compose||App code|
Cost of Building a Mobile Application for Banking
Developing a mobile banking app can cost anywhere from $10,000 to $300,000, depending on how the app is built. The cost may vary according to how many features are considered in the app.
Moreover, the app’s complexity will determine how much it costs and how much it declines. The development team you are collaborating with may have diverse expertise that can affect it. Its rate will depend on the custom designs, additional integrations, and functionalities considered.
You can hire dedicated developer to overcome the challenges of developing mobile banking app.
How Can eBizneeds help you with Mobile App Development?
We have a great answer to help you deal with the above mentioned problems. eBizneeds is the best mobile app development company in the market. We integrate your ideas with our expertise in mobile banking app development solutions.
It helps to create engaging and scalable apps that accomplish all the needs. Our knowledgeable and capable team can support you in furnishing pioneering technology for your business to beat the competition in the market.
At eBizneeds, our 50+ dedicated developers are excellent professionals with years of experience. We can also get a personalized app and add features according to our preferences to make it stand out.
Mobile banking development needs strict planning and a focus on details because users want a seamless and secure experience. Developers can create dependable and practical mobile banking apps by using the best practices and keeping up with new security protocols.
As the demand for mobile banking rises in the upcoming years, the development of these apps will become more significant.
If you want your app to be useful and bring in the expected return on investment, you can talk to a mobile app development company with the skills and experience to finish your project.
If you want something fresh and inventive about mobile banking app development, please share it with us.
Frequently Asked Questions
Do you offer custom mobile banking app development?
You only need to share your ideas with our team to build a custom mobile banking app. They can support you while considering what you require in the app. eBizneeds has experienced and qualified mobile banking app developers to handle the issues.
How to create a mobile banking app?
Creating a mobile banking app from scratch is a difficult and careful process requiring much knowledge in this field. There are different key steps you require to perform primarily:
- Conduct market research.
- Prototype Designing
- Creating the Security Infrastructure
- Coding the App
- Integrating Third-Party Solutions
- Testing the Banking App
- Deploying the Banking App
- Marketing and Learning from Feedback
Our developers will assist you in solving all your queries and requirements. Hence, please feel free to stay in touch with us.
How long does developing a custom mobile banking app take?
The making period depends on the customization and features required by the users. With the assistance of our well-qualified and experienced mobile banking app developer, you can get your MVP ready in 6 to 8 weeks and also continue with the other procedure.
What should be my choice when developing a mobile banking app?
If you work for an IT company and want to make a product like this, you should focus on rules and regulations. It helps to have a cutting-edge mobile banking app among competitors.
What is the cost of developing a mobile banking app?
Building a mobile banking app requires costs between $100,000 and $500,000.
Naveen Khanna is the CEO of eBizneeds, a company renowned for its bespoke web and mobile app development. By delivering high-end modern solutions all over the globe, Naveen takes pleasure in sharing his rich experiences and views on emerging technological trends. He has worked in many domains, from education, entertainment, banking, manufacturing, healthcare, and real estate, sharing rich experience in delivering innovative solutions.