Mobile Banking App Development: Features, Challenges, Costs

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From Tech Consulting, End-to-End Product Development to IT Outsourcing Services! Since 2009, Savvycom has been harnessing the power of Digital Technologies that support business’ growth across the variety of industries. We can help you to build high-quality software solutions and products as well as deliver a wide range of related professional services. There is often an assumption that the target audience of banking apps are tech-savvy millennials, but you might be surprised by the real result. – The most adoptive market of financial mobile applications currently, and this trend is still growing.

You won’t be able to create a successful banking mobile app unless you conduct enough research or have a proper plan in hand. So, first of all, make a proper plan to identify the need for android banking app development or any other platform. Data security is essential to integrate into banking app development services. It is essential to confirm that your platform follows the security guidelines and distribution region.

Clients are now able to check their balances, view their bank statements online, make transfers, and even carry out prepaid service purchases. Ionic is the best tool for hybrid app development, as it is easy to learn and provides a rich collection of features. Allowing developers to write fewer code lines and use Ionic debugging tools, the framework helps to create mobile apps on a shorter timetable. Account management is the heart of any banking mobile application. The below table includes all the essential features your banking app should have. You need to have these features in the MVP version of your application.

A straightforward way to check account balance and transaction history leads to higher customer satisfaction. Also, the customer should be able to change the PIN, order a new card, block the card, if needed, or update some personal information effortlessly. To enable these basic features a team should spend around 276 hours and you might pay $13,800 for front-end and back-end architecture development.

We’ve already mentioned that different types of tests take place during the development process. After the product is completed, it undergoes the final testing to ensure that all the components work in harmony. Software engineers perform two parts of the development process — frontend and backend coding.

In this article, we’ll take a look at some essential features of mobile banking apps. We’ll also provide a few tips on how to make sure your app is user-friendly and secure. So if you’re ready to develop a mobile banking app, read on for everything you need to know. When developing a banking app, the testing process should be aimed at ensuring flawless user experience and at the security of every component of the application.

Mobile Banking Application Development Processes

Native mobile app development refers to creating a strictly iOS or Android application. Native apps run faster and perform better than any other solution. Provide customers with seamless cryptocurrency payment experience by enabling them to transact crypto assets via a mobile banking app. Once you have gauged the value and interest of your product then you can start to decide on the next steps. This is where partnering with our company can really save you time and money during the arduous process of mobile app development. Therefore continuous improvement must be a natural part of mobile banking app development.

mobile banking development

Clients were able to download the banking apps onto their smartphones with more sophisticated interfaces and improved transactional abilities. But, make sure that the more integrations you will include in your mobile application, the higher the mobile banking app development cost. So, keep your budget into consideration while developing a banking app. Not much, but definitely, this can increase the overall app development cost.

Mobile Banking App Development Services

Needless to say that all projects are completed on time, on budget, and on spec. Mobile banking app development can be quite costly compared to other FinTech solutions. That’s why it’s a good idea to create a detailed prototype to see what your product will look like.

  • Banks may charge fees by providing their API, though the model is not relevant for European banks, as they have to give free access to their APIs.
  • The marketing campaign can be carried out in social media, with the help of popular journalists and bloggers, via search advertising and email circulation.
  • Market research is a fundamental preparatory stage of banking app development that cannot be neglected even if you have specific budget limitations.
  • These include modern design, usability, available features, and security’s strength.
  • In many cases, it’s enough to provide banks’ customers with the level of service comparable to your rivals.

Also, mobile banking apps can improve the overall customer experience. The ability to access information in just a few clicks from our smartphones changed how we access our bank accounts. With a mobile banking app, customers can check their bank balances, transfer funds, or make mobile payments in just a second.

What steps to begin with to develop a mobile banking application

Mobile apps require administration and it’s usually a web-based admin dashboard. Just like wireframes, use your app prototype to demonstrate its toolkit to your focus group, test functionality, and interface. You can add default texts, placeholders, and test data so that people can feel how your app works. As a rule, wireframes consist of boxes, lines, and texts made in the white and black color scheme. You can use an app wireframe to validate your concept and collect early feedback. Next, you can turn your wireframe into a hi-fi prototype that will include a graphic presentation of a product, layout, interface components, the color scheme, and micro-interactions.

Choosing a suitable strategy, mind your business objectives and target audience of your future mobile banking app development. Not all mobile banking apps are user-friendly, it is irritating. Developers should read guides like this one and apply tips in practice, then all applications would be great. It should be also mentioned that the mobile banking app development cost greatly depends on the hourly rates of programmers in different regions of the world. The most efficient mobile banking app development path you can choose from is contacting an outsourced team.

Banks may charge fees by providing their API, though the model is not relevant for European banks, as they have to give free access to their APIs. Discover is a renowned product of mobile banking application development. The platform provides users with fast access through four digits code and allows them to view the information without the necessity to log in.

Increased market and accessibility

As ISO 9001 and ISO certification holder, we rely on mature quality management and guarantee the cooperation doesn’t pose any risks to your data security. Mobile banking services must include strong security features to build a secure mobile banking app. Because thousands of users will access your app and rely on you to keep their money and sensitive data secure. However, we can give you a rough estimate of the costs involved in developing a basic mobile banking app. This reward program means that users receive a specific percentage of their spendings back. While running mobile banking application development, consider various cashback options like choosing a reward category or a higher cashback percentage connected to spending amounts.

mobile banking development

Later on, users can set up the preferences to choose the type of notifications they want to receive. One of the major benefits of mobile banking app development is quick access to account balances from any corner of the world. This amazing feature helps the users know how much balance is left before making the next purchase. To make your banking app stand out and unique, you can enable users to view account balances without logging into your account. The benefits of platform-independent app development are primarily cost and time savings. Instead of employing two teams, you will create a mobile banking app with just one.

After providing basic personal information, you get OTP or a one-time password. Use it to access the account and then set a permanent user ID and personalized password. That information will give you access to your account and the mobile banking services your bank offers. The app is created with Flutter cross-platform development framework, using Surf’s own open-source solution — an Elementary library that helps building a clear and transparent architecture.

Future Trends in Mobile Banking App Development

An attractive design is responsible for drawing customer attention, a user-friendly interface makes them stay, so one should keep these two elements in balance. In general, mobile banking development and all mobile app development services can be split into two stages, Discovery and Development. Customers can also check their balances frequently and can also be informed about the details of the transactions that happened on the specific account.

How to Create a Mobile Banking App Project Successfully

Apps that solve traditional banking issues are no longer enough for customers. Insurance, investment products, ordering everyday items, and digital cards – these and more can make your app stand out from the rest. To get insight into current customer demands in mobile banking it is useful to review examples of successful apps. Contact us right away to know how our pros can transform your business with custom software development services. It depends on whether you create a native or a hybrid app, what platform and tools you use, and how many features you want to include.

This is true not only after rollout, but during development too. It is important to clearly lay out access procedures, and access must be restricted to prevent any possible interference with the system. Mobile banking services are almost always free for all bank customers. That has enabled banks to save operational costs and provide services at a much cheaper price.

It will help you find the loopholes in the existing banking applications and develop an application that will overcome them. This is one of the best ways to add more worth and value to your mobile application while making it stand out. The massive switching to mobile banking app development has boosted the fintech sector and has made the banking process more seamless and efficient.

Designers get to work prior to developers because it’s crucial to look at the app before starting to code it. The designers’ team works in accordance with the task list created on the basis of the conducted research. The preliminary stage is crucial and shouldn’t be skipped at any cost. You need to identify your competitors, check alternative solutions on the market, and learn what is popular among the crowd. A MasterCard study indicates that users have become more willing to use personal biometrics as their passwords.

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