How To Develop A Mobile Banking App?

9 min readAug 23, 2021

The pandemic brought attention to importance of satisfying customers’ online banking requirements. Despite the fact that mobile application development has altered industry trends and proven to be useful to a variety of sectors, the mobile banking app development marketplace looks to be ahead of the trend.

The banking industry is the industry that is actively taking advantage of the digital era to improve customer experience by moving all online and making conventional banking a relic of the past. For accelerated growth, the organization must develop its personalized mobile app. This is the primary reason, and it distinguishes them from other financial institutions.

It simplifies, streamlines, and streamlines their banking process. According to Allied Market Research, the online banking app market revenues in 2019 were $11.43 billion. According to the analysis, these figures would nearly triple by 2027, reaching $31.81 billion at a CAGR of 13.6 percent.

Given the aforementioned, this is most likely the perfect time to develop a banking app. But what distinguishes a good banking app from a great one? How to develop your own custom mobile banking app? How much does banking app development cost? Don’t worry; you’ll find your answers in this blog.

As a top mobile banking app development company, we’ll help you to stay on the right track. Through this blog, you’ll get in-depth information about mobile banking app development! So, with this regard, let’s quickly begin with,

Mobile banking apps: what & why to invest in mobile banking app development?

The advancement of banking innovations has dramatically eased personal financial management. To conduct a bank transaction, users no longer ought to wait in line at the cashier. Installing a mobile application is all it takes to pay bills, send money to various beneficiaries, or deposit money instantly. Individuals can now make banking transactions digitally and at their leisure, thanks to mobile banking apps. That’s why the urge for on-demand banking application development has gripped the banking industry on the rise.

As per the market researcher CACI, up to 72 percent of the population in the UK, or 35 million individuals, likely utilize mobile payment services by 2023. The year before, there had been 5.5 billion internet banking logins, with individuals signing into a mobile banking app at least 275 times yearly. Massive, isn’t it?

Moving on, let’s quickly discuss,

Why invest in mobile banking app development in 2021? Top reasons and benefits!

The top reasons and benefits of banking app development are:

1. Greater Usability

With a flexible mobile application that works on every device, you can provide unified banking services. Guarantee straightforward navigation not only on smartphones but also on tablets and wearables — from a simple login procedure to fast onboarding to smooth payments — to raise client engagement and enhance profitability.

2. Convenience

Mobile transactions are convenient and profitable in that they are typically less expensive than transactions at ATMs and bank branches, and they can be completed in under a minute. Saving time and having access to money around the clock: no need to go to the bank because banking transactions can be done from almost anywhere around the globe.

3. Enhances user experience

Mobile applications are a realistic way to improve your clients’ banking experience. Your user can check their accounts at any time using the mobile banking app. Furthermore, the mobile banking app makes it easy to customize the consumer experience, fostering faith and credibility in your services.

4. Enhances productivity

Automation, often widely used in machine intelligence, consists of actions carried out by machines without the use of humans. Al can be used in chatbots, machine analytics, analytics, and natural language processing, to name a few. You may send customized alerts to your consumers using Al for mobile banking, depending on their choices, location, and transaction history.

5. Boost ROI

Improved client involvement through mobile banking also has a significant impact on your ROI (Return on Investment). More financial goods are held by engaged mobile application users. Customers use mobile banking more often since facilities are offered 24 hours a day, seven days a week. This generates more outstanding money than transactions conducted just at a branch.

As of now, we’ve seen a lot about mobile banking apps and it’s benefits. Now, let’s move on and check some functionalities you need to add in your mobile banking app. So, let’s go!

Top must-have features you need to consider during mobile banking app development! Don’t miss any!

Well, there are ample features for the banking app; below, we’ve listed some of the must-have features that you need to include in your mobile banking app. So take a look.

Coupons — This is a fantastic feature that provides you a significant advantage. You may create coupon codes and advertise your offers using the coupon functionality in your banking application, encouraging more of your application users and consumers to redeem them and use your app. Coupons make promoting bargains, your services, and your app across all marketing strategies easier.
Voice based banking — Voice-based banking and financial apps are no longer revolutionary: they are on every business’s wish list to be incorporated into their banking app. Voice services promote the concept of “banking on the go,” making internet transactions safe and convenient.
QR scanner — Scanning QR codes with your mobile banking app is a quick, easy, and simple way to pay for quality services. To make a payment, customers must scan the QR code with their devices.
Budget planning — Pay attention to your users and provide them with information about their buying patterns. They’ll appreciate it later. Include some ideas on everyday expenditures to give them more control over their financial knowledge. Such seemingly insignificant details will assist you in increasing brand recognition.
Locate ATMs — Users can use this mobile banking app function to locate bank ATMs and physical offices. They can also acquire up-to-date information on cash availability at nearby ATMs as well as information on branch operating hours. They’ll also be able to acquire walking or driving instructions to the nearby offices.
Chatbot — Build a clever chatbot with Al to address the most difficult client concerns 24 hours a day, seven days a week. Personalized product recommendations and clever voice searches add an extra layer of comfort. Help users to use AR-based GPS navigation to visit the closest service station or ATM.
Push notifications — The application must notify the user of each transaction and changes in account status, as well as alert the user if there are any suspicions of fraud, spamming, or fraud. Discounts, new services, promotions, and other information can be included in push alerts.
Take Loans — By incorporating loan features into your mobile banking app, you may save your customers from long lines in branches and time-consuming paperwork. Encourage other sorts of financing, such as mortgages and vehicle loans. Allow borrowers to establish and adjust the payback time, as well as EMIS, using interest calculating tools.
Transactions management — To comprehend how much was withdrawn when the user must check the whole payment history and transaction data. A simple transaction dashboard enables individuals to keep track of their money and strengthens their devotion to your services.

As we’ve discussed, the top features and functionality of mobile banking app. Now, let’s move forward and discuss the real deal of this blog, and that is,

How to develop a mobile banking app? Key development steps to follow!

The road to success always begins with planning. The cornerstone of your banking app development process is strategy, and the profitability of your mobile banking app is determined by how much effort you devote into it. Before you go further and develop a mobile banking app for your enterprise, there are a few things you need to do.

1. Do market research

In regards to features and functionality, various institutions have slightly varied objectives. As an owner, you must be responsible for the design of your banking app. This research aids you in determining and comprehending the industry’s finer points. Here’s a list of things you’ll learn after conducting extensive research for your app and specialty. The much more you know about the product, the better chance you’ll have of avoiding potential hazards and maintaining the application’s pitch that meets users’ needs. Through this research, you will get to know more about your,

Competitors
Target audience
What do your competitors lag in the offering?
What are their offerings?
Bottlenecks in industry

You’ll be willing to formulate an analysis of the sector and obtain a much more advanced viewpoint once you have all these details. In this manner, you didn’t have to think about repeating your rivals’ missteps, improving existing techniques, or coming up with a new product/solution to this issue.

2. Choose the platform

The two primary app distribution platforms, Google Play Store and Apple App Store, each have their very own distinct features. It’s a smart invention to know the platform you would really like to target. This is decided by who you’re trying to reach. However, launching your mobile banking application on both platforms is the ideal option. This enables you to reach a much larger audience and, as a result, generate more revenue.

3. Design wireframe

We’ve recognized from our years of Banking app development that every banking app, especially banking mobile apps, necessitates special responsibilities when it relates to user experiences. Consequently, FinTech developers will be able to determine the user flow and create the ideal information architecture using mockups. Mockups/Wireframes help you to know how your application is going to look and how it will function. Matellio’s designers use their extensive experience to develop prototypes and mockups for mobile banking apps.

4. Choose the right tech stack

The technical architecture on which your banking app is based has a significant impact on its functionality. Choosing the right technological stack for your business mobile banking app is very important. The technologies Matellio’s experts use to develop banking apps are:

Java
Kotlin
NodeJS
Ruby on rails
Laravel
MAP
PhoneGap
Swift
Fabric iOS
MySQL
MongoDB
Redis
AWS
Twillio

Apart from technologies, you also need a professional development team to turn your ideas into reality and integrate the above-mentioned features into your app. The following roles were required to build an efficient mobile banking app!

Frontend developers
Backend developers
UI/UX designers
QA engineers
Project manager
Business analyst
Android developers
iOS developers

5. Start the development and test the app

Now is the moment to put all of your bank app’s assumptions, concepts, and functionalities to the test. The technology in which you will write the application and the platform for which you will code it are two of the most crucial decisions to make when creating a banking app. Once the development is finished, the next step is to test the app. The testing process will help you to identify potential flaws, bugs, and errors in your app. The application might have to be tweaked depending on the outcomes of the testing phase, and once you’ve done that, you’re ready to move onto another phase, that is releasing the application for the public.

Moving on, let’s discuss the most important part of this blog,

How much does banking app development cost?

Well, defining the banking app development cost is a bit hard. As it depends majorly on various factors like:

Platforms to be used
App’s complexity
Features and functionality of the app
Region of hired banking app development company
Technologies used, and much more

As you can see, the aspects behinds the final app development cost. If you want a final estimate of banking app development cost, contact us. Matellio’s experts would love to quote your project.

Conclusion

Mobile banking app advancements may be a significant boon for both users and the financial and banking businesses. The mobile banking app can help customers respond to and engage with the app by simplifying the complex processes of the banking industry. Developing a mobile banking app can be frightening at first, especially if you are not tech competent.

On the other hand, this blog simplified the procedure down into simple steps that will guide you through the cycle of creating a custom mobile banking app. A mobile banking app can provide your business a push and an advantage over the competitors by allowing you to engage with your target users more effectively.

If you want to move forward with banking app development or looking for expert advice for the creation of a banking app, contact us. Create a next-generation banking experience for your mobile customers in partnership with Matellio’s development team. Drop a message, and we’ll get back to you with a no-obligation quote.

Originally published at https://www.matellio.co.uk/ on August 3, 2021