KICK-OFF THE SMARTEST DIGITAL BANKING TRANSFORMATION
Banking App Development Company
78% of the U.S. population utilized bank mobile apps to perform their day-to-day task. The numbers are expected to reach 90% in the upcoming years as people rely more on their mobile devices to access their accounts rather than visiting banks in person.
Thanks to the technology, feature-rich banking mobile apps are now capable to perform 80% same tasks as physical banks. Therefore, account holder expects their banks to have a user-friendly and secure mobile app so they can perform tasks from the comfort of their homes.
Owning a full-scale bank but don’t have a banking mobile app yet? You’ll need it because it has become necessary! Customers consider banking mobile apps as the most prominent factor before opening an account.
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Why Do You Need Mobile Banking App Development Services?
With skyrocketing demand for banking mobile apps, it has become indispensable for every bank regardless of size to create a mobile app.
On the other hand, customers consider mobile apps as one of the top factors before opening an account in a bank.
That means if your bank doesn’t have one. Your customers will choose your competitors over you.
Here’re the 5 reasons you need a banking mobile app.
80% of U.S. Residents Use Banking Apps:
In the U.S., 80% of bank users accessed their accounts through a mobile banking app, highlighting the app's widespread usage.
People Prefer Banking Apps Over Websites:
People find mobile banking apps more convenient and secure than banking websites, leading to a preference for using apps.
Staggering Market Value:
Mobile banking is valued at $772.96 million now and is projected to reach $1,203.29 million by 2026.
Phenomenal Growth:
The global market for banking mobile apps is forecasted to grow by 11.70% annually from 2023 to 2030.
Safe Future:
74% of those aged 15 to 24 reported using mobile banking in the past 12 months, compared to 15% of those aged 65 or older.
Personalization Opportunities
Banking apps use AI and ML to offer personalized financial advice, notifications, and custom offers, enhancing user experience.
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Benefits of Banking Mobile App
Account Access Round The Clock
The banking mobile app enables customers to access their accounts from anywhere anytime. Unlike traditional banks, mobile banking can be used at any hour of the day to make a transaction, check balances and manage transactions. This round-the-clock accessibility provides convenience to users allowing them to handle their banking needs whenever they want, whether a day or at a late-night emergency.
Swift Money Transfer
Transferring money from one account to another through a banking mobile app is very convenient as it takes seconds. Whereas, the physical banks can take days to process the same transaction. This speed and efficiency show that mobile banking apps provide a significant advantage as they allow users to complete their financial tasks quickly without delays, as in conventional banking methods.
Additional Revenue Streams
Banks can earn more revenue when they develop a mobile app because mobile banking users spend more compared to clients who exclusively use physical branches. This increased spending is connected to the convenience and accessibility of mobile banking. Because of this, people opt for more frequent transitions so by offering a mobile banking app banks can enhance their revenue streams.
Competitive Advantage
Building a feature-rich mobile app can give you an upper hand against your competitors. You can attract more customers and stay ahead by offering advanced features and a user-friendly interface. This improved functionality will not just improve the user experience but also position your company in the industry, giving you a competitive edge that can bring growth and success.
Higher Return On Investment (ROI)
Higher return on investment (ROI) is a major benefit for banks investing in high-performing mobile banking applications. Banks that develop and implement efficient mobile banking applications typically experience a 72% increase in income. This impressive boost in revenue shows the financial advantage of investing in mobile technology. It highlights the potential for enhanced profitability and growth through banking app development.
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Necessary Features In A Successful Banking Mobile App
Registration/ User Profile
Account Management
Money Transfer
Push Notifications
ATM/Bank Branch Locator
QR Code Scanner
AI-powered chatbots
Digital payments
Voice-Enabled Banking
Biometric Authentication
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Banking App Development Process
Step #1
Research
We start things off by gathering the initial information about the project through the meeting. The research is not just limited to the information we gain through the client. But we also conduct comprehensive competitor and market research ourselves to have complete information before heading to the designing phase.
Step #2
Designing
We truly understand the importance of a well-crafted app interface and layout. Therefore, we dedicate a team of professional and creative UI/UX designers that work exclusively on your project. they are assigned with creating wireframes and prototypes that meet your requirements. Our team goes one step ahead of its own creativity boundary and creates something which is truly remarkable.
Step #3
Development
Once the app’s prototype is created we set aside frontend and backend developers to start working on the solution. The backend developers are assigned to work on the server side, APIs, and business logic. On the other hand, frontend developers, mutate UI design into a functioning user side.
Step #4
Testing
Development isn’t the last step when Quanrio is working on any project. Before deploying the app or submitting the project to the client we run rigorous testing to ensure that the app is free of bugs and errors. We implement various testing techniques and strategies before deploying the app.
Step #5
Deployment
Once we’re assured that the app is steered clear of any bugs and errors only then we launch the app in the market.
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Tech Stack
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Why Choose Quanrio For Banking Mobile App Development?
Professional Banking Mobile App Developers
Affordable per-hour Rate
Premium Quality Assurance
Cutting Edge Technologies
Helpful Customer Service
Improved Business Efficiency
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HAVE A LOOK AT OUR EXCEPTIONAL WORK!!! (PORTFOLIO)
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Frequently Asked Questions
The cost to develop a banking mobile app is based on factors like the level of features and the time taken to build the app. Therefore, the banking mobile app development cost varies from project to project. To get a price for your project, you can speak to us.
Java is a better choice when developing front-end applications since banking and banking require extremely secure systems. For example, the banking industry still uses Java as its preferred coding language since it is dependable, safe, and able to handle massive amounts of data.
The time to build a depends entirely on the project. If the project is complex or the client wants to integrate cutting-edge features the time may increase. The cost to develop a banking mobile app also depends on the time. If a project takes more time to complete the cost for app development may also increase.
Before you reach out to us you must have a basic understanding of the banking mobile app. You will need project details and app ideas. This information help us during the future development phase.
As a reliable mobile app development company, we understand that it’s super important to keep your app’s data safe and secure from any illegal intervention. We use modern-day tools and techniques to ensure that the app is protected and steer clear of any unauthorized access.
There’re various kinds of mobile banking apps like the Account Information Access app, Near Field Communication, Digital Wallet app, Quick Reply (QR) Mobile Apps, and many more. Quanrio takes pride in developing any type of banking mobile app at an affordable rate.
Stay engaged with industry news, regularly update your app to fix bugs and enhance security, gather user feedback for feature improvements, and be ready to integrate emerging technologies such as AI-driven chatbots or biometric authentication to stay competitive in the market.
To ensure regulatory compliance, work closely with legal experts to understand and stick to financial regulations specific to your target markets. Implement features like identity verification, secure data storage, and transaction monitoring. Regularly update the app to comply with any changes in regulations, and conduct periodic audits to verify adherence.
Banking mobile app development is a way for banks to introduce an intuitive and user-friendly application that provides convenient and secure access to banking operations, enabling customers to manage their finances from anywhere.
Yes, Quanrio is the most reliable Banking app development company in the USA with experience in providing customized banking application development services to organizations globally. We have a team of skilled and proficient app developers who ensure to build exceptional and secure banking apps.
You can find the best banking app developers at Quanrio. Our experienced developers create high-quality, scalable, secure, and data-driven apps that help revamp your overall banking infrastructure. As a leading banking app development company, we offer banking solutions at competitive rates. Contact us to work with the best banking app developers
A robust banking mobile app should include features such as secure login, account management, fund transfers, transaction history, bill payments, ATM locators, and real-time alerts to provide users with a comprehensive banking experience.
To guarantee the security of customer data in a banking app, you can apply industry-related encryption protocols, authentication methods such as biometrics or two-factor authentication. You can also conduct regular security audits and follow the data protection regulations to protect customers’ data.
Consider developing for both major platforms, iOS and Android, to reach a wider audience. Cross-platform development frameworks like Flutter or React Native can be utilized to streamline the development process and maintain consistency across platforms.
The development timeline varies based on the complexity of features and platforms. On average, it can take anywhere from 4 to 12 months. Proper planning, clear requirements, and collaboration with a skilled development team can help in meeting deadlines.
A mobile banking app is an essential tool for banks to stay competitive and fulfill the needs of their customers. Mobile banking apps can help banks improve customer convenience, differentiate themselves from competitors, reduce costs, enhance security, and gain valuable data insights.