Secrets Behind Successful Mobile Banking App Development In 2023

The first bank in the US was opened in Philadelphia on December 12, 1791, with a mission to overcome the worst financial situation and overwhelming debt in the US after 

the Revolutionary War.

With the Progress of time, banking revolutionized and started offering services even to the common person.

The biggest transformation emerged in the banking sector when in May 2011 the Royal Bank of Scotland launched the world’s first fully functional banking app.

But this wasn’t the first attempt to digitalize banking.

On May 18, 1995, American bank Wells Fargo offered Internet banking to customers – Which gained tremendous appreciation from people as now they can perform several functions through their devices.

Surprisingly The number of global online banking users will exceed 3.6 billion by 2024.

That also means more people use their mobile devices to make transactions rather than visiting a bank.

And why would anyone want to visit a bank and wait in a long queue when most of the bank functions can be performed through a mobile app?

If you’re wondering why mobile banking is only adopted by first-world countries like Canada and the US.

The following figures will prove you wrong.

  • European online banking doubled from 2007 to 2018
  • India is the top mobile banking country in the world.
  • China accounted for over 805 million active online banking users highest in the world.

The figures are extremely motivational if you want to build a banking app in 2023.

In upcoming years, the demand for mobile banking app development will even increase.

As the world is moving more toward digitalization.

Read More: Things To Know For Successful Real Estate App Development

Nevertheless, a successful mobile banking application development is difficult as it holds some hidden secrets which we’ll uncover in this post.

Read this blog before kicking off mobile banking app development – to win the race.

What is The Current And Future Mobile Banking App Market?

Before we start with the features benefits, process, and cost.

Let’s discuss the current and future market conditions of mobile banking app development.

The figures will surely boost your confidence if you’re being skeptical that mobile banking app development really worth it.

  1. Mobile banking is currently valued at $772.96 Million and will hit $1203.29  Million by 2026.
  2. It is projected that mobile banking will reach an all-time high in 2030 which is $1873.23 Million.
  3. The Global Market is predicted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 11.70% from 2023 to 2030.
  4. North America (USA and Canada) is the biggest market for mobile banking.
  5. North America covers 42.90% of the total mobile banking market.
  6. Capital One Mobile is the most popular and widely download banking mobile app with more than 10 million downloads. 
  7. With 8.9 million download Chase Mobile is ranked second.
  8. Asia-Pacific is predicted to grow at the highest CAGR during 2026-2030.
  9. Monzo is the most popular neobank in the UK, with over five million users.
  10. Chime is the most popular neobank and is ahead of other providers in the US.

What Is Mobile Banking App?

What Is Mobile Banking App Development

It is an approach to create a mobile app by banks and other financial institutions to enable customers to perform various banking activities like Funds Transfer, Bill Payment, Mobile Deposits, Card Management, and much more directly from their mobile devices.

In short, as a bank customer you don’t need to visit the bank – all activities can be performed from mobile devices anywhere in the world.

What are the Different Types of Mobile Apps for Banks?

What are the Different Types of Mobile Apps for Banks

The biggest misconception among people is that a banking mobile app can only perform one or two task –  which is funds transfer and paying bills.

But in reality, a bank app can perform a lot more than just these two functions.

To find out the other 4 types of bank mobile apps which are still uncommon but will be in most demand in the future.

Make sure to go through this part of the blog.

  1. Account Information Access

The most prevalent type of mobile app that a bank develop is to provide information to the customers about their account.

This mobile app helps customers to have access to information like deposits and loan EMI transactions, invest in equities and mutual funds, check investment statements, etc.

Such mobile apps are relatively easy to build as it doesn’t contain any complex or advanced features – because all a user does is view the account.

2. Near Field Communication (NFC)

This is a relatively modern-day technology and not many banks are currently using it.

This technology works on contactless payments which allows two devices — like your phone and a payment terminal to make a transaction.

Read More: NFC Guide: All You Need to Know About Near Field Communication

3. Mobile App Investment Banking

Banks also develop mobile apps to help investors invest in bonds and shares directly from their mobile devices.

Such mobile apps are created for investors so they can perform their routine tasks while staying at home.

With the help of investment mobile apps, you can perform the following functions.

  • Buy and sell mutual funds
  • Invest in shares, bonds
  • Manage your investment portfolio

4. Digital Wallets

Carrying your bank card all the time is not secure at all.

And most of the time card owners misplace it, becoming a serious moment.

However, digital solutions cut down the risk which means you don’t need to carry your card all the time.

Digital wallets contain all the data of a user’s bank cards. That means you don’t need to travel with your card all the time.

They are usually integrated with NFC solutions.

5. Quick Reply (QR) Mobile App

With the help of QR code mobile app users can check out goods at offline points of sale and pay bills according to the generated list of goods.

Why You Should Make a Banking App?

If you think immense popularity is the only reason you should make a mobile banking app.

Or just because your every competitor has a mobile app.

You would also need one.

No! That’s not the case at all.

Yes! It’ll be nearly impossible for a bank to survive without having a mobile app in the future.

But it is more than this!

Here’re the 8 reasons you should make build a banking app RIGHT NOW.

  1. Reduce bank operations
  2. Streamline daily operation
  3. Cut down expenses
  4. More satisfied and happy customers
  5. Generate more revenue
  6. Attract and retain more users 
  7. Better return on investment (ROI)
  8. Personalized marketing and user experience

Read More: How Custom Mobile App Development Help Businesses Grow 3X!

What are the Trends in Mobile Banking App?

What are the trends in mobile banking app development?

A mobile banking app development that lacks the latest trends and modern-day technologies tends to be failed.

Owing to the fact that people love trends. 

Unfortunately, there’s nothing you can do about it.

The only way to counter this problem is that you make an application that meets the current market status.

Before getting started with banking app development make sure to follow the trends, or all your investment will go down the drain.

If you’re oblivious to the mobile banking app development trends, read through this part of the blog.

1. Biometric Security

The need for foolproof and invulnerable security is been highest in recent times than it was ever before.

Banking mobile app development companies are implementing several ways to ensure that the app is completely safe, protected, and free of any hacking and cyber-attack.

Among many methods, the Biometric Security technique has been the most effective and safest way.

Biometric Security uses face, voice, and fingerprint recognition to access the app.

This means it prevents accounts and devices from unauthorized access.

For instance, if any stranger knows your password they can’t access the app or make a transaction because the Biometric Security will prevent ent from doing so.

2. Cardless Transaction For Cash Withdrawal

In the future, you won’t need an ATM card to take out money from the ATM as the ATM card in the mobile app will carry out transactions.

This process is called cardless cash withdrawal and most of the banks have already implemented the feature.

However, still, most of the banking apps dont have these features – but in the future, they will certainly need them.

3. AI-Powered Chatbots (Chatbots For Swift Replies)

Why make your clients wait for hours when you can answer their queries in seconds?

Sounds impossible!

Well certainly no!

In this time of advancement and innovation, nothing seems impractical.

Yes, you can reply to even a million answers in a second with the help of Artificial Intelligence (AI) powered chatbots that provide personalized assistance to the client and are often better than a real human in less than a second.

Sometimes AI-supported chatbots might not give a satisfying answer. In such a situation, you’ll always have humans as an alternative.

4. Voice Banking Facility (Voice Feature For Better User Experience)

The biggest drawback of using technology is that humans are becoming dormant and sluggish.

Typing can be effort-consuming and sometimes it is if you’re typing a long message.

For a more user-friendly banking mobile app, one can integrate a voice feature means the user will use his voice instead of his fingers to give instructions.

Moreover, this feature can also be used as an extra layer of security.

That means the phone owner can only access the banking app to make transactions or any other operation.

5. Digital-Only Banks And Blockchain

Making a transaction through blockchain technology is the safest and least hazardous way to make a transaction.

This technology enables untrusted parties to reach an agreement on the status of a database without using an intermediary. 

Blockchain technology which was once considered the biggest threat to the banks and its operation, now using the technology for various purposes.

What are the Benefits of Mobile Banking App?

The first bank in the US was opened in Philadelphia on December 12, 1791, with a mission to overcome the worst financial situation and overwhelming debt in the US after  the Revolutionary War. With the Progress of time, banking revolutionized and started offering services even to the common person. The biggest transformation emerged in the banking sector when in May 2011 the Royal Bank of Scotland launched the world's first fully functional banking app. But this wasn't the first attempt to digitalize banking. On May 18, 1995, American bank Wells Fargo offered Internet banking to customers - Which gained tremendous appreciation from people as now they can perform several functions through their devices. Surprisingly The number of global online banking users will exceed 3.6 billion by 2024. That also means more people use their mobile devices to make transactions rather than visiting a bank. And why would anyone want to visit a bank and wait in a long queue when most of the bank functions can be performed through a mobile app? If you’re wondering why mobile banking is only adopted by first-world countries like Canada and the US. The following figures will prove you wrong. European online banking doubled from 2007 to 2018 India is the top mobile banking country in the world. China accounted for over 805 million active online banking users highest in the world. The figures are extremely motivational if you want to build a banking app in 2023. In upcoming years, the demand for mobile banking app development will even increase. As the world is moving more toward digitalization. Nevertheless, a successful mobile banking application development is difficult as it holds some hidden secrets which we’ll uncover in this post. Read this blog before kicking off mobile banking app development - to win the race. What is The Current And Future Mobile Banking App Market? Before we start with the features benefits, process, and cost. Let's discuss the current and future market conditions of mobile banking app development. The figures will surely boost your confidence if you’re being skeptical that mobile banking app development really worth it. Mobile banking is currently valued at $772.96 Million and will hit $1203.29  Million by 2026. It is projected that mobile banking will reach an all-time high in 2030 which is $1873.23 Million. The Global Market is predicted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 11.70% from 2023 to 2030. North America (USA and Canada) is the biggest market for mobile banking. North America covers 42.90% of the total mobile banking market. Capital One Mobile is the most popular and widely download banking mobile app with more than 10 million downloads.  With 8.9 million download Chase Mobile is ranked second. Asia-Pacific is predicted to grow at the highest CAGR during 2026-2030. Monzo is the most popular neobank in the UK, with over five million users. Chime is the most popular neobank and is ahead of other providers in the US. What Is Mobile Banking App Development? It is an approach to create a mobile app by banks and other financial institutions to enable customers to perform various banking activities like Funds Transfer, Bill Payment, Mobile Deposits, Card Management, and much more directly from their mobile devices. In short, as a bank customer you don’t need to visit the bank - all activities can be performed from mobile devices anywhere in the world. What are the Different Types of Mobile Apps for Banks? The biggest misconception among people is that a banking mobile app can only perform one or two task -  which is funds transfer and paying bills. But in reality, a bank app can perform a lot more than just these two functions. To find out the other 4 types of bank mobile apps which are still uncommon but will be in most demand in the future. Make sure to go through this part of the blog. Account Information Access The most prevalent type of mobile app that a bank develop is to provide information to the customers about their account. This mobile app helps customers to have access to information like deposits and loan EMI transactions, invest in equities and mutual funds, check investment statements, etc. Such mobile apps are relatively easy to build as it doesn’t contain any complex or advanced features - because all a user does is view the account. 2. Near Field Communication (NFC) This is a relatively modern-day technology and not many banks are currently using it. This technology works on contactless payments which allows two devices — like your phone and a payment terminal to make a transaction. Read More: NFC Guide: All You Need to Know About Near Field Communication 3. Mobile App Investment Banking Banks also develop mobile apps to help investors invest in bonds and shares directly from their mobile devices. Such mobile apps are created for investors so they can perform their routine tasks while staying at home. With the help of investment mobile apps, you can perform the following functions. Buy and sell mutual funds Invest in shares, bonds Manage your investment portfolio 4. Digital Wallets Carrying your bank card all the time is not secure at all. And most of the time card owners misplace it, becoming a serious moment. However, digital solutions cut down the risk which means you don’t need to carry your card all the time. Digital wallets contain all the data of a user's bank cards. That means you don’t need to travel with your card all the time. They are usually integrated with NFC solutions. 5. Quick Reply (QR) Mobile App With the help of QR code mobile app users can check out goods at offline points of sale and pay bills according to the generated list of goods. Why You Should Make a Banking App? If you think immense popularity is the only reason you should make a mobile banking app. Or just because your every competitor has a mobile app. You would also need one. No! That’s not the case at all. Yes! It’ll be nearly impossible for a bank to survive without having a mobile app in the future. But it is more than this! Here’re the 8 reasons you should make build a banking app RIGHT NOW. Reduce bank operations Streamline daily operation Cut down expenses More satisfied and happy customers Generate more revenue Attract and retain more users  Better return on investment (ROI) Personalized marketing and user experience What are the Trends in Mobile Banking App Development? A mobile banking app development that lacks the latest trends and modern-day technologies tends to be failed. Owing to the fact that people love trends.  Unfortunately, there’s nothing you can do about it. The only way to counter this problem is that you make an application that meets the current market status. Before getting started with banking app development make sure to follow the trends, or all your investment will go down the drain. If you’re oblivious to the mobile banking app development trends, read through this part of the blog. 1. Biometric Security The need for foolproof and invulnerable security is been highest in recent times than it was ever before. Banking mobile app development companies are implementing several ways to ensure that the app is completely safe, protected, and free of any hacking and cyber-attack. Among many methods, the Biometric Security technique has been the most effective and safest way. Biometric Security uses face, voice, and fingerprint recognition to access the app. This means it prevents accounts and devices from unauthorized access. For instance, if any stranger knows your password they can’t access the app or make a transaction because the Biometric Security will prevent ent from doing so. 2. Cardless Transaction For Cash Withdrawal In the future, you won’t need an ATM card to take out money from the ATM as the ATM card in the mobile app will carry out transactions. This process is called cardless cash withdrawal and most of the banks have already implemented the feature. However, still, most of the banking apps dont have these features - but in the future, they will certainly need them. 3. AI-Powered Chatbots (Chatbots For Swift Replies) Why make your clients wait for hours when you can answer their queries in seconds? Sounds impossible! Well certainly no! In this time of advancement and innovation, nothing seems impractical. Yes, you can reply to even a million answers in a second with the help of Artificial Intelligence (AI) powered chatbots that provide personalized assistance to the client and are often better than a real human in less than a second. Sometimes AI-supported chatbots might not give a satisfying answer. In such a situation, you’ll always have humans as an alternative. 4. Voice Banking Facility (Voice Feature For Better User Experience) The biggest drawback of using technology is that humans are becoming dormant and sluggish. Typing can be effort-consuming and sometimes it is if you're typing a long message. For a more user-friendly banking mobile app, one can integrate a voice feature means the user will use his voice instead of his fingers to give instructions. Moreover, this feature can also be used as an extra layer of security. That means the phone owner can only access the banking app to make transactions or any other operation. 5. Digital-Only Banks And Blockchain Making a transaction through blockchain technology is the safest and least hazardous way to make a transaction. This technology enables untrusted parties to reach an agreement on the status of a database without using an intermediary.  Blockchain technology which was once considered the biggest threat to the banks and its operation, now using the technology for various purposes. What are the Benefits of Mobile Banking App Development? Mobile banking app development is mutually beneficial. In other terms, if a bank owner or management thinks that building a banking app will only be advantageous for the customers and nothing holds anything for the bank and its employees. They have no idea how much beneficial it can be for the banks themselves. Several operations can be performed automatically without spending even a single penny. If we say that mobile application development for banking is a win-win situation, it won’t be wrong. Advantages for Banks (Mobile App Owner) Higher User Engagement Mobile banking development can help you achieve higher user engagement. This statement will just be useless without solid proof. Whenever a person opens a new bank account, he considers many factors like bank cards, account security, interest rate, minimum cash balance, and many more. The one factor that we’re missing here is the banking mobile app. If a bank has a good-performing mobile app that ensures that all the functions can be performed with a mobile app without visiting the bank physically. Competitive Advantage Almost all the banks in the US have a mobile app. That means having a mobile app for your bank has already become a necessity. The only way to have a leg up on your competitor's banks is to have a more feature-oriented, engaging, and attractive mobile app than others in the market. For instance, if your rival bank has a mobile app that can perform only two functions. You should take a step forward and build a banking app with more functions to give tough time. No Need to Open New Branches The more branches a bank has in a location or country the better they are considered. Well, this concept is slowly becoming old and unimportant. Because when you have a banking mobile app that performs all the functions that a physical bank performs, no customer will come to the bank and stand in a queue for hours. That means the bank dont have to open new branches which will save money automatically. Paperless Record Keeping  For record keeping many banks and financial institutions still use the old and outdated way which is what we call paper record keeping. But now we’ve even a greater alternative which is most safe and protected than that old paper record-keeping method. Higher Return On Investment (ROI) Every software that a company builds or makes an investment is with one common goal which is to reap benefits. Mobile banking app development is no exception. Any bank that builds a mobile app they wish that they will receive benefits in return. The benefits can be in numerous forms like more customers, higher engagement or return rate, better customer service, or generating more revenue. Additional Revenue Streams Building a banking mobile app can 2x your revenue. Wanted to know how? So when you only conduct operations through a physical bank you only have only one way to make revenue. This means people who will visit your bank, you can only make revenue through them. Having a mobile app for banking purposes can help you to increase your income by 72% and 72%. According to a report, banks can more revenue when they develop a mobile app because mobile banking users spend more compared to clients who exclusively use branches or visit physically. Benefits for Customers (Mobile App Users) Account Access Round The Clock (24/7 Service) Having a mobile app allows the account holder to access the bank at any time of the day from any part of the world. That means the user can see the current account balance, make a transaction and perform many other activities without any time restriction. On the other hand, Traditional banking institution operates a few hours a day. Thus it's impossible to make traction during night hours. Fast money transfer Transferring money through a conventional bank can take hours to complete and sometimes even two days. Because the whole process takes time and goes through human intervention. Contrasingly, transferring money through a mobile app takes seconds. Here you click a send button and money will be sent to the other person in just a second. Fast and Secure Access To The Account (Biometric Method) People who don't use bank mobile apps consider security as the major reason. However, with the advancement new and modern-day security measures are introduced which makes the bank mobile app the most reliable path to make a transaction. Features like finger, voice, and face recognition make it impossible for strangers to log in to the app. Broader Functionality Nowadays a banking mobile app can perform all the functions and activities a traditional banking institution performs. Therefore, elders or people with different disabilities who can’t come to the bank can do whatever they want with the banking mobile app. Notifications Set up In case of any emergency or alert banks can notify their customers within seconds. The traditional way like emails and letters is time-consuming which slows down the process. What are the Benefits of Mobile Banking App Development?

Mobile banking app development is mutually beneficial.

In other terms, if a bank owner or management thinks that building a banking app will only be advantageous for the customers and nothing holds anything for the bank and its employees.

They have no idea how much beneficial it can be for the banks themselves.

Several operations can be performed automatically without spending even a single penny.

If we say that mobile application development for banking is a win-win situation, it won’t be wrong.

Advantages for Banks (Mobile App Owner)

1. Higher User Engagement

Mobile banking development can help you achieve higher user engagement.

This statement will just be useless without solid proof.

Whenever a person opens a new bank account, he considers many factors like bank cards, account security, interest rate, minimum cash balance, and many more.

The one factor that we’re missing here is the banking mobile app.

If a bank has a good-performing mobile app that ensures that all the functions can be performed with a mobile app without visiting the bank physically.

2. Competitive Advantage

Almost all the banks in the US have a mobile app.

That means having a mobile app for your bank has already become a necessity.

The only way to have a leg up on your competitor’s banks is to have a more feature-oriented, engaging, and attractive mobile app than others in the market.

For instance, if your rival bank has a mobile app that can perform only two functions. You should take a step forward and build a banking app with more functions to give tough time.

3. No Need to Open New Branches

The more branches a bank has in a location or country the better they are considered.

Well, this concept is slowly becoming old and unimportant.

Because when you have a banking mobile app that performs all the functions that a physical bank performs, no customer will come to the bank and stand in a queue for hours.

That means the bank dont have to open new branches which will save money automatically.

4. Paperless Record Keeping 

For record keeping many banks and financial institutions still use the old and outdated way which is what we call paper record keeping.

But now we’ve even a greater alternative which is most safe and protected than that old paper record-keeping method.

5. Higher Return On Investment (ROI)

Every software that a company builds or makes an investment is with one common goal which is to reap benefits.

Mobile banking app development is no exception.

Any bank that builds a mobile app they wish that they will receive benefits in return.

The benefits can be in numerous forms like more customers, higher engagement or return rate, better customer service, or generating more revenue.

6. Additional Revenue Streams

Building a banking mobile app can 2x your revenue.

Wanted to know how?

So when you only conduct operations through a physical bank you only have only one way to make revenue.

This means people who will visit your bank, you can only make revenue through them.

Having a mobile app for banking purposes can help you to increase your income by 72% and 72%.

According to a report, banks can more revenue when they develop a mobile app because mobile banking users spend more compared to clients who exclusively use branches or visit physically.

Benefits for Customers (Mobile App Users)

1. Account Access Round The Clock (24/7 Service)

Having a mobile app allows the account holder to access the bank at any time of the day from any part of the world.

That means the user can see the current account balance, make a transaction and perform many other activities without any time restriction.

On the other hand, Traditional banking institution operates a few hours a day. Thus it’s impossible to make traction during night hours.

2. Fast money transfer

Transferring money through a conventional bank can take hours to complete and sometimes even two days.

Because the whole process takes time and goes through human intervention.

Contrasingly, transferring money through a mobile app takes seconds.

Here you click a send button and money will be sent to the other person in just a second.

3. Fast and Secure Access To The Account (Biometric Method)

People who don’t use bank mobile apps consider security as the major reason.

However, with the advancement new and modern-day security measures are introduced which makes the bank mobile app the most reliable path to make a transaction.

Features like finger, voice, and face recognition make it impossible for strangers to log in to the app.

4. Broader Functionality

Nowadays a banking mobile app can perform all the functions and activities a traditional banking institution performs.

Therefore, elders or people with different disabilities who can’t come to the bank can do whatever they want with the banking mobile app.

5. Notifications Set up

In case of any emergency or alert banks can notify their customers within seconds.

The traditional way like emails and letters is time-consuming which slows down the process.

Often, people dont read emails or letters which can be problematic in the future – damaging the bank’s market reputation.

What are the Core Features Of Mobile Banking App?

What are the Core Features Of Mobile Banking App Development

Features are the most important part of any mobile app development.

Therefore, mobile application development companies should spend more time and invest more effort in researching the right set of features.

A banking mobile app without the right features would be of no use – thus no customer would appreciate the app if it doesn’t have the appropriate set of features.

Below we’ve listed 8 features that a mobile app developed by a bank should have.

1. User Profile

The first thing a user will do after downloading the app is to create an account or profile.

The profile-creating process is a bit tricky and more complex than any other app as it is supposed to be.

Here the reason to create a profile isn’t just to give information to the application but also to keep all your transaction safe.

Different methods can be used to build a secure and quick authorization process

  1. Multi-factor authentication is one of the safest ways but it can consume time as users have to fill in too much information.
  2. biometric authentication is the right and most shielded avenue, where users have to use their finger or face to access the app. However, this feature is considered advanced which can increase the development budget
  3. In case the user is already a bank customer only signing in with a mobile number or email with a password would also work. But remember this approach is not the safest.
  4. Debit card and 4-digit code. If the customer has a debit card he can use it to log in.

2. ATM/Bank Branch Locator

A banking mobile app can’t perform every task especially if the task needs human intervention.

If this is the case, the mobile app should provide information about the nearest branch. 

So, the customer can visit the bank physically to solve the issue.

Also, the app show closes ATM to withdraw cash from the ATM.

3. Account Management

A mobile app should allow users to manage accounts.

This is also the basic feature of a banking mobile app that enables account owners to check balances, view transaction history, seamlessly transfer funds between accounts, create investing plans, automate regular payments many more.

To make sure that the user accesses all these functions easily, the app navigation should be intuitive.

4. 24/7 Support

During using banking mobile apps people and especially people Technologically inept who are not may come across many issues and complications.

Therefore, they will need assistance from the customer service team to resolve the issue.

AI-powered chatbots are the feature that you’ll need to incorporate into the app.

Alternatively, you can hire a full-time customer service team that will work 24/7 –  providing much better assistance than the chatbots.

5. Money Transfer

A banking mobile app that doesn’t offer a fund transfer option is certainly of no use.

Usr will delete the app instantly if he figures out that the app doesn’t offer the money transfer feature. 

In the worst-case scenario, the frustrated user might close the bank account permanently and opt for another bank that offers a Money Transfer option.

In addition, if you’re offering a money transfer option make sure it is well-protected with advanced and modern-day safety techniques.

6. Push Notifications

Not just the banking mobile apps but every mobile app regardless of the type should have a push notification to keep their customers informed and updated.

From a banking standpoint, push notification features keeps the user Up-to-date about various happenings like interest rates, increased credit limits, and many more.

7. Bill Payments

In this age of digitalization and technology, no one wants to pay bills while standing in a queue for hours under harsh sun.

In the US, the majority of people already using banking mobile apps to pay bills.

Whether it is a kid’s school fee or an electric bill, you must make sure that all types of bills can be paid through the banking application.

8. QR Code Scanner

Not many banking mobile apps offer a QR code scanner but it’s one of the most demanded features that will soon be popular.

QR code makes it possible to make payments in a safe environment.

What are the Banking App Challenges?

What are the Banking App Development Challenges?

Banking mobile application development faces numerous challenges, relatively more than any other mobile application.

Well banking mobile app may seem like any other app, but in reality, a person thinks a million times before making an account or log in to a banking mobile app.

The biggest fear people have about banking mobile apps is that they believe online platforms (like websites and mobile apps) aren’t the safest way to make a transaction or make any deal that includes money.

Also Read: Unlocking Your Ecommerce Potential: The Power of Custom E-commerce Development

The second Overwhelming dread that users have is they think that if they lose or misplace their phone – someone would withdraw the money.

The other major reasons are that users cannot see the screen, cannot do everything online, the app is too complicated, and other issues related to the app interface and layout.

With all these concerns and complications it can be really nerve-wracking for mobile app developers to create an app that not just overcomes the fear of users but also motivates them to download the app and use it regularly.

Here’re the 3 challenges that a mobile app developer should subdue fear.

1. Security Threat

According to a report, banking customers who don’t use mobile banking apps (42%) say it is because they don’t trust the security of these apps.

The rest 62% of consumers now use banking apps regularly but security concerns prevail.

This means still a big majority of people don’t fear that they can lose their money due to cyber-attacks and other fraudulent activities.

How to solve the security issue?

The easiest way to increase people’s belief and boost their confidence is that provide them with multiple steps to log in to the app. In addition, you can also integrate advance level security measures like biometric authentication.

2. Don’t Store Unnecessary Information

A banking app database store tons of irrelevant information, that if gets hacked can be a problem.

We’ve seen multiple times before that cyber attacker hits the data which mobile app developers consider unimportant and useless – and when they get into the hands of hackers they use it for their benefit.

So, if you think that certain data is Insignificant or Trivial dont keep it in the app database for long.

3. Legal Regulations

Mobile banking app development is a risky and high-stakes development – which means if anything goes wrong or a mistake can put down the whole development.

That is why before launching a banking mobile app it goes through a series of tests to make sure that it adheres to laws, standards, and regulations.

A Step-by-Step Guide to Mobile Banking App

A Step-by-Step Guide to Mobile Banking App Development

Finally, the moment has arrived that you’ve been waiting for.

But before we head into how to create a banking app it’s very important to go through the upper sections.

By going directly to this section you’ll have half the information.

Banking mobile application development is just like any other application development but there’s one step which was the sub-part of other apps.

But in banking mobile application development, this stage has been given a separate phase as it might take a longer period and is very important.

To find out what was the step and why it is so important considering mobile banking development; keep reading this section till the end.

Stage #1: Research 

Every mobile application development whether banking mobile app development or not starts with comprehensive research.

Conducting proper research not just help you to find the answer to all your question but you get to learn new things.

The research can be divided into three stages; 1. Competitor research 2. Market research 3. Target audience research.

Competitor research: By doing competitor research you get to know what unique aspects make them better than every other in the market whether it is with the features, interface, or the marketing strategy. You can also inspect their strength and weakness and use them accordingly.

Target Audience Research: Once the app is developed it’ll be launched in the market. This means bank customers are the ultimate users of the app. But if you avoid them during the development stage you’ll never be able to build a app that will be appreciated by them. Simply put, audience research helps you to know what kind of app the want, what feature should the app have, and what the interface should look like.

Market Research: Market research helps you learn about the latest trends, technologies, and features that you can integrate into the app. Also, how much market demand is there for your application.

Stage#2: Strengthen the Security Base

This is the stage that we were talking about above. 

You won’t see security as a separate stage in any other mobile application development.

But in banking mobile application development, you must spend days and weeks ensuring that the app adheres to modern-day security measures and techniques.

That makes this process a time-consuming and effortful process and needs a specialized team who understands the security of the app in a better way.

Stage #3: Design UI/UX of the App

After performing a rigorous investigation, the first thing that mobile application developers do is they will start designing the interface and layout of the app.

To create an engaging and attractive UI/UX of the app you can see what the competitors have done of the app. You can take inspiration from such apps.

Moreover, you can take feedback from the target audience about the prototype that you’ve created.

Well, most of you might think that UI/UX design might not be of such importance.

After all banking mobile app is all about online money so why not concentrate more on features and security rather than the app interface?

Well! That’s wrong!

The more engaging and intuitive your application will be, users will have peace of mind while using the app.

Step#4: Development

Once you’re done with the designing part, it’s time to start the development with the help of the technology stack.

If you’re making a native app for Android users you would need a Java and Kotlin developer.

On the other hand, if you building an app for iOS users you would need a Swift or Objective-c developer.

Also Read: App Builder Vs Coding: Which Is The Best Option For Your Business In 2023?

This step is considered the most technical part of the whole mobile banking app development journey.

Stage#5: Testing 

Once the app is developed it goes through an exhaustive testing phase to ensure that the application is bug-free.

Launching an application without having a bug or error can slow down the app’s performance.

The testing of the banking mobile app should be done more carefully and thoroughly as the nature of a mobile app is very different as compared to other apps.

Stage#6: Launching

Once the app is developed it can be launched into the market and users can download the app with a peace of mind.

Cost Of Banking Mobile App 

Just like any other mobile application development. It’s impossible to determine the cost of mobile banking app development.

Because the cost is based on multiple factors; thus the cost varies from app to app.

For instance, if you want a more high-end banking application with advanced features the cost can break the bank if you’re on a limited capital.

If we keep all the factors aside, the cost of building a medium mobile app will be around $30,000-$60,000.

Remember the cost can be a lot more than the figures above if you want a mobile application with present-day attributes.

Here’re the features that can increase the cost of mobile banking app development.

  1. Developers location 
  2. App complexity (features, functionality, and screens)
  3. Ui/Ux Design
  4. Level of customization
  5. Developers experience

Below you can see the cost of mobile banking app development in different countries.

Cost Of Banking Mobile App Development

Read More: 11 Factors That Skyrocket Cost Of Mobile App Development

How Quanrio can help you build a top-notch banking mobile application?

If you’re reading this that means you’ve read the blog right till the end. 

That thing also indicates that you really want to build a banking mobile app.

However, one question that will be on everyone’s mind is how to find the right banking app development company.

Searching for a skillful and competent mobile application development company is a tiresome process that can consume days.

If you want to save time you can always get in touch with the question

Over the years we’ve successfully built hundreds of mobile applications, websites, and other custom solutions.

If you’ve any groundbreaking idea in your mind and want to bring it to reality.

You’re welcome to speak to our developers.

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FAQs

What Are The 3 Most Successful Banking Apps in the US?

Chime, Bank of America mobile app, and Capital One are the most successful banks in the US in terms of downloads, popularity, and revenue generated.

Can Anyone Make a Banking Mobile App?

If you know major programming languages still you can’t make a banking mobile app on your own. You’ll need a team full of developers and designers to make a banking app. However, if you’re Technology-averse you’ll need to hire a full-scale mobile application development team to develop online banking applications.

How Long Does It Takes To Build A Mobile Banking App?

The estimated time to make a mobile banking app depends on the complexity of the app. For instance, if you want to develop a complex mobile app with cutting-edge features it can take up to 6 months. On the other hand, a simple banking app can be created in less than 3 months.

Is Mobile Banking App More Secure Than Online Banking?

Mobile banking app is the part of online banking that can never be compared in any way. If we compare mobile banking apps with the bank website, we can say that banking applications are more secure as they are integrated with comparatively more strong security measures.

Why Do People Use Mobile Banking Apps?

The biggest reason why people use mobile banking apps as they are a more convenient, quick, and secure way to make a transaction. The Walk-in banks take hours to complete a transaction, through a mobile app it can be done in a split second.