Financial management is now easier and more accessible than ever before, thanks to these mobile apps. Mobile banking apps have enabled consumers to manage their finances and view their account information from their cell phones at any time and from any location. This in-depth guide will discuss banking apps and how to build a mobile banking app in 2023-2024 (see the Topflight comprehensive guidelines).
Fintech apps explained in a nutshell
The term “FinTech” refers to the broad category of applications developed to improve financial services. These apps’ primary function is to improve the efficiency of monetary exchanges, banking, and management. FinTech’s mobile banking apps put these capabilities in the hands of consumers and businesses alike, revolutionizing the financial services industry.
Do we really need mobile banking apps?
The importance of banking apps for mobile devices is greater than ever. The convenience of monitoring account balances, making transfers, paying bills, and even investing from one’s mobile device. Due to their unparalleled efficiency and comfort, they have become a vital part of modern banking.
What is the market saying about mobile banking apps?
Deloitte found that 59% of consumers in 17 countries who were surveyed about their digital banking behaviors and channel usage used mobile banking apps at least once a month. Vantage Market Research predicts that the market for digital banking apps will expand worldwide at a compound annual growth rate (CAGR) of 11.9% between 2021 and 2028. This data shows the importance of starting a banking app.
Benefits of mobile banking apps
Building a banking application offers the following benefits:
For users
Mobile banking apps provide numerous benefits to users. For starters, they offer exceptional ease by allowing customers to check their accounts and conduct transactions anytime and anywhere. Security is of the utmost importance, with strict safeguards in place to protect user data and financial information. Aside from convenience and security, these apps save customers money by eliminating the need for actual branch visits and time-consuming paperwork. Furthermore, mobile banking apps provide a personalized experience by providing unique financial insights and recommendations based on the user’s needs and preferences.
For business
Mobile banking apps are extremely valuable in the commercial world. They greatly improve consumer engagement and user loyalty, which is critical in today’s competitive financial scene. Financial institutions also gain from cost savings, with lower operating expenses resulting from higher usage of digital transactions and fewer in-person encounters. Maintaining a strong digital presence is no longer an option in the financial sector; it is a need. Furthermore, these apps provide critical data insights that institutions use to fine-tune their services and products, thereby improving their offers and staying ahead of the competition.
Trends in mobile banking apps
Before we discuss how to make a banking app, it is important to understand the current trends in this market:
ML and AI
Personalized recommendations, fraud detection, and customer assistance are all powered by ML and AI algorithms, which greatly improve user experiences.
Big data
By leveraging big data analytics, financial institutions can make data-driven decisions and better understand client behavior.
Cardless ATM transactions
The use of physical cards is being replaced by contactless technology, which is altering how people access cash.
Gamification
Apps with gamified components enable users to meet financial objectives and increase their financial knowledge.
Voice payments
Voice-activated payments and orders are becoming increasingly popular, providing a hands-free banking experience.
Build a mobile banking app the right way
In this section, we will discuss how to build a mobile banking app:
Start with market research
The development of mobile banking apps is directed by market research. It involves identifying user needs, market trends, and potential gaps. Gaining insights into user behavior and expectations allows you to modify the app to fit their demands efficiently.
Gather the right development team
It is critical to assemble a skilled team of engineers, designers, security experts, and compliance specialists. Their joint knowledge ensures that your app is effective, secure, and follows industry rules.
Creating prototype
Creating a prototype is a good idea before plunging into full-scale development. It lets you see the app’s layout, design, and operation. User feedback at this stage is crucial for improving the app’s overall user experience.
Developing the future app
The development phase can begin after a distinct prototype is in hand. This includes coding, integrating critical functions such as account management and payments, and putting in place strong security measures. The goal is to design an app that is both user-friendly and safe.
Pre-release and testing
Extensive testing ensures the safety, usefulness, and performance of a product. When problems or defects are discovered, they must be fixed so the service can continue functioning normally for users.
Deployment
Finally, the distribution process involves releasing the app on designated platforms such as the App Store and Play Store. When launching a mobile banking app, it’s important to prepare ahead to increase the likelihood of user uptake and survival in the face of stiff competition.
How to choose the right tech stack for developing a mobile banking app
To make a mobile banking app, you have two options for development in your tech stack:
Native development
Native programming shines out when it comes to selecting a tech stack for a mobile banking app. It involves developing distinct iOS and Android apps using platform-specific languages such as Swift for iOS and Java or Kotlin for Android. Native apps provide improved performance and access to device-specific functionality, resulting in a more seamless user experience.
Cross-platform development
Another feasible alternative to build a mobile banking app is cross-platform development. It enables you to use frameworks such as React Native or Flutter to develop a single codebase that runs on various platforms, such as iOS and Android. While it may provide faster development and cost benefits, it can occasionally lag in performance when compared to native development.
