How to develop a secure mobile banking app?
How we can create best-in-class mobile applications and enterprise solutions for Banking Industry and what will the features, costs, and technology use?
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Banks have been around since money appeared, and as money is changing, the banking system is changing too. According to Citi’s 2018 Mobile Banking Study, 81% of US consumers use their mobile devices to manage finances and 46% of US consumers have increased their usage of banking apps in the past year. Thought leaders believe that mobile apps will soon become a must-have for banks rather than just a trend.
Custom mobile apps for banks disrupting the banking system
Mobile banking development isn’t the same as it was just a few years ago. Statistics reflect people’s appreciation for the convenience of mobile banking: according to Citi, 91% of users prefer using apps rather than visiting a branch, and 68% of Millennials think their smartphone could replace their physical wallet.
Citi also found that 31% of people use their m-banking apps the most, surpassed only by social media apps (55%) and weather apps (33%). This is extremely good news for mobile banking, as most applications need to fight hard for user attention.
“Mobile banking use is skyrocketing as more consumers experience the benefits of greater convenience, speed, and financial insights driven by new app mobile banking application features and upgrades”
Banking apps don’t need to spend as much money on marketing as other mobile apps. Let’s talk about why they’re so popular.
According to Alice Milligan, the chief digital client experience officer at Citi, “mobile banking use is skyrocketing as more consumers experience the benefits of greater convenience, speed, and financial insights driven by new app features and upgrades.”
mobile banking solutions
Technology Stack for a mobile banking app
Banking experts believe that paperwork at banks is dying, and a modern bank can exist even without any physical branches. While this approach may seem extreme to some, Millennials trust banks that implement technologies and provide:
instant payments anywhere;
secure money transfers;
convenient internet payments;
valuable financial insights and personal spending statistics;
instant blocking and replacing of stolen or lost cards.
These are basic functionalities and just a fraction of what a mobile banking app can offer to customers. Let’s explore what features can truly make a difference and transform a traditional bank into a leading digital bank.
So how can you create a consistent and pleasant UX for your mobile banking app?
1. Make your app fast
No one likes slow apps, especially when it comes to making payments or trying to get information about accounts.
To optimize the loading speed of your application, make your app lightweight and choose only necessary features.
2. Sync your app with your website
android banking app development
Your website, desktop and mobile app should make up a single system that will have the same information and consistent style
Make sure your app is in sync with your website and that all information about recent transactions and changes in balances are reflected everywhere.
3. Guide users through your app
Almost everyone uses bank services, so your app’s audience will be very diverse. Don’t think that only tech-savvy Millennials will use your app (though they will probably make up the majority of your audience).
Guide users through your app so they feel comfortable with its features and layout.
While user experience and design is important for a banking app, features are the heart of your app. Let’s explore which features are absolute must-haves for any banking app and which ones you can add to stand out and give even more value to your customers.
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3 best mobile banking apps 2020
Here are some banking apps you can get inspiration from. They allow basic banking operations and more, to ease the money management for customers.
banking app development
Loot has a clear interface and intuitive user experience design
Loot is a banking application for young people, millennials in particular, that helps to manage money and set budgeting goals. In Loot, users can track their spendings, set saving goals, withdraw money and view their transactions. Loot is great for traveling too, as it works in over 200 countries and allows to pay without any transaction fees. One of the best mobile banking app features in Loot is automated currency converter that works according to Mastercard wholesale rates.
2. Chase Mobile
banking and finance app development
Chase app offers alerts on all transactions and travel notifications for your debit and credit cards
Chase mobile is a banking application for money management. With it, users can pay their bills, check their deposit, transfer money to other accounts and keep track of their debts. Chase mobile allows to schedule payments: this helps to make recurrent transactions and prevent debt.
Chase mobile went further with its features and offers special deals that provide their users with rewards as they use the Chase Ultimate Rewards program. Chase mobile also offers additional security with its fingerprint scan functionality.
3. Capital One
cost of developing an app for bank
Capital One app is one of the most secure and functional mobile apps
Capital One banking app has great ratings in both Google Play and Apple App Store – 4.7/5 in both of them. It has lots of functions, allowing users to get loans, keep track of their credit score and more. Capital One is a more traditional banking app, but it uses the mobile functions to their fullest potential: for example, you can block your card right from a mobile app, if you lose it. There you can also report fraud. Capital One app also supports Apple Watch and allows fingerprint login.
Build a mobile banking app: Must-have features
You might be surprised, but there are only three core features customers need in a mobile banking app:
Access to customer service
Let’s look at these features in more detail.
Account management is a big feature that consists of various small features related to account balances. Your app should let users:
Check account balances — Remember that information should be consistent both in your app and on your website and should refresh instantly.
Monitor and manage cards and bank accounts — Order a new card, close an account, etc.
See all recent transactions — Transaction history is a must for account management in your mobile banking app.
Check deposit — Showing deposit interest and its conditions is another thing that a mobile app should do, as well as opening a deposit account.
Best Secure Mobile Banking App Development Company?
With 14-year experience in custom software development for the banking industry and the financial services sector, Hourlydeveloper.io has been helping banks and financial services companies sharpen their competitive edge with the power of mobile technology. At Hourlydeveloper.io, we use our deep knowledge of mobile banking application development to make your banking solutions engaging and commercially viable. With a custom mobile banking app, you can provide better customer experience by delivering flexibility and convenience of the essential banking operations right from mobile devices.
Mobile banking allows customers to set and process money transactions remotely from their mobile devices. HireFullStackDeveloperIndia develops advanced apps that help financial institutions generate statements that can be easily downloaded and printed.
HireFullStackDeveloperIndia is a Fintech Development Company that provides top-notch solutions to enable intelligent automation for modern problems in financial ecosystems right from managing risks to fulfilling compliance obligations. They serve you right from envisioning to designing and implementing custom fintech applications tailored to unique business requirements.
Their security-first developmental approach revolves around safeguarding the Domain and IP access, ensuring that all the unusual differences in user-profiles and transactions are monitored and mitigated in real-time.
Fintech Software Development Services:
Mobile Banking Development
Investment Platform Development
Payment Gateway Integration
Trading & Exchange App Development
Management Boards Development
Software Modernization & Optimization
As your FinTech App Development Partner, HireFullStackDeveloperIndia can help you in planning how to start with your FinTech app ideas, developing the FinTech app prototype, and building your FinTech App.
With 7+ years experience in custom software development for the banking industry and the financial services sector, WebClues infotech has been helping banks and financial services companies sharpen their competitive edge with the power of mobile technology.
At WebClues Infotech, they use our deep knowledge of mobile banking application development to make your banking solutions engaging and commercially viable. With a custom mobile banking app, you can provide better customer experience by delivering flexibility and convenience of the essential banking operations right from mobile devices.
They specialize in mobile banking app development aligned with customers’ specific requirements, not the general ones. Depending on your requirements, they can deliver various types of banking apps and assist you in choosing the functional scope for your mobile banking app.
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A DataIT Solutions is a leading Best Secure Mobile Banking App Development Company have gained the expertise in helping privately-owned, government and public-sector financial and insurance institutions and banks. We add value to financial organizations, banking institutions and insurance companies with online payment systems, transaction processing and mobile banking and help them stay ahead of a changing marketplace. Our expert team of tech veterans can simplify an often-convoluted process into a connected, real-time development solution.
Mobile banking applications have become a very useful tool in transforming today’s dynamics in online banking. The accessibility of banking within arms reach by customers has never been easier and faster. Mobile banking technology also invigorated a new arena in the IT industry involving further research for new tools and innovation in security.
We at HireFullStackDeveloperIndia feel elated to be the top mobile banking software company. We render highly sophisticated mobile solutions across various business verticals. We have a splendid catalog of clients from the banking sector for whom we have designed numerous solutions.
Essential Features That Given by us
Credit Card Management
Banking Product Catalog
Loyalty Program Integration
Banking Lead Management
Regarding the cost of banking app development, The approximate cost is 15$ to 25 per hour.
Our experts will help you define the project scope, taste the concept, and unfold essential mobile banking features. Our dedicated team will work closely with your subject matter experts through the entire implementation process to turn your idea into a well-thought mobile banking software. Our development team also ensures the smooth integration of your app with other banking systems. After delivering a ready-to-use app, we guarantee its maintenance and support.
If you need an experienced mobile banking app development team to implement your project contact us
Going mobile is one of the major modern trends in business, including the banking and finance industry. Today, a bank may operate without a luxurious office, but it must have an advanced website where one can access a personal account and a mobile application, so that users, regardless of their location, could perform various financial operations.
Stages of the Mobile Banking Application Development
In this section, you will learn how much it may cost to develop a mobile banking application and what steps the process consists of.
This stage is about gathering ideas and clarifying project details. To create a successful product, you should start with careful planning:
• Research the target market
• Analyze competitor offerings
• Define key problems
• Generate ideas on how to solve problems
• Review best practices
• Decide on the exact features of your future app
• Choose the operating system your app will support (iOS, Android, Windows, or all of them), a programming language, and development tools
On average, the planning stage lasts from two to five weeks and may cost $5,000–$25,000.
• UI/UX Design
Designers get to work before developers because it’s crucial to look at the app before starting to code it. The designers’ team works following the task list created based on the conducted research. They develop UI wireframing, UX design, and mockups.
This stage may take two weeks and more, and the average price is about $5,000. However, the cost always depends on the number of screens in the app (each screen requires its design), so the expenses may rise or fall.
The next task is to vitalize the completed design. Software engineers perform two parts of the development process — frontend and backend coding.
• Frontend development deals with the user interface and turns it into the functioning code.
• Backend development deals with the server-side configuration, data integration, and security.
Most IT companies adhere to the agile methodology of software development. The process is iterative and interconnects with continuous testing, which helps reveal and fix bugs at early stages.
The minimum duration of the development stage is five weeks for a simple app. A more complex product will require up to five months.
The cost of this stage varies greatly and may exceed $100,000. 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.
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.
The testing stage takes up to four weeks and costs $5,000–$10,000.
• Marketing and Deployment
At this point, your solution is released to end-users. Before the official release date, active marketing and advertising should take place to attract as many users as possible and get enough feedback.
The marketing campaign can be carried out on social media, with the help of popular journalists and bloggers, via search advertising and email circulation. The cost of this stage is hard to assess. Nevertheless, marketing should be an obligatory point in your budget.
• Maintenance and Support
Further maintenance and updating of a mobile banking app are crucial for its successful performance. This is a post-development phase and its cost is not included in the total expenses for app creation, though it should be also considered in advance.
The Total Cost of App Development
In the report by Clutch, it is mentioned that the budget for a successful complex application should range between $200,000 and $500,000. At the same time, small and simple solutions can be built for $25,000–$50,000, which is a good option for startups.
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.