Banking was related to queues and terminal searches, but the digitalization of this sphere helps make all processes fast and convenient. Furthermore, statistics indicate that mobile banking is actively growing, and by 2026, the market will reach approximately $1,824 million. Considering this, we have created this extensive guide on fintech app development, which reveals all details.
In addition to customer benefits, such as speed and ease of service, banking apps also have business advantages. These include:
Increased customer base
Banking apps allow businesses to extend their client base and offer a secure, convenient way to complete financial operations.
Understand clients needs
Adhering to Know Your Customer (KYC) policies are fundamental. The capability to accurately and quickly identify customers has become increasingly important. Through analyzing customer behavior, banks can acquire valuable information regarding clients’ inclinations and habits, aiding them in making more informed decisions when providing services such as loans and deposits.
To launch successfully, you should pass some essential steps that make your software valuable.
You should know more about your target consumers to offer them a unique value proposition and meet their needs. The mobile banking audience is quite broad and includes younger and older people. However, consumer behavior differs – younger audiences are more likely to transfer small amounts of money, pay educational fees, and make online purchases. Older audiences, on the other hand, are more likely to transfer large sums, pay bills, track income and expenses, etc.
Research your competitors’ applications, their services, and their users. This will help you understand what features are in demand and what features you should exclude from your app. Also, by analyzing your competitors, you will understand how to differentiate from them to get more users.
Banking applications have rich and varied functionality, but some features must be included:
Every banking app has to provide such functionality:
Add one-click transactions to improve user experience. You may also add transfers by phone number to make this feature even more convenient.
Users may need help with using the app. That’s why it’s worth providing them with 24/7 support. The most effective way to implement it is to develop a chatbot with artificial intelligence, which will answer customers’ questions and help them solve any problems.
Your app needs easy access while maintaining security. Users can enter their profiles using multiple methods. The predominant forms of signing in are:
Push notifications provide reliable communication between banks and users. It is necessary to inform customers about new transactions, promotions, offers, etc.
Despite the convenience of online banking, sometimes users need to use physical branches or ATMs. Provide them with an interactive map that also notes opening hours. You can implement this feature for any OS using Google Maps.
QR codes greatly simplify procedures such as purchasing tickets, money transfers, etc., improving the user experience.
You can add some advanced features to stand out from the competition and satisfy users.
Users typically worry about their spending. Therefore, you can provide a monitoring feature to track users’ expenditures.
Facilitate fast payment processing for users. Customers typically need to pay some bills repeatedly. Therefore, it would be helpful to enable automated payments.
Cashback allows your bank to differentiate itself from the competition. Offer customers several categories to choose from; each payment will be rewarded as a percentage of spending.
This feature is relatively simple but will be a big plus for your app. It allows users to split the bill for dinner together.
Let’s examine the development process step by step.
Prototype development costs significantly lower than producing a fully functional app. It is also capable of accommodating modifications. During the prototype phase, addressing bugs or adjusting features is simpler.
In the case of banking applications, security is a critical point because the software operates with a lot of personal data. Therefore, to make your application as secure as possible for users, choose only experienced vendors with significant expertise in fintech development.
Mobile banking development requires significant time and effort, so you have to select a professional IT vendor to launch successfully.
Try outsourced development to get better results, access to more talent and technology, and not waste time recruiting. To choose the best one, study their portfolio and client reviews on platforms like Clutch and GoodFirms.
Building and launching a banking app across multiple platforms can be challenging. Both stores have established protocols that you must adhere to. Moreover, the App Store has specific Review Guidelines. If the app fulfills the requirements, it will be allowed once the standards are met.
Once the product is released, pay special attention to user feedback, including bug reports and suggestions for improvement. Using this information, you can develop the application and get more benefits.
There may be some difficulties when creating such complex software as a banking application, but an experienced technical partner will help you cope with them easily.
Developers must consider various technical aspects.
Auto-entries in any fields of the user interface should be disabled. This is necessary to protect the application from third-party malware attempting to access stored data.
The screen should be blurred when users transit between applications to protect sensitive data.
Type of data storage
Banking applications store data in-memory type without physically holding it. Therefore, the data is inaccessible in case the device is tampered with.
FinTech companies and banking apps must meet the exact regulatory requirements as any other technology solution.
The key regulations for banking apps are as follows:
The development of banking applications is connected with some difficulties, but this sphere is rapidly developing and is in demand among users. To successfully create your own banking software and beat the competition, contact an experienced software provider who can advise you and make the application to the highest level.
Yuliya Melnik is a technical writer at Cleveroad. It is a web and mobile app development company in Ukraine. She is passionate about innovative technologies that make the world a better place and loves creating content that evokes vivid emotions.