How to Create a Banking App: Ultimate Guide from Experts
Best Tips to a Robust Banking App Development
Are you a Fintech organization or a banking firm? Do you have a banking app solution? If you’re still traditionally running a banking business, then the time has arrived to switch to digital.
Mobile banking apps and internet access to banking services are offering convenient and the most comfortable ways to customers. Starting from accounting activity monitoring and balance checking to money transactions and credit bill payments everything can be performed through mobile banking applications.
However, 85% of private and government banking firms are offering mobile banking services to customers to ensure higher access to their accounts all the time. Not only for tracking their account balances or debits, mobile banking applications for Android and iPhone are also best useful for accessing credit reports, deposit paychecks, instant money transfers, and many other purposes.
Today, we would like to give you a brief on-
- Must-have features of a FinTech or banking app
- Benefits of mobile banking application development
- Steps To Mobile Banking App Development
- How much does it cost to make a banking app?
Must-Have Features For A Successful Banking App
If you are planning to create a mobile banking app, you must be very careful in choosing its features and functionalities. Because features that you add will decide the success of your application in the market.
Being the best custom mobile app development company, our team of banking app developers has listed a few significant features that ensure success to a banking application (Android/iPhone). Let’s take a look at the top features of a mobile banking application.
- High-Level Security Using AI Fraud-Detecting Features
It is one of the essential functionality to measure the success of a banking application. Mobile banking applications will comprise very sensitive financial information of the users. Hence, mobile app developers should be very careful in the design and development of app login modules.
Yes, it’s the first responsibility of Banks or FinTech organizations should protect their banker’s information from hackers. This can be achieved by integrating Artificial Intelligence’s predictive analytics-based fraud detection features into mobile banking apps.
A successful banking app development with fraud-predicting capabilities will increase the service’s reliability and user retention. The banking app needs to implement multi-factor authentication, Biometric authentication processes, or iris procedures to ensure high-level security.
The banking app needs to implement multi-factor authentication, Biometric authentication processes, or iris procedures to ensure high-level security. Implementing these many security options would help banks to validate the user’s identity and detect suspicious activity with ease.
Moreover, AI-based mobile banking applications (Android/iOS), by analyzing the pattern analysis of the user’s previous transactions and search, can easily recognize fraudulent account accessing attempts and sends security alerts to the users.
- Better Management Of Banking Information
As we all know that at what extent the mobile banking apps are in helping people. For money transfer, credit bill payments, loan repayments, transactions monitoring, balance checking, and what not completely monitoring the banking activities, innovative banking apps have occupied the space in this digital industry.
So, when you are looking to hire a custom mobile app development company, make sure to give all your basic requirements and incorporate the best user-friendly features in a banking app.
- Integration Of QR Scanning Feature
Integration of easy-to-use QR code scanning facility in a mobile banking app allows users to easily scan and make in-store or online payments from the app faster and easier. Driven by the convenient and easiness of QR payments, this feature truly an amazing addition to banking application for improving app personalization and user experiences.
- Mobile Pay Check Deposits
It is one of the topmost and trendy features of mobile banking or Fintech apps. An all-new paycheck deposit feature in mobile banking applications allows users to capture and upload their paychecks and get the amount deposited in their accounts in a day. Such a digital paycheck deposit feature will save users time and make the process faster than usual.
- Jet Speed International Payments
Add a currency exchange converter and instant transfer of funds to the bank accounts located in other countries. The development of the Currency Exchange Calculator will take a little bit more time and is expensive but it makes your banking application unique from the other competitors’ apps.
- Intelligent Customer Support AI Chatbots
For delivering instant responses to customers 24*7, mobile banking apps should be designed and developed with AI-powered chatbot features. The intelligent AI chatbot feature in banking, Finance & FinTech apps sends accurate responses to customers, increases customer satisfaction, and improves app reliability.
- GPS Tracking Facility To Locate Banks or ATMs
Technology is ruling the banking and FinTech space. Rapid development in technology is a pillar for more and more advanced features and functionalities in mobile banking apps.
GPS tracking of nearby branches and ATMs in real-time is one such advanced feature that adds value to your banking application development. This feature helps users to find the nearest ATMs and meet their money withdrawal tasks easier and faster.
These are a few must-have features in mobile banking app development. Simple User interfaces, instant money transfer/receive functionality, loan management, bills management, credit card balance monitoring, account monitoring, and many more banking-related functions will perform digitally through mobile banking applications.
Benefits Of Mobile Banking Application Development
Mobile Banking App Development: Benefits for Users
Let’s take a glance at the top advantaged of mobile baking app development.
- Banks can offer instant banking or remote banking services
- Mobile banking apps help service providers automatically and continuously monitor transactions and prevent illegal access
- Android or iOS banking app development lets banks offer 24*7 customer support services and improve the loyalty of their brands.
- Mobile banking apps make fund transfers and check account balances easier and improve customer experiences.
- Mobile banking apps for bill payments have high demand, thus the scope of FinTech app development for making value-added services close to the users is high.
- By implementing AI-powered fraud detecting tools banks can seamlessly trigger fraudulent transactions
How to Create A Banking App: Step-by-Step Guide
Key Steps To Mobile Banking App Development
How to create a mobile banking app?
This question might drills you inside when you suppose to invest in a mobile banking application. Starting from the requirements gathering and prototype/UI/UX design to module development, debugging, and deployment, every phase in the mobile application development draws significance and needs a specific budget.
Here is the step-by-step procedure involved in mobile banking application development.
- Key requirements gathering and analysis
- Deep market research to measure the scope of your new mobile banking application
- Finalizing the primary features for MVP development
- Wire framing/Prototype design/UI/UX design
- Development of app modules
- Testing for improving the app’s robustness
- Deployment on app stores
- Application Upgrade, maintenance & support services
How Much Does It Cost To Build A Banking App?
The estimated cost to develop a mobile banking app will range from $20,000 to $150,000.
However, the development cost of banking apps (Android/iOS) will depend on the app’s specifications, platform (Android/iPhone), type (Native/Hybrid/Cross-platform), technology stack, and custom mobile app development company’s location & team size. Further, the app’s maintenance and support services are other reasons that impact the cost of a mobile banking application.
- A mobile banking app development cost with core features and simple UI on a single platform will range from $20,000-$30,000.
- The cost of a mobile banking application development with features like AI-enabled fraud detection, QR Scanning, and In-app AI chatbot assistance range from $55,000-$90,000
- Further, the cost of a cross-platform AI-powered banking app development might range from $70,000-$150,000.
Hence, the overall complexity of your new mobile banking application will decide the cost of development. The hourly rate of mobile app developers you hire will also impact on the final app development budget.
Wrapping Up!
The cost of developing a mobile banking app will depend son many factors as we discussed in the above section. We, at FuGenX, with a team of top Fintech mobile app developers offer bespoke and highly-secured custom mobile banking applications.
Meeting your desired app requirements as a primary focus, our software designers and developers build an advanced AI-powered banking app on Android and iPhone platforms of your choice.