Guide to Developing a Mobile Banking App

A Detailed Guide to Develop a Mobile Banking App

Mobile banking apps are critically important due to people’s fast-changing lifestyles. Financial institutions engage with banking app developers to offer resonating solutions. These apps allow customers to access banking services on their phones. 

They provide convenience and let banks boost efficiency. Financial institutions that do mobile banking app development stay competitive. Here is a comprehensive guide for banking app development.

Understanding mobile banking app development

Banking app developers create apps with special features for the banking sector. These features let users do banking and manage their bank accounts. The apps let them access a variety of banking services straight from their phones. Banks started providing simple m-banking services in 1999.

Mobile banking software should improve customer experience. The banking application should also earn income for the financial institution. This requires banks to build a banking app that serves their interests and their customers. The institutions can earn money by offering subscription services and ads. They are required to brainstorm and create a plan to help them earn revenue from the app. Most banks charge a service fee for transactions customers make with the apps. Automate these charges to make the user experience smooth. Have a balance in the entire process to avoid discomfort in users.

The development of complex apps to provide a one-stop banking solution started when the 4th industrial revolution started in 2011. These platforms are more secure and robust today. They have friendly interfaces and are full of useful features. There are more laws and guidelines for their use today than when their development started.

The main stages of developing a mobile banking solution

A mobile banking solution goes through several stages. This ensures banks and customers get an all-rounded online banking solution. The process goes through the following main stages. 

• Research. The banking app developers study the market to identify the pains and needs. 

• Planning. The team creates a detailed road map for the development process. 

• Designing. The developers create an app structure that is friendly and easy to use. 

• Code design. The team creates the code upon which it is built. 

• Testing. The developers conduct several tests to ensure it is working well.

Launching. The financial institution releases the mobile banking solution for public use.

What solutions does banking app development offer

The goal of mobile banking app development is to solve customer pains. The pains include access to banking services anytime anywhere. Customers desire to save time and spend less energy accessing these services. These are some of the reasons why banks hire app developers. 

They hire them to create apps that offer convenience to customers. It provides improved security and customer engagement. They provide cost efficiency by automating baking processes. They offer data analytics to help institutions understand users.

Features of mobile banking applications 

The features of mobile banking apps include account opening and customer support. They allow customers to transfer and receive money from multiple sources. They let customers manage their accounts. They can use these to check balances and change profile details. 

They have features for bill payment, receiving alerts, and ATM deposits/withdrawals. They also have biometric features like eye scans, fingerprints, and encryption. These features make using the mobile banking app enjoyable. 

Understanding the banking app development cost

One of the major considerations before building an app is the cost. The cost of building one is approximately $50,000. This cost could increase up to $300,000 depending on the features. Understand the things that could push the cost up and address them. 

Key among them is the complexity and the features. Look at the composition of the mobile banking solution development team. The technology stack also determines the cost of the app. 

How to build a banking app

• Create goals and list the mobile banking platform features

Building a mobile banking platform serves several needs. It solves banking, automation, and efficiency needs. It should have features like security, withdrawal, and loans. It must have payment, communication, and deposit features. 

• Decide the development you want

Building a mobile banking platform requires detailed planning. You must consult with your internal team and other stakeholders. Decide the type you want to build. You may build an iOS app, macOS, Windows, or one that works on all platforms. Identify the development language you want to use. 

• Identity a qualified team of banking app developers

The app development process requires a team with different experiences. You require experienced designers, developers, and testers. Review several development platforms and their teams. Hire a team with multiple experiences and extensive knowledge. The development cost should not exceed your budget. 

• Design the app structure

The main structure is the UI and UX. The UI contains the features users see on their screens. The UX contains unseen features that make it work. The structure consists of the data layer, security features, and services. 

• Design the app code

The code is the software package that runs the app. The features of the code depend on the programming language you use. It also includes APIs, information, and authentication features. The code should be secure from breaches. 

• Test

Testing in the banking app development process is crucial. The process finds any problems and fixes them. In the process, the banking app developers put the app in a real working scenario. The process helps them identify bugs, security, and performance issues. 

• Launch and maintain

Once the testing processes are complete, launch the mobile banking platform. The app is launched to the public for use at this phase. It is added to the stores ready for downloading and installation. The application requires maintenance after launching. Update it regularly, add security patches, and fix any problems. 

Best practices for running a mobile banking platform

To ensure the app serves its purpose well, make its security a priority. Focus on compliance needs by following the existing laws. Update it regularly to enhance its security. Create awareness to attract more users and feedback. Improve its UI/UX to enhance user experience. 

Conclusion 

The need for creating mobile banking apps is more today than ever. They enhance customers’ baking experiences by bringing services on their smartphones. Financial institutions need proper planning for a smooth development process. The application should have robust security features and a customer-friendly interface.