Learn about Mobile Banking App Development and explore trends, features, tech stack, cost, and follow simple steps for creating your app.
May 24, 2024 By : Aashiya Mittal
Post-Covid-19, the world has experienced a 34% surge in mobile banking . With the convenience of handling transactions on the go, people rely on mobile banking apps for instant money transfers, checking balances, and their status irrespective of location. In this simple guide, explore the mobile banking app development process, features, cost, and tips to safeguard your and your customer’s data with integrity.
Do you know that mobile banking is expected to hit $8.94 trillion globally by 2027 ?
Technology has evolved, offering solutions to ease every manual effort. The same goes for the development of mobile apps for the banking industry.
Several trends are surfacing not only to improve customer experience but also to streamline banking operations in 2024. Let’s see what trends can transform mobile app development.
Today, banking and finance are not just about transactions, it is about how customers interact with their bank in real-time while securing transactions.
Build AI-powered chatbots for seamless customer support.
Open banking is reshaping the banking industry by fostering transparency and healthy competition. It lets you integrate mobile banking apps with third-party financial services efficiently. Customers can link their accounts to other apps, such as tracking tools, and budgeting platforms.
One popular example is Cred. These emerging trends make banking more accessible, personalized, and efficient for everyone. They are not only transforming how we bank; they are making financial services more inclusive.
With the high adoption of smart devices, such as wearable devices, customers can enjoy cardless payments. Customers have to link their bank details with their smart devices to use them for banking purposes, such as making NFC payments, receiving notifications about changes to their bank account, checking other banking information, and more. This integration has reduced the financial inclusion gap.
Blockchain and cryptocurrencies are powerful trends bringing new perspectives to traditional banking processes, offering advanced banking solutions.
Mobile banking apps equipped with blockchain and cryptocurrencies offer new opportunities for financial innovations.
Moving apps and businesses to the cloud brings scalability, flexibility, and ease of use. The same goes for the mobile banking apps. Cloud-based banking is a faster, easier, and more cost-efficient solution to modern banking to cater to modern-age customer needs.
Get ready to move to the cloud with OnGraph’s cost-effective cloud migration services in 2024.
With the rapid advancement in digital banking and AI adoption, cybercrime and digital threats are the topmost concerns. Financial institutions are developing mobile banking apps integrated with robust security practices.
The average global cost of a data breach hit $4.45 million in 2023. Thus it is necessary to focus more on cybersecurity to maintain integrity and reputation.
When we talk about mobile banking apps, the first question that comes to mind is what type of mobile banking app you want to develop. What audience do you want to target?
Below are the types of mobile banking apps.
After deciding what type of mobile banking app you will develop, assess must-have features to make it more useful and intuitive.
Fortunately, at OnGraph you will get all mobile banking app development services .
Consider the following features for scaling mobile banking apps.
Security is the most important aspect of finance-related apps. Users entrust you with their personal and crucial information, you must take responsive measures to protect their identity and assets. Some robust methods are-
Managing an account on the go requires real-time updates on account information. Your mobile banking app must allow users to manage their account details with a great interface and perform critical banking operations.
You must integrate-
With such features, customers can efficiently control their finances.
Every customer mostly focuses on their expenses and how they can manage them with all-in-one features. It lets users to
It will help customers manage their finances in a controlled way and have a comprehensive view of their expenses.
To connect customers in real-time with the right information at the right time, this push notification will help banks ensure that. It keeps customers up-to-date with relevant information, such as
Digitization has simply brought every individual closer. It is perfect in terms of sending money and making different transactions across the globe. These features have helped customers to make international instant transfers. Offering the below features will bring more customers.
After finalizing the must-have features for your mobile banking app, it’s time to move forward with the development. Hire a mobile banking app development company for effective results.
Each mobile banking app is unique catering to different customer segments, thus it requires a different approach to build different mobile banking app solutions.
Here is a simple step-by-step guide to start the process of mobile banking app development.
First, make sure you understand what type of mobile banking app you want to develop. Understand the target audience and their needs. We at OnGraph conduct detailed research to understand your requirements and then act. We majorly focus on-
You must choose the right development team with the right expertise to integrate efficiency with security. At OnGraph, we strictly follow security guidelines and follow the latest trends to make significant differences in the market.
Choose OnGraph’s full-time dedicated mobile banking app developers. We offer
When it comes to mobile banking apps, they must be equipped with an easy interface to understand the finances easily. A well-designed and intuitive interface helps in simplifying complex transactions and financial tasks.
Developers at OnGraph are experts in various CMS development services for seamless customer experience.
Before jumping to full-scale mobile banking app development, we create a prototype. It helps in validating concepts, understand navigation, and gather valuable feedback for potential changes.
With our expertise in implementing DevOps and agile approaches, we can develop mobile banking apps within the shortest time possible depending on your requirements and app complexity. We have rolled out various mobile apps with great efficiency.
Testing every functionality is required to ensure high quality and reliability. Make sure your mobile banking app passes all tests before you launch it in the market, as a single failure can damage your reputation and lose your customer’s trust instantly.
OnGraph’s dedicated testing team has successfully reduced iteration time for our significant customers.
Selecting the right tech stack will decide your mobile banking app’s reach and development resources. Below are the tech stack required to develop a cross-platform and secured mobile banking app.
Developing a mobile banking app usually costs between $8,000 to $20,000, but this can vary based on factors like features, technology used, and location.
The increasing prevalence of mobile devices has driven the adoption of specialized apps, including mobile banking applications, which offer users access to different financial services. These apps have gained global popularity for their efficiency and security in handling various financial transactions.
OnGraph, with its expertise in mobile app development , can assist in building and enhancing mobile banking applications . With a team of experienced developers and a focus on cutting-edge technologies
We can include features depending on your business requirements and target audience. From essential features (account management, secure login options, fund transfers, bill payments, transaction history, and customizable alerts) to advanced AI/ML integrations for improved user experience.
We strictly follow and implement industry-best security practices like encryption, multi-factor authentication, and regular security audits to protect your data and transactions from potential threats.
Our development team is highly expert in native development with Swift for iOS and Kotlin for Android to ensure optimal performance and platform-specific capabilities. Also, robust backend solutions like Node.js or Django for secure data management and integration with banking APIs.
We ensure your mobile banking app will adhere to the latest regulatory standards, including GDPR, and other industry-leading compliance.
We have expert AI, ML, Blockchain, and IoT developers and services. Integrating them to streamline customer support, fraud detection, and predictive analytics for personalized financial insights and help you deliver a better user experience for your mobile banking app.
