How to Create a Mobile Banking App and Succeed in the Fintech Sector

On what aspects the application can be optimized, a new marketing research will help you find out . Thus, the entire software development process can be considered cyclical. Which software tools developers will use depends on the functionality of the application and the chosen mobile OS. We reviewed the standard solutions above, in the Performable Tech Stack You Need to Create a Banking Application section.

  • The number of fintech startups has dramatically increased in recent years, and all of them are aimed to meet high customers’ expectations in an effective and fast way.
  • You can add a whole range of filters, such as splitting periods into daily, weekly, monthly, and yearly.
  • Every time I start to work on the mobile banking app development, I realize that we have to architect the product and its codebase to make sweeping changes with ease and speed.
  • So it’d be a good idea to let them put those payments on autopilot.
  • It can be so realistic that the product owner and potential users can perform simulated tasks with the model, helping discover flaws and areas for improvement early on.
  • Although the general feature set is the same for both platforms, there are some differences in the interfaces.

Release the apps on the App Store and Google Play, start collecting feedback from users, make improvements. Depends on the platforms you want to cover, features, and functionality. Look through comments on both app marketplaces, use in-app questionnaires, and analyze the user behavior.

Main Challenges in Mobile Banking

24/7 service, ease of use, automatic transactions, and additional services offered by mobile apps stimulate user activity, boosting the amount of collected commissions and other fees. 45% of consumers consider mobile banking a major decisive factor in choosing a bank, and this percentage is growing. Banks with low operating costs can offer lower service fees and extended grace periods, poaching clients from traditional rivals. Minimized bureaucracy and personal interactions with a digital bank can appeal to consumers that value privacy and workflows without papers and even plastic cards – to eco-conscious consumers.

The main idea behind this approach is to communicate with users instead of hypothesizing about what they want. A huge draw for banking apps is that they give users visibility into their expenses and income. More specifically, a display of all of their spending buckets categorized and visualized in various ways so they can see their spending activity over a period of time. When wireframes are ready, designers move to the next stage and create prototypes. Prototypes are an interactive version of your banking application.

Whether you’re looking for info on how to build a banking app to engage customers or have figured out a unique customer need that calls for mobile services — you are in the right place. You’ll learn about the different aspects of fintech app development and lots more. Hybrid and cross-platform development, which imply the creation of a single application for both mobile platforms, will cost at least 30% less than native development. However, this “one-size-fits-all” approach to building a mobile banking app can make it harder to access native OS functionality. Remember how we mentioned the importance of the right technology stack?

The cross-platform approach simplifies the development process several times. Once created, the application will support both iOS and Android devices. It may not be as perfect as the native program, but you’ll save a lot.

Benefits of Banking App Development

The hardest one will be to create a chatbot that will take over the responsibilities of support service. However, creating a bot is a rather complicated process from a tech point of view. Besides, you must know what questions users may ask and compose correct answers. However, a chatbot can quickly pay off, as it can save you money on customer support with its implementation. They can encounter problems or can have questions while using the banking app. Therefore, it’s necessary to provide users with 24/7 access to support.

Of banking app users say that mobile experience is why they stay with their current bank. Morover, mobile banking app development provides on-the-go 24/7 access to all the financial services. For example, you can check deposits, view recent transactions, make bill payments, etc., whether at home or while traveling. Finally, most mobile banking apps use more or less similar features.

Fast and easy transactions between accounts are something that users appreciate. It’s a system implemented on the server side of the bank where transactions are processed. The design stage starts with the creation of User Experience . mobile banking development The main goal of UX is to provide a seamless mobile banking user flow. It means that users should be able to move through app screens with no problems. The logic behind the app must be clear to all users and not create any confusion.

How can I create mobile banking

Over the eight years of our history, Relevant got a hang of fintech, to say the least. We are especially proud of FirstHomeCoach for the UK market and Payroll for the US. Listen to our podcast in which tech founders reflect on their journey of building a successful startup and reveal their secrets to success. 13.8 It is the responsibility of the Customer to advise the Bank of any change in his mobile number or loss/ theft of mobile phone by adopting the procedure laid down by the Bank for the purpose. 13.6 The Customer understands that the Bank may send „rejection‟ or „cannot process‟ the request messages for the service request sent by the Customer which could not be executed for any reason.

You can also let your users have different types of cards, in case they want to make a transaction between their cards. Then, Mangopay was allowed to charge users and transfer a predetermined amount of money from their account to their Oval-wallet. That either happened on a regular basis or after a certain purchase . Users could then attach their bank accounts to their personal wallet; it was done by implementing the Yodlee API.

Step 6: Develop the app

You need to understand what banking apps users are accustomed to, what apps they use, and which features those apps are offering. It will help you to map out the journey and draft plans for the future application. Mobile applications can be powered by Artificial Intelligence and Machine Learning.

How can I create mobile banking

The navigation within the app has to be straightforward, transparent, and minimize the number of steps required to complete a transaction. Don’t be afraid to interact with customers on a more personal level, with a bit of humor to the graphics and texts. Article to find more fintech security and compliance recommendations. Minimum viable product , or become a basis of a complex, innovative solution for both.

Why mobile applications are gaining importance in the banking sector

Moreover, it has more powerful security features that help prevent any suspicious activity. The increasing popularity of mobile banking apps gains traction. Not only do they provide users with more targeted options, but these solutions aim to deliver a more sophisticated experience and meet the specific user needs.

How can I create mobile banking

Implementation of Artificial Intelligence will automatically identify any actions that deviate from usual user behavior, flag them as fraudulent attempts, and launch the fraud prevention mechanism. Now you don’t need to leave your home or even your bed for such tasks. We recommend using the least amount of open-source or commercial code in your app. Only if you can thoroughly test code for vulnerabilities and modify it yourself should you consider using third-party solutions. The thing is these products keep developing, and their updates can break your app.

There are a lot of technical challenges that developers should take into account while deciding how to create a banking application. The app must provide full security of all transactions and the data stored and processed within an app. We’ll discuss the matter of security later in the article, so hang on. Creation of a mobile application will open up a new marketing channel.

Mobile Banking App Features

Sometimes we provide several options and discuss the pros and cons for each option. Our team of business analysts and developers will prepare an estimate. Giving valuable insights on monthly spending can be one of the best features in your app, as people are concerned about how much they actually spend on different things. Make sure your app is in sync with your website and that all information about recent transactions and changes in balances are reflected everywhere. This financial giant is one of the largest banks in the United States. Besides, it is ranked 23rd among the most influential companies in the world .


Another example is KiwiBank, a mobile banking app from New Zealand that became the prototype for many similar solutions that have appeared in other countries. All information is presented in a very simple and easy-to-understand way. The main feature of this app is a nice green and white palette and unusual typography that looks good on a wide variety of devices. The study shows that a few years ago, client satisfaction in mobile banking solutions declined by 15% because users were challenged in completely understanding all features of the app.

So, here we discuss how to create a banking app able to give a lift to your business while avoiding common mistakes. Also, the latest types of mobile banking apps help in financial monitoring. Company owners can resort to special features to better assess their business processes and prevent possible risky operations.

Nothing too fancy like gamification, AR/VR technologies, AI-powered chatbots as they take time and money to develop. Only the basic functionality like payments, transactions, account management, push notifications, and a couple of unique features you may want to add. So, before starting mobile banking development, check what regulations are valid for your target country. If you’re making a mobile-only banking app like Revolut, it’s a good idea to hire a financial consultant who’ll explain all possible pitfalls. Over 70% of customers from the four largest US banks use mobile banking apps. One in five people in the United States uses banking apps in general.

Here you can find some information about technologies used to develop and implement a mobile banking solution. For banking apps and their core functionality, it’s important to stick with what works versus trying to reinvent how an app looks like. In addition to smartphones with different screen sizes, tablets and smartwatches allow users to access banking information. Adaptive design means creating separate user flows and layouts for each device. Chase Bank created an app that users can easily customize by choosing one of 18 home screen variations. More than that, users can change the arrangement of interface elements, adding their most used features to the main screen and hiding less useful features in menus.