Gone are those days when even the basic operations regarding your banking account required a visit to the bank branch. But the wave of digitization in all business verticals has drastically revolutionized things and made it possible to access everything right from the palm of your hand. The functionality of the traditional banking app has completely changed the way people manage their finances and make transactions.

According to the survey report, it is predicted that 2.7 billion people will be expected to use mobile wallets in 2022. 

Moreover, the number of mobile device transactions is projected to grow by 121% by 2022. 

Further, 88% of the banking transactions are made through mobile apps. 

With these advanced statistics, it is fair enough to say that mobile banking apps are paving their way in the banking sphere. All thanks to developers that continue to innovate the fintech and banking apps. If you are also a bank or financial firm looking for ways to stay up with speed and stand first in the competition, then it’s time to create a banking app in 2022. 

If you are wondering how to get started and what functionalities to implement in the banking app, then don’t worry; here is a complete guide.

Key highlights of the Banking App Development

Let’s get into the details of each point for a better understanding:

Why Do Banking Apps Gain Importance in the Modern Age?

Banking mobile apps are booming at the fast-paced and have become an integral part of everyone’s life. With contactless payment options and easy-to-access banking features, these apps have become a buzzword in the mobile app. You need to hire a mobile app development company that can help you transform your app idea into perfect robust solutions.The main selling point of these apps is offering constant convenience to the users. Apart, all thanks to its user’s benefits:

• 24/7 access to the banking services;
• Remote deposits and seamless transactions;
• Best security practices implemented in the security app;
• Paying bills in one click and easy navigation;
• Transferring funds to anyone with one click;
• Applying and paying loans online.

Apart, banking apps can offer unique perks to financial institutions and banking firms, such as:

• Minimized operating expenses and stress 
• Enhanced customer experience
• Good return on investment (ROI) 
• Personalized services thanks to data analytics powered by AI
• Maximal value through push-notifications

Companies and startups actively realize the benefits of investing in banking apps. Further, with the statistics, the volume of mobile financial transactions and other contactless technologies will exceed $220 billion by 2023. Therefore, it makes a lot of sense for banks to have mobile apps at hand to continue running in this race. But the question is how to make your presence in this competitive world where various banking apps are already dominating the market.

3 Key Elements of Developing a Success Banking App

While digitization is rapidly revolutionizing banking functionalities, developing a mobile fund transfer app is a worthy decision. But instead of getting straight into the app development process, it is logical to conduct market research, prepare a clear plan of action, and evaluate which functionalities need to be implemented into your app. If you are planning to invest in an e-banking app, you need to consider these three questions below.

Essential Elements of Developing an Online Banking Mobile App

• Offering 24/7 Customer Support 

Before you get into the app development process, you need to understand what customer support your mobile app will offer? No matter how simple your app is in navigation, there will be scenarios when users need additional help. So while developing a banking app, you can find an app developer to build an app and offer necessary customer support whether it is implementing chatbots or comprehensive FAQs pages on the app to provide immediate answers to your customer’s most often asked questions. This is a safe way to ensure that your users trust your company and can make transactions freely.  

• Capability and Scalability of the Banking App

Another critical aspect of developing a banking app is to verify how capable your banking app is of financial management. And the essential feature of creating a banking app is to provide the ability to view transaction history and statements. This enables users to organize their finances in-app without keeping any manual records or using multiple channels. In developing an advanced app version, you can provide the budgeting tools and in-depth insights to offer a superior user experience. 

• Security and Safety of the App

When it comes to developing a banking app, users are always concerned about the app’s security. None of the features above can convince users to install your app if it lacks security measures. The importance of high-grade security in your mobile banking app can make your app successful. Ensure that your banking app has air-tight security in your banking app to avoid fraud. 

After reading all such elements of developing a banking app, you must be curious to know the app development process with a comprehensive step-by-step guide.

A Step-By-Step Guide On Mobile Banking Development

Before you dive into the specific features and functionalities of developing an app, let’s discuss the process of creating a successful banking app. 

A Comprehensive Guide To Create a Successful Banking Mobile App

Step 1: Conduct Research and Analyze Your Requirements

You may be curious to develop a banking app, but soon that excitement will be in vain if you get straight into the app development process. You can choose to hire a mobile app developer to conduct market research, analyze your competitor, development trends, and more. To make sure that you are starting your app development process in the right direction, you need to understand who your users are, their banking needs, and what services they look for in banking apps. Considering all such factors, you can develop a unique app development strategy for your project. 

Step 2: Build and Verify a Prototype

To turn your app idea into life, you need to create a prototype illustrating the app design, logic, structure, visuals, content, and design flaw what’s more, fixing a design flaw while prototyping is ten times cheaper than making changes to an app with faulty design.

Step 3: Look For Security Measures

The best way to make your app secure is to implement DevSecOps into the development process and work with a team that knows the most common threats that users may encounter in the banking app.

Step 4: UI/UX Designing

Whether you are developing an MVP solution or a full-fledged mobile app, app design is an important consideration. The easy-to-navigate and straightforward app design is not only always appreciated by the users but also seems authentic. Keeping in mind the customer experience, make the app interface valuable and helpful. It must be easy to access and ensure overall transparency through the transactions.

Step 5: Decide Upon the Technology Stack 

The simple mantra of making your banking app run like a well-oiled machine makes sure you pick the right technology that strengthens the app backend. Since the core functionality of your app is to handle finances and all transactions, it is worth looking for a react native development company. They will help choose tech stack wisely to lower costs, shorten software development time, and speed up the time to market. 

Step 6: App Development Team For Coding

To create a full-fledged banking app, you need to hire a team that consists of the mobile app developer, business analyst, project manager, UI/UX designer, and app tester. The right choice of the app development team will start coding an app quickly and help implement the suitable functionalities into your app. 

Step 7: Integrating Third-party Solutions

To extend the functionality of your banking app and make it more convenient for users, integrating 3rd party APIs is a wonderful solution. This will save your time and cut down the need to build an app from scratch. 

Step 8: Launch Your App and Maintain Codes

Now you have designed and developed your app, though it’s time to launch it on the app store. Though both Google Play Store and Apple App store have their own guidelines, therefore it is worth hiring an app development company that avoids app rejections. They are well familiar with the guidelines therefore they will help you customize an app following the app store’s instructions. 

This is a step-by-step guide that helps you understand the process of app development. But developing a banking app is much more than following this standard app development approach.

Mobile Banking App Features to Have in 2022

To create a successful banking app you need to prioritize such features and functionalities that add a great level of convenience to the users. A banking app is a mobile app where a customer accesses their bank account details and makes transactions directly from the app. To add the ability to perform all such functionalities, here we have listed a few features and functionalities that you can consider implementing in your banking app.

Several Classic Features To Include in Your Banking App

• User Authorization: Allow users to get registered with an app by using email ID or contact details. To make it a quicker, easier and seamless process, you can add social media platform integration.
• Add Bank Details: Allow users to link bank details and card info so that users can check current balance and keep track of transaction history. 
• Schedule Payments: Allow users to transfer payment through an app by using a secure person to person money transfer feature.
• Paying Bills: With the flexibility to make payment through apps, allow users to pay bills online.
• Open Account: With an online banking app, allow users to open a new account by filling online forms and upload all the necessary documents. This will have them from the bank visit. 
• Order New Card: Allow users to fill an online form to make a request for a new credit or debit card. 

There are a plethora of features and functionalities you can look forward to integrating into your app. Each addition of features will lift the app development cost and time, therefore, MVP app development will be a perfect option.

How Much Does It Cost To Develop a Banking App?

Calculating the cost of developing a banking app is always a challenging job. But there is no online calculator that helps you provide the estimation especially when you are not sure about the app development requirements. If you are looking to develop a banking app then you need to focus on these major factors that actually contribute to the app development cost.

The major factors affecting the app development cost are complexity of app development, choice of operating platform, features and functionalities, app testing, UI/UX design and more. 

If we conclude all such factors, the average app development cost will revolve around USD 20,000 to USD 25,000 and may take around 4 to 9+ months in app development. The app development and time can go up and down depending upon the business requirement. 

Conclusion

In this digital driven world, banking apps are boldly paving the way in the financial market. After analyzing the best mobile app development solutions on market, we have created this comprehensive guide that helps you understand the process of app development along with the features and cost estimation. If you are still in doubt, then you can choose to hire mobile app development. Alcax is a leading banking app development company that helps you build an app that ensures security, usability and user-friendliness. If you have any concern about developing a banking app, then you can contact us or drop a query below.