Mobile Banking App Development: Its Cost, Features, and Process

Wondering why mobile banking app development is creating a buzz in the FinTech world? Well, bank visits for check-books, passwords, or financial transactions were the days of the past. The emerging technologies and top tech trends followed in the banking sector have revolutionized the way customers interact with financial institutions and manage money. 

In today’s digital-first world, having a robust, secure, and user-friendly banking app has become an urgent need of the banking sector. Unlike traditional financial methods, these apps provide instant access to banking services, all around the clock. Customers can manage everything from handling bank accounts to making unlimited payments to receiving real-time alerts, all from the convenience of a mobile app. 

Apart, there are many other reasons why customers are quickly shifting their banking needs to mobile banking. The increasing need for banking apps has inspired Fintech startups and businesses to grab this opportunity by investing in custom banking apps. 

Still, if you are doubting about making a step to hire a mobile app development company to help you digitize your banking model, then let Alcax help you customize the app with a user-friendly interface and innovative features to gain high retention. Let’s connect now!

Mobile Banking App Development: Market Insights and Future Scope

Technology continues to evolve, which has led to changes in trends across every industry. And the banking and finance industry is not an exception!

People no longer wait for the banks to open before depositing the cheques. The industry has undergone a huge change making people manage banking tasks 24/7 at their convenience. 

Nearly, every smartphone user is using at least one banking or finance app on their mobile device to manage everyday finance-related tasks. However, data security always remains a central concern of this app, therefore initially younger generations were the major user segments. However, now as more advanced technologies and security measures have been incorporated into the banking and finance app development, it has become multi-generational and universally used.

However, you don’t have to take our word. Here are the market stats that you need to understand:

• According to the survey reports, 6 out of every 10 smartphone mobile users prefer finance apps over accessing banking websites.

• According to McKinsey & Company report, the people engaged with banking apps are more likely to invest which leads to revenue growth for app owners.

• 72% of U.S. consumers say they prefer to manage all their finances online or through a mobile app, and out of those 85% are Millennials. 

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• One in 4 consumers says that they have experienced technical issues when connecting external financial accounts to their fintech apps or while managing online financial accounts. 

• 27% of US consumers said that they have had to reconnect an account because the connection broke. 

• Coming to security, 39% of consumers use the same username and password on multiple apps while 51% of consumers prefer using the biometric login option and 61% of consumers are ready to use multi-factor authentication when using finance apps. 

So, concluding all these stats and facts, it is fair enough to say that US consumers are actively using financial and banking apps but still they are looking for more polished and improved app versions. That’s where you need to take a dip, hire an Android app development company that helps you accommodate all the innovative features in the app and keeps you ahead of the curve with the better app version. 

What Type Of Mobile Banking App You Can Consider Developing?

So you are ready to transform banking services by investing in mobile banking app development solutions. But would you prefer launching a full-fledged banking platform offering a range of online banking services or trying simplifying the payment process that would be further integrated into the existing app?

Before you get straight to pick a top technology and hire an Android app developer, you need to understand what type of banking app you need.

There is a wide range of solutions tailored to serve a particular needs or offer a complete solution itself. Here are some of the mobile banking app development solutions you can consider in 2024-25:

Business Banking App: If you are catering to businesses, then this app can help manage payroll, employee loans, and corporate finances. It’s ideal for large-scale corporations, offering features like invoicing, expense tracking, multi-account management, and more.

Retail Online Banking App: This app solution is ideal for banks and financial institutions that want to offer a full range of services to individual consumers, including balance checks, fund transfers, bill payments, and more. It’s a digital extension of traditional banking services that requires simple features and can be started with a small investment of $15,000 to $20,000+.

Mobile Wallet: This is for businesses trying to simplify their payment systems with mobile wallet apps like Apple Pay or Google Wallet store. It allows users to just store their payment details and enable them to shop digitally. This works as an integration to the e-commerce app or a retail system.

Loan and Credit Management App: Banks and financial institutions can consider this app type for monitoring credit scores and automating the loan approval process. With this app, users can apply for loans, track repayments, and improve their credit scores with apps. 

P2P Payment App: It is one such most common financial app that facilitate instant money transfers between users. This app type is perfect for businesses looking to enter the digital payment space. 

Uplift customer satisfaction with modern banking services!

Let Alcax help you upgrade your banking services by creating a mobile banking app and quench the needs of 72% of consumers looking for the finest fintech solution to manage their finances.

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No matter what type of banking app you choose to create, all you have to do is choose the right app development process… 

How To Build A Successful Mobile Banking Application?

So how to get started with a mobile banking app development process? What exactly do you need to focus on and how you can streamline the banking experience for your customers?

The app development process becomes far easier if you know where and how to start and what to consider. When you build a banking app, you should ensure that it should be a platform that people can trust and carry out their transactions without any hesitation. 

So let’s get started with the process by keeping a few most important things in mind:

1. Banking App Security is the Top Priority

Since security is the primary factor while developing mobile banking apps for Android or iOS, therefore you hire mobile app developers who understand the importance of security measures.

Right from data gathering to conducting transactions, make sure an app keeps the data private and safe. And for this, the app should be hack-proof and protected from any cyber attack. 

2. Think About the Target Audience

Though Millennials are indeed the major age group accessing banking apps, as technology is evolving, banking apps are quickly becoming multi-generational. 

From baby boomers to senior citizens, every age category is accessing the banking app for some reason, so this is where you need to implement the highly simple, engaging, and user-friendly interface. 

3. Look For The Faster Processing

As we stated above, a certain percentage of US customers claim that their banking app is interrupted by a weak network and they have to reconduct the transactions, therefore making sure any functionality of the app won’t hinder the speed.

To ensure faster processing and high performance, make sure to avoid such things in banking app development:

• Complex user onboarding process
• Implementing too many advancements in features
• Poor UI design and complicated switch between screens
• No search history available in the app
• Lack of push notifications
• Using ready-made payment integrations

4. Less is More Attractive in Banking App’s UI

User Interface is a clear success-defining factor in banking apps. The future of banking apps depends upon the UX of the app, as 4 out of 5 users quickly abandon the app if it has a complex UI/UX. 

Now the question is how to ensure the best UI/UX design in the app.

• Make sure users never face any glitches 
• Ensuring seamless functioning 
• No longer waiting during transactions or processing
• It should be highly interactive

For this, you can hire an app developer with the simple aim of providing the best user experience. A balanced UI/UX design can bring in more loyal customers and ensure a satisfying experience. 

5. Quality Assurance is Important

No matter how fancy or basic features you have incorporated into the app, there’s less of a chance of success if it has bugs or errors. This would require multiple app tests for best results.

Since having an error in the banking app can overall harm your business reputation and impact users’ trust, therefore, make sure you hire a mobile app developer to conduct both automated and manual app testing. 

Must-Have Features For Mobile Banking App Development

A mobile app can deliver a whole new banking experience to users with integrated features and functionalities. So when you are going to build a mobile app for banks or financial institutions, there can be certain features that you need to look for to deliver the best banking experience.

Here are some of the best features for banking app development:

• User Registration and Authenticity: Offer secure login options like biometric authentication, two-factor authentication, and encryption to ensure user data protection.

• Account Management: Have a feature in the app that allows the user to manage their account and be able to check balances, and transaction histories, and manage multiple accounts seamlessly through an app. 

• Easy Fund Transfer: Allows users to transfer money between accounts, pay bills, and conduct P2P payment transactions following the easy procedure. 

• Real-Time Notifications: Provide instant alerts for transactions, low balances, and other account activity to keep users informed and engaged. 

• Mobile Cheque Deposit: Make sure you have a feature in the app that allows users to deposit cheques by capturing images of the cheque, making banking more convenient. 

• Card Management: Offer a feature that helps users block, unblock, and reorder debit/credit cards offering greater control and payment transfer security.

• Expense Tracking and Budgeting: Help users manage their finances in the app by accessing tools like spending, tracking savings, setting budgets, and more.

• Multi-lingual support: In case you are targeting a global user base, then provide different language support and currencies to improve accessibility.

• Customer Support: Integrate live chat and direct customer support services to ensure instant resolution of their queries. 

These are the few basic features that you can consider incorporating in the banking app which may cost between $12,000 to $15,000+. But what if you are competing with all-in-one mobile banking solutions? In that case, hire a React Native app development company to create a cross-platform app and consider full-fledged features that work well on multiple platforms. 

How Much Does It Cost To Create A Custom Banking App?

Venturing into the banking industry with a well-planned app can be a fascinating opportunity for startups but how much does it cost to create a banking app? When planning for mobile banking app development, cost is the biggest concern of investors. 

Though it’s challenging to estimate banking app development costs without knowing the specifications, according to Clutch, the cost of developing a mobile banking app ranges from $200,000 to $500,000. 

Don’t get scared!

The cost to create a mobile banking app is majorly determined by its development process, complexity level, features and functionalities, tech stack, and more. If you want to build a banking app, and looking for estimations, then consider this rough breakdown of how much it costs and how long it will take to create an app.

• Basic Banking App developed with simple features would take around 3-5 months for development and may cost between $15,000 to $18,000+.

• Medium-Level app integrated with all the must-have features with a moderate level of complexity. It takes around a 6-8-month timeline and falls between $20,000 to $25,000+.

• Advanced app version developed with highly complex features offering modern capabilities to access financial accounts. It may take around 9-12 months and the cost ranges between $35,000 to $50,000+, depending upon the complex requirements.

These are the rough estimations that can be lower or higher than these prices, completely depending upon your unique requirements. So if you are trying to set the right budget for your banking app development project, then it is recommended to book a free consultation slot with our experts to get your app requirements evaluated by the experts for real. 

Did you know mobile banking usage will grow by over 25% by 2025?

If you are ready to unlock future opportunities in the banking and financial market, then let Alcax create a user-friendly, highly secured, and feature banking app to help you stay ahead of the curve.

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How Can Alcax Help You Get Started With A Mobile Banking App?

Mobile banking app development seems daunting and time-consuming, with many complexities. But if you ask the experts, they won’t agree!

In the modern, fast-paced world, developing a mobile app for any purpose is no longer a stressful task if you hire a mobile app development Company with the right expertise and tech skills. With the right approach and roadmap, customizing a mobile banking app becomes far easier and quicker. 

Alcax is one such leading app development company offering tailored banking app development services to global entrepreneurs. Leveraging our extensive experience and expertise in crafting solutions for various industries, we assure “Next-Gen Banking App Development Solutions” which are scalable, flexible, and high-performing. 

Our handpicked team of developers understands the security concerns and technology requirements and, therefore, prefers working in a collaborative environment to ensure apps that meet the highest security, reliability, and performance standards. 

No matter whether you want to build an app from scratch or want to update it to the latest features, our tech team can handle all your requirements. At Alcax we assure an easy start by conducting a 15-minute free consultation and analyzing your requirements to customize the app development strategy that drives success. 

Moreover, we make sure that the banking app can easily integrate into the existing infrastructure and provide a seamless experience across all channels. So if you are ready to get started with mobile banking app development, then sign up for the consultation slot, our experts will get in touch with you. 

Conclusion

Hopefully, with this blog guide, it is clear that mobile banking app development is an overwhelming opportunity for businesses looking to venture into the banking and financial market. No matter whether create an all-in-one solution or develop a solution offering specialized services, make sure it is well-built. This required you to hire a mobile app development company, enabling you to incorporate top-class features, ensuring clean and simple UI/UX, and offering seamless processing of the app. 

Partnering with Alcax for the banking app development requirements can be a worthy decision as we are backed by 350+ in-house app developers who closely remain connected with clients to deliver a solution as they have envisioned. Furthermore, generally budget is always a pressing concern for clients looking to banking apps. Therefore, we offer you to hire a dedicated app development team on a flexible engagement basis depending upon hourly, monthly, or fixed billing.

For more details and queries, you can drop a comment below or contact us!

FAQs

If you still have doubts regarding mobile banking app development, then consider FAQs to get answers to all potential questions.