An Extensive Guide on How to Make a Mobile Banking App

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banking and finance apps development services

As technology is getting advanced day by day in every sector and every aspect. Technologies have made our lives easier in many ways, from buying medicines online to shopping for clothes and groceries online.

This pandemic has taught us to do busy things online without moving out of the house. So it is good to stay at home and shop online and be safe from this deadly virus.

Like online shopping apps, online banking apps have also become very important because people who are shopping online will prefer more online transactions to come in less contact with the outside people.

Mobile banking apps are more trendy and in-demand nowadays. As a result, there is massive competition between mobile app development companies to build a bug-free and smooth mobile banking app.

Here, in this blog, you will get complete guidance on developing a mobile banking app.

Advantages of having a mobile banking app

Time-saving and cost-effective

Mobile banking apps have reduced the burden of going to the bank, waiting in a long queue, and doing lots of paperwork. This also saves users’ time because they don’t need to visit the branch for any transaction. Everything related to bank work can be available with the help of this mobile banking app. Some types of apps even allow you to deposit the check to the bank by clicking the picture of the check and uploading it to the app.

Mobile bank apps development makes it cost-effective. The bank takes no extra charges to provide online banking services. In addition, mobile banking apps come with zero maintenance and downloading costs.

24/7 online access

Earlier, people were bound with the bank’s times as they only needed to visit the bank if they had any work. People have to make out a particular time to visit the bank and complete their bank work. But now, as the bank and work related to the bank are possible online 24/7, we don’t have to make a particular time for the bank. They can complete their bank work whenever they get time or whenever they are convenient. We don’t need to work according to the bank time.

Secure and fast banking transactions

It is always essential that the banks have good security because people trust the bank depending on its safety. Safety is a significant concern for all users. The banks and financial institutions understand the importance and security of the bank, so they give surety to the users for providing reasonable security. Because of safety purposes, the mobile app development company provides a pattern lock feature in the mobile bank app so that no one can access their mobile application and it can stay safe. They also ask for the password before placing any transaction.

The transaction with mobile apps is fast and smooth because only a few clicks are needed to perform any transaction with the help of a mobile banking app.

One app for all

With the help of mobile banking applications, many problems can be solved using this app. Moreover, this kind of app provides many advanced features to customers such as fund transfer, updating customer details, taking payments, paying bills and shopping online and much more.

Types of mobile banking apps

A custom mobile bank app is developed to fulfil the customer’s needs. There are three different varieties of mobile banking apps that are based on their usage. Given below are the various types of mobile banks.

  1. Basic level of mobile banking apps
  • Money transfer
  • Account management
  • GPS detection
  • Payment schedule
  • Customized alert
  1. Intermediate level of mobile banking apps
  • Financial management
  • Custom bank product offering
  • Loyalty programs
  1. Advanced level of mobile banking apps
  • Pre-login
  • Self-service
  • Cardless withdrawals
  • Live chat
  • Voice navigation

Features of the mobile banking app

  • Authentication and authorization flows

Multi-factor authentication is a type of secure sign-in option that asks the user who you are. Authorization is another step for login, deciding what users can do and look in your app. To deliver a fantastic user experience, you can apply biometric authentication, covering physical user metrics such as fingerprints, appearance, voice, and even gestures.

  • Account management

This feature helps users see the account balance, track transactions, go through the history, and analyze habits. You can even use this app by taking the help of this feature by offering people to set goals, create plans of investment, and automatic regular payments.

  • ATM/bank branch locator

To make life easy for your customers, you can enable a feature of searching for the ATMs and branch location that is nearby to the customer’s location. They can also check the services provided by the bank, operating hours, and directions.

  • Secure payment and transaction process

All the payments in an app must be secure and available 24/7, without bothering the location. You can also add a feature of QR code payment.

  • Push notifications

This feature helps the customers to stay updated by giving regular updates and alerts from the bank. But the notification must not be annoying, and it must be a helpful notification.

Advanced features of the baking app

  • Expense trackers
  • Cashback services
  • Personalized offers
  • Unique services
  • Apps for wearables
  • Bill-splitting
  • Chatbot or voice assistant
  • Blockchain
  • Cardless ATM access
  • Preparing for 5G

Steps of developing a mobile banking app

Step 1: research and planning

One should not wholly depend upon developers by asking them to develop the app according to your requirements. As an owner of the product, one must research the product nicely and understand the app trends and needs in the markets, and it is the owner’s responsibility to take care of how they want their app to be. Before planning, you must explore properly about the app and then make a proper plan about it. The more you research about the product, the more you will come to know about the product’s need and importance in the market.

Before planning the app, you must also know about your competitors, market state, development trends, and what is essential for your users. Then, you can select a mobile app development company to develop your app according to your research and plan.

Step 2: develop and verify a prototype

After you research and plan the product, you must create a rough sketch of your product to get the estimated idea and time taken to develop your product. By sketching out your product, you can even modify your app if you want to by adding more and advanced features to the app. This rough sketch can also tell you about the approximate cost you need to spend on the app, and you can even check if there are any errors or bugs in the app.

The developers will make the whole sketch of the app with the essential features, functioning, advantages, problem-solving, components, and much more.

Sketching a rough image of a product is known as prototyping from a developer’s point of view.

Step 3: design UI/UX

After the developers complete the prototyping of the app, they move to another step that is designing UI/UX. This UI/UX gives the app a natural look and feel, and you can know how your app will look and how it will work. This can help you to make any changes in the design and features if you want to. You can also select the design, fonts and appearance of your app if you want to.

You must also make sure that your app is user-friendly and safe; otherwise, no one will use it if it is not safe and user-friendly.

Step 4: Choose a technology stack that is in your budget

The technology stack for any mobile app acts as the structural integrity of the house. Just like a house can not build appropriately, a robust support app cannot be developed without the technology stack. But you must select the technology stack that fits your budget correctly.

Step 5: code the app

This is the essential step of developing an app. It runs in the back-end of the app that users cannot see but can operate the app with its help. Coding is an essential step because it creates the base of the app. After all, the whole app works based on coding. If there is any error or bug in the app’s code, it won’t run properly, so it is important to code the app perfectly.

Step 6: Test the app

After coding the app, here comes another essential step that is testing your app. Once the coding of your app is done, developers need to test the app to know if the app is working smoothly or not without any error. If there is any problem with the code, developers can examine and modify the code.

Step 7: maintain and upload the app.

This is the last and final step after the coding and testing of the app is done after the final coding and testing of the app, and developers need to maintain and upload the app to the app store so users can download and access it.

Conclusion

Keeping in mind the importance and security of mobile banking apps, here is the blog to know about the features, types and steps to develop mobile banking apps.

There are two ways to develop mobile banking apps. First, you can develop it on your own if you have knowledge about code, and if not, you can select a famous mobile app development company that can develop your mobile banking app.

Author Bio:-

Rahim makhani, CEO and managing partner at Nevina Infotech, Enterprise Web App & Mobile Application Development Company, helps global businesses grow by the banking and finance apps development services.

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