Mobile banking development trends show frantic ambition, resulting in a steady growth potential and the continued drive for evolution. Statistics claim that 7 billion mobile users are to come by the end of 2021, with 3 billion of them jumping into mobile banking. It makes a lot of sense for banks to have mobile applications at hand to continue running this race and, what’s more, win it. Banking is a sector that must stay on top of the latest technologies. You can’t ignore the fact that a significant part of our life is in our smartphones.

How to create a Fintech app?

  1. Step 1: Do your research.
  2. Step 2: Form a team.
  3. Step 3: Define MVP (Minimum Viable Product) scope.
  4. Step 4: Select your technology stack.
  5. Step 5: APIs for basic functionalities.
  6. Step 6: Design UI/UX.
  7. Step 7: Test launch.
  8. Step 8: Update your application.

In spite of this, banks, companies, and startups are actively investing in such solutions. The reason for this is the many benefits for the owner and his clients. The largest national bank in the U.S. has created a high-tech application recognized Front End Developer Job Description in 2023 as a leader in financial security. The mobile solution is primarily intended for serving American users’ accounts. The app uses more than 110 technologies, including Viewport Meta, Google Analytics, and jQuery for JavaScript and HTML interaction.

Must-Have Features to Include in a Mobile Banking App

Another way is to integrate an AI-based chatbot that can answer user queries day and night; it’s convenient for solving basic issues. Moreover, millennials, who grew up on messaging, may prefer this way of navigation through the bank’s services and app functions. Finally, a chatbot can act as a sales agent or financial consultant, gather valuable data, and perform other tasks. There are many ways to make an e-banking app secure and protect it from data breaches, theft, internal fraud, and server-side vulnerabilities.

  • It’s essential that your customers can easily track their transactions and payments from the very beginning of their journey in your online banking app.
  • By using conversational technology, financial and banking institutions can speed up many manual and day-to-day tasks, thereby reducing response times from hours to seconds.
  • Prototyping allows you to test a software product’s functionality, design, performance, and, ultimately, technical feasibility.
  • When I was working with Stormotion, I forgot they were an external agency.
  • Creating a design that tries to add all the information in place is straightforward.
  • The provided convenience will help you attract more clients and significantly expand the client base.

There are different ways to create a prototype for a mobile banking app, but one common approach is to use wireframe and prototyping tools. Wireframe tools allow developers to create a basic layout of the app’s interface, including the placement of buttons, text, and other elements. Prototyping tools, on the other hand, allow developers to add interactivity to the wireframe, simulating how it will work when it is finished. Cross-platform development is sometimes mistaken for hybrid development. While both methods have the advantage of allowing for code reuse, that is where their resemblance ends.

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Like the Bank of America system, it is well protected and notifies the account holder of suspicious activity. The iOS and Android banking app uses almost 100 technology tools, including Java as a core programming language, HTML5, SPF, and jQuery. It also has Touch ID access and blocks bank cards if they have been stolen or lost. In this section, we’ll go through the basic as well as extra features of a mobile banking app. Nevertheless, creativity is always a good thing, and if you want to stand out, you could add some unique features to your app. Many use ad blockers or just close ads without even reading or watching them first.

build a banking app

Don’t forget to include the exchange rates, the ability to pay through Google Pay and Apple Pay, and QR code scanning. For example, Ally (4.7 App Store score), an American digital-only bank, is famous for seeking to offer the most of its service suite through its app while driving the percentages down as much as possible. Credit cards, debit cards, savings, certificates of deposit, overdrafts, stock market access, business tools, and so on. 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. Our industry-leading expertise with app development across healthcare, fintech, and ecommerce is why so many innovative companies choose us as their technology partner.

Select a technology stack

This is because when companies go digital and mobile, the cost of building and maintaining physical branches is stamped out, or at least gradually reduced. Moreover, with process automation, the need for a large staff can also be eliminated. The bank’s primary objective is to completely operate digitally without having any physical branches. If the application supports it, a poor internet connection (or lack of it) will not prevent the user from managing the profile. This feature can be conveniently combined with geolocation tools to make the system work in any situation.

This app is quite popular and has a user rating of 4.7 in the App Store and Google Play Store. Besides standard features, users note the convenient fingerprint login and credit history tracking via push notifications. Also, the app is at the forefront of the user’s security and lets users block the card in case of its loss.

If you doubt the feasibility of such solutions, let’s first list their benefits for traditional banks and fintech startups. Besides making your banking app highly interactive and easily navigable, adding a customer support feature can make things better. Your customers might not have any problems with the app, but they can be inquisitive regarding the banking services they want to avail. Mobile banking users always appreciate it when they can quickly transfer funds between accounts without facing any inconvenience. For this, it is crucial to integrate quick transaction features in your app that allows them to pay or receive money with feasibility. For instance, In the Google Pay app, the UI shows some of the recent users you have made a transaction with on the home screen as shortcuts to allow quick transactions.

What does a banking app need?

  • New account enrollment and existing account management.
  • Deposits and withdrawals.
  • Loan management.
  • Interest rate calculation.
  • Customer relationship management (CRM)
  • Introductions to new financial products.
  • Record maintenance.

If you have an idea for your mobile banking app, contact our team to get a consultation. Also, it’s crucial to conduct thorough testing at all stages of the development process to ensure that the final product is fully functional and meets the needs of the users. Most online banking apps provide customers with real-time notifications when they make payments, allowing them to keep track of their spending and be aware of any suspicious activity. Remember that personalization is a must and many banks leverage it using their client’s personal IDs.