Gone are the days when people believed software development projects and marketing were luxuries that only large corporations could afford. There was also a time when developing mobile apps was seen as the easiest way to become the next big thing. Unfortunately, this is no longer the case.
Much like mobile apps, banking and finance have become top priorities. After all, who doesn’t want to manage money at their fingertips? Mobile banking is now a core component of modern financial software development. It means using mobile devices, including smartphones and tablets, to access and manage one’s banking accounts and conduct various transactions such as:
Checking account balances
Viewing transactions
Transferring money
Paying bills
Like any other app, customers download the app from an authorized app store and create a user profile. Once installed and set up, customers can take advantage of a wide range of banking services from anywhere — at home, in the office, or elsewhere.
Key aspects of mobile banking include:
Conducting a wide range of tasks, from expense tracking and automated savings to quick access to account information
Stable internet connection and a smartphone required
Transactions available at any time and place
Access via SMS when needed
Enhanced security through encryption, biometric authentication, and other measures to prevent unauthorized access
Push notifications for timely updates, deals, and discounts
No wonder mobile banking has become a crucial part of daily life, thanks to its unmatched convenience. As many say, banks are now in your pocket.
One of the main benefits of mobile banking is 24/7 access. Whether transferring or withdrawing money, users no longer need to visit a branch, wait in long lines, or delay urgent transactions. Mobile devices and a strong internet connection make it all possible.
Previously, urgent transactions could not be performed outside banking hours. Now, transfers can occur instantly at any time, day or night, including holidays.
Today’s mobile applications are available in multiple languages, allowing more people to manage their banking independently. This reduces confusion and makes multilingual support a must as banking services expand.
Security breaches occur frequently, but mobile banking apps are addressing this with PINs, Face ID, fingerprint locks, and multi-factor authentication. If a phone is stolen, customers can call their bank to disable the app remotely. Many banks also use location tracking to detect potential fraud.
Mobile banking apps enable users to track their expenditures, savings, and budgets in real-time. They also support financial planning, helping customers manage money more effectively.
Though it may seem obvious, research is critical. Without it, projects risk negative outcomes. Study competitors, their strengths and weaknesses, and look for opportunities to win customers, introduce new technologies, or rebuild business processes. Also, keep an eye on threats such as new competitors or substitute products.
Based on research and analysis, the next step is to develop a prototype. Banking apps are complex, so this phase requires care. Development begins only after the prototype is approved. Categories include:
Digital wallets — securely storing details, with loyalty card and P2P transfer integration
QR code apps — for generating and scanning codes to perform quick transactions
Internet payment platforms — offering a complete digital shopping experience
Peer-to-peer payment apps — for easy fund transfers between individuals
Bank-centric apps — covering various online banking aspects
Tip: Choose an online banking app type based on user needs, preferences, and services.
Certain features are essential for any mobile banking app, while others enhance the customer experience. Examples include:
Cost optimization tools — helping clients plan budgets and identify high-expense areas
Cashback — returning a percentage of funds spent on goods or services
Personalization — themes, avatars, and settings to improve the user experience
Chatbots — capable of handling up to 80% of customer queries in real time
Voice payments — boosting accessibility for users with disabilities
Integration with wearables — allowing smartwatch compatibility
Cardless withdrawals — enabling ATM cash access via smartphone confirmation
Other possible features include account overviews, bill settlement, digital check deposits, alert customization, and financial planning tools.
UI/UX design often precedes business logic and functionality, allowing developers to present a working model of the app. Accessibility should never be overlooked. Always check compliance with WCAG 2.0 guidelines. Learn more about designing the UI/UX.
Choosing the right tech stack is vital for functionality, budget, and goals. It’s best to partner with an experienced development company with a proven track record.
After successful development and testing, it’s time to launch the app. Monitor it closely to address any technical issues quickly. Remember, costs don’t end here — server capacity, technology support, and payment gateway integration all require ongoing expenses.
Even after release, apps require updates and optimizations. Regular research helps identify new features and areas for improvement.
The complexity of the app’s workflow increases costs — the more complex the logic and structure, the higher the price. The tech stack also matters, as do deadlines and the choice of professionals. For example, hiring local developers may be more expensive, while outsourcing can significantly reduce expenses.
Keep login credentials private.
Use a secure network connection; avoid public Wi-Fi.
Never download mobile banking apps from third-party sites or emails.
Don’t log in from someone else’s device.
Remember: banks never ask for login credentials or OTPs.
Install antivirus software to protect against malware.
Always log out of your banking app after use.
Mobile banking apps are designed to simplify financial management, offering 24/7 account access, instant transactions, control over your finances, and fewer trips to physical branches.
If you’re considering developing one, it’s wise to hire a reputable company that understands the process and can deliver the best possible results. With proper planning and the right partner, your app can stand out in today’s competitive market.