Everything About Building a Mobile Banking App
With the world full of various mobile applications for almost everything, has reduced the efforts a lot. And today, even we can send money from our account to other accounts via mobile banking applications.
If you are thinking of developing a mobile banking application, it’s the right time. However, some existing mobile banking applications are at the top, and if you want to build yours, you need to be aware of all the competitors in the market. If the application doesn’t stand out among the crowd, then it’ll be of no use.
To make sure that you end up developing a mobile banking app that will be beneficial for you and the user as well, here, you will find everything about building a mobile banking app. All the things mentioned here will help you in the process of developing the app.
Features to include in a Mobile Banking App
When you want to develop an app, there are certain features that you must know before starting the process. Knowing these attributes will help you understand and get a better idea of the type of app you want to create.
So, below are some of the critical features that you can include in your mobile banking app.
- Check Balance
- Payments and Transactions
- Manage Cards
- Push Notifications
- Biometrics Authentication like FingerPrint and FaceID sign-in
- Transaction History
- QR codes or Cardless ATM transactions
- Easy access to other bank services
- Voice Assistant or Chatbot
- Custom notifications
So, this was about the features that you can include in your mobile banking app. Now, let’s start with the steps that you must follow to develop an excellent banking application.
Step1- Develop and Test a Model
Before starting with the app’s actual development, you need to figure out the architect or model of the banking app you want to develop. In this step, you must choose what programming language you wish to use and what all are the things that you want the app to provide the users. Once you have a model in mind, try to test it on the target audience and see whether you get positive feedback or a negative.
Step2- Integrate Security Measures
Whenever it comes to an app related to banking, there are certain security features that a user expects. And in case a banking app lacks top-quality security measures, then the users will not trust that app.
So, it’s quite important to integrate such security measures, which will help users trust your banking app. You can one or more safeguard practices like two-factor authentication, verified transactions via codes, bio authentication, change passwords regularly, and more.
Step3- Code and Test the Banking app
It can be time-consuming because the actual model of your banking app is executed through the programming languages. When choosing the development platform for your app, you must be careful.
Once the app’s coding part is done, the next thing to do is test the app. Without testing the app, you must not launch it directly, because this is the step where you come to know about the app’s weak points. Also, if there are any technical issues, you’ll know it while testing the app.
Step4- Integrate Third-party Banking Services
To enhance a banking app, you can integrate it with other banking services from a third-party. Using these services, you can ensure a safe transaction environment, mobile-friendly attributes, and simple cross-bank money transfers. So, to advance the app, you can integrate such services as well.
Step5- Launch the app and Maintain it
Now that you have all the features you wanted in the app, and if you think that it’s working as per the expectations, then it’s time to release it in the market. After launching the app, proper maintenance or regular updates are mandatory. So, remember to maintain the app once it’s released.
Cost of developing a banking app
If we talk about developing your app’s overall cost, it’ll be somewhere between $100,000 – $230,000. But the annual maintenance of the app will cost you around $45,000 and $100,000.
So, to conclude the article, we’ll say that if you can easily invest your time and money, then it’s the right time to develop a mobile banking app. Also, if you follow the given things, there are chances that the app will be successful in the market.