Back in the old times, even the simplest processes with your bank account required you to visit your nearest bank branch during standard office hours. However, with the rapid advancements in technology, you now have everything in the palm of your hand. The functionality of conventional banking apps has become the ultimate deciding factor.
However, if you wish to develop a mobile banking app, you need to have a transparent picture of what it takes to make a great mobile banking app, the must-have features you need to include for your customers, and the process behind doing it all. Here is a complete guide on mobile banking app development.
Steps to Create a Mobile Banking App
Creating a mobile banking app is almost just like developing any other product, except that it calls for excessive security because it is based on dealing with users’ confidential information.
Hence, the security stage in developing a mobile banking app requires a significant focus unlike any other. Here is a step-by-step approach to the mobile banking app development process.
Make a research
The first step in developing any product or online application typically starts with a comprehensive market analysis which requires assessing the market conditions and competitors as you enter.
In developing a mobile banking app, you must especially focus on specific things such as cultural aspects, user habits, and mentality.
For instance, if you are creating a mobile banking app for the market in the United States, it has been discovered that 70% of Americans own at least one credit card. Hence, there is no room to question if you must feature a credit card option in your app or not.
Similarly, these essential factors might differ from one country to another, so you must consider the cultural aspect of the market you want to cater to. During the research phase, you will come across valuable information such as:
- User personal profile,
- Value proposition,
- Market habits,
- Market share,
- Market analysis
Prepare the security grounds
This is the primary step that mainly distinguishes developing a mobile banking app from creating any other app.
While working on the software, you must understand that mobile banking app development is all about working with sensitive user information.
This is why you must prepare the following security base before the development phase starts.
- Auto logout: If users are not active in the application for over 15 minutes, this auto-logout feature will automatically log them out from the system, both at the front and back end,
- Secure password: all passwords must be hashed before being safely stored in a database,
- Secure authentication: configure and use fingerprint security for Apply Keychain for iOS and Android devices.
- Data privacy: the people behind a mobile banking app must have limited access to users’ passwords, tokens, and other sensitive data. All sensitive data should be stored in reliable and secure platforms such as Okta, 1Password, etc,
- Security certificates: you need to have an SSL certificate in the event of a web application. If it’s mobile, you must have SSL Pinning. These certificates ensure all the information between the browser and web server remains secure and confidential,
- Secure card info: implement Very Good Security (VGS) to show the information on the customer card.
Create and test a prototype
Several things lie behind a product’s success, and creating and testing a prototype is the most significant factor of them all. You can think of a prototype as a simple version of your final product. Hence, a prototype must comprise the following:
- App structure,
- App logic,
- App design
Still, a prototype is far from the final product as it lacks aesthetics, stability, and functionality. It is just a simplified version of the product to test and validate your idea and your app’s design, usability, and functionality.
You can simply offer it to genuine customers, collect valuable feedback, comprehend what works and requires modifications, and make the necessary changes.
Design UX & UI
The design team will finally start working on the application based on the data you’ll gather during the research phase, prototype feedback, and user interviews.
A user-friendly user interface (UI) design is one of the most significant benefits and must-have features for a mobile banking app. Hence it requires a tremendous load of work. As humans, we fear we will do something wrong while dealing with anything related to money.
It’s quite natural to feel nervous about transferring a massive sum of money or applying for a new credit card, as there are chances a lot of things can go wrong.
This is why you must ensure to hire a proficient UI and UX designer who can create an intuitive, user-friendly, and simple design for users.
Develop the banking app
At the beginning of the development phase, you must choose the development framework. So, if you are developing a mobile banking app on iOS or Android, you should select the Native app development as it is a lot safer than React Native.
iOS-based mobile banking apps call for the following tech stacks:
- iOS SDK
If you’re thinking of creating a mobile banking app on Android, you can opt for the following tools:
- Android Studio
- Android SDK
Before launching the app, the final step is integrating it with a third-party app. Using third-party services will make your mobile banking app more user-friendly and retain the maximum level of customer attention.
Here are a few third-party service providers that deal specifically in mobile banking app development:
- Sendbird – an in-app messaging tool,
- Iterable – an in-app notification set up,
- Plaid – a tool that connects the financial accounts of users with the apps,
- Segment – a solid customer data analytic tool,
- Onfido – users verification tool.
Before integrating with a third-party service, you must ensure it is secure, stable, and actively supported.
Launch, maintain, and continuously improve the app
With an array of security hoops to pass through, third-party service integrations, and intuitive user flow to design, you are now ready to release your final product in the market. However, this isn’t the point where the mobile banking app development stops.
Once your product hits the market, a new sequel begins. Several users will use it and interact with it, and before you know it, an array of new requirements will appear. As a result, you must implement many new features from time to time.
Hence, you must be prepared that your initial app can change, and sometimes the change can be drastic.
Features to Include in an Online Banking App
Without a doubt, it can be exhilarating to launch a new product into the market as swiftly as possible. However, it can often be easy to miss some of the most crucial mobile banking app features.
Here is a list of the must-have mobile banking app features that can take your application from competitive to the leading edge.
Essential mobile banking app features for the minimal viable product (MVP)
During your app development journey, you might even need to create an MVP (minimum viable product) version of the app, which comprises just the ideal design and the right amount of features to draw in customers.
The more you learn from the minimum viable products, the better reassurance you’ll have that your mobile banking app will be a winning product once it is fully developed. Here is the list of features that MVP should include:
- Account balance check,
- User profile,
- Money transfer,
- Transactions history,
- 24/7 customer support,
- Expenses dashboard,
- Push notifications,
- Face and touch ID/biometrics,
- Data encryption,
- Integration with wallet app,
- New card request
Indeed, the primary feature of a mobile banking application is to provide you access round the clock. If you fail to satisfy the users in need by offering 24/7 availability, be prepared to have a failed application.
Full-fledged features for the final mobile banking app
The point of creating an MVP is to solve the users’ concerns with the minimum amount of features. When choosing the features for a full-fledged functional application, the focus shifts to preferable features. Some of them are:
- Rewards, gamification,
- QR code scanner,
- ATM and bank branch locations,
- Recurring payments,
- Loyalty programs from third-party apps
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Thanks to our growing success, we are excited to take up even more projects and provide you with optimal custom software solutions. Contact us, and our team will assist you in all your upcoming projects.