Did you know that mobile banking apps are the primary source of account access for 43.5% of Americans? This is due to the many benefits of mobile banking apps, including convenience, enhanced security, and increased account control. As a result, it should come as no surprise that the mobile banking industry is highly lucrative, with a worth of $772.96 billion.
If you’re looking to tap into this profitable market, you’re in the right place. This guide aims to help you get started in developing your own mobile banking app. So, keep reading to learn more.
Popular Features of Bankings Apps
First, let’s begin by defining the most popular mobile banking app features, which you may want to consider including in your own application.
Bank Account Management
The primary function of your mobile banking app should be to enable users to manage their bank accounts. This means allowing them to check their balance, move and transfer money, update their personal details, and, if you’re targeting business users, create invoices. Account management functionality should be smooth and easily understood by all levels of mobile users.
Payment Scheduling
Allowing users to schedule payments to their friends, family, and other personal accounts is a must-have feature in any quality mobile banking app. This feature makes the app experience more convenient, as it means important payments can be made even if the user forgets.
Two-Factor Authentication
Two-factor authentication is an essential security feature that users have come to expect in banking apps because it makes it more difficult for cyber-criminals to hack into user accounts. At face value, this is a basic feature that often adds a security question step when logging into an account. However, two-step authentication makes a big impact on user trust.
Savings Account Access
Most mobile banking app users will have more than one account; generally, a debit account and a savings account. So, providing users with access to all their accounts in one app offers an added layer of convenience and will help your app stand out over traditional banking apps. The mobile banking app Monzo, for example, allows users to create multiple “pots” to easily save and organize their money.
Popular Banking Apps
Now that you understand the essential features of a mobile banking app, let’s explore some industry leaders.
Monzo
Launched as a prepaid debit card service in 2015, Monzo was only available in the UK until 2022, when the company expanded its services to the United States. The app allows users to conveniently and securely manage their money on the go without the notoriously clunky interface of traditional banking apps. Interestingly, Monzo is not actually a bank, but it does offer many of the same services, including loans.
Chase Bank
Owned by JP Morgan, the Chase bank app functions like a combination of Monzo and a traditional banking app. As one of the largest banks in America, Chase offers the security and peace of mind of a traditional bank but with the modern convenience of a prepaid debit card like Monzo. However, you are required to open a Chase bank account in order to use the app, whereas Monzo allows you to connect third-party bank accounts if desired.
Bank of America
Unlike Chase and Monzo, the Bank of America app is a traditional-style mobile banking app with basic features, such as account management and payment scheduling. However, it offers users a smooth and clean experience, making it easy for all levels of users. The Bank of America mobile app is an excellent example of a solid traditional banking app.
Security and Privacy Considerations
Because banking mobile apps handle important and sensitive user information, security and data privacy should be your top concern. As a result, you should make extra efforts to ensure your app is secure.
Additional security considerations include two-factor authentication, end-to-end encryption, and anonymized data. However, a secure mobile app starts with a solid development and robust testing procedure, as broken apps are more vulnerable to security flaws compared to properly developed ones.
How to Build a Banking App in 5 Steps
Now that you understand what makes a mobile banking app successful, let’s dive into how to create one of your own.
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Identify Features
You should first begin by identifying which features you’d like to include in your app, as this will affect both the design and development stages. This will involve considering your target audience and the features they would look for in a banking app. For example, if you’re targeting young people struggling to build a savings fund, you’ll want to include a strong selection of money-saving options.
On the other hand, you might choose to begin with a minimum viable product, saving time and money until you’ve gained a larger user base. In this case, you’ll need to include only the basic and necessary features required to make your app run. You can then refine and add features as time goes on.
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Design App
The next step is to design your app around your required features while taking into account proper user interface (UI) and user experience (UX) principles. This means considering how users will interact with your app and the placement of inputs. For instance, clickable elements should be clearly highlighted as such.
Properly outlining your app’s features will make the next step much easier, as it removes any ambiguity surrounding app functionality for developers. This leads to a swifter and more accurate overall development.
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Develop App
After designing your mobile banking app, it’s time to begin the development process. If you have a solid technical understanding of mobile app development, then you might be able to handle this stage yourself. Otherwise, you should consider hiring an experienced app developer.
It’s important to note that there are several factors to consider when hiring a developer for your mobile banking app. First, you should confirm that they have the relevant experience needed to develop your app by thoroughly reviewing their portfolio to ensure they’ve built projects similar to yours. You’ll also need to examine their development procedure and ask about any available post-release support options.
Related article: How to hire remote developers the right way
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Test App
Once developed, you should begin testing your application to ensure any obvious bugs and issues are fixed before its deployment. For this step, we recommend beta testing your app by releasing it to select individuals before going public.
This will enable real users to try the app and give feedback on both its functionality and overall user experience. Beta testing is an excellent way to not only fix bugs, but also to improve your application.
Related article: Beta Testing Your App Properly Is the Difference between Success and Failure
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Deploy App
After testing your app and verifying that it functions as intended, you can deploy it to app stores. If you’ve hired a development agency, this may be something they can help you with. Although it’s a simple process, some fees are involved, and it does take a certain level of know-how.
Once deployed, you should monitor your app for security flaws and bugs that may arise even after testing. This is especially important when it comes to mobile banking apps, as they deal with sensitive user information. You can also work to refine your app based on user feedback.
Mobile App Development From Idea Maker
If all of this sounds like a lot of hassle or you simply don’t have the time to develop a mobile banking app yourself, then consider working with Idea Maker. At Idea Maker, we have a team of expert developers dedicated to providing you with an exceptional product. Schedule a free consultation with us today to learn more.
