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How to Build a Mobile Banking App: Step-by-Step Guide 2022

Ally Bank’s mobile app is one of the most comprehensive and user-friendly apps on the market. While you can perform standard activities like view account balances, deposit checks and locate ATMs, Ally’s mobile app has many savings features that make it stand out. In order to create a banking app, you’ll need to decide on the technology stack.

How can I create mobile banking

It is hard to name the exact price since it depends on the app’s complexity and feature set. The development of a banking app requires the work of a team of specialists and each of them will be responsible for a particular part of building the solution. To make accurate estimations of your projects with their peculiarities, please contact us.

The ability to choose a theme for the application, select an avatar, and set other personalization settings significantly improves the customer experience. If it’s offered by your bank or credit union to learn your way around the platform. Therefore, you can consider implementing multi-factor authentication to ensure maximum protection against unauthorized access. Using some or even all parts of online operations considerably reduces operating costs. You don’t have to open a bank branch or a few in each city where you have clients.

Best technology stack for mobile banking app development

For example, the younger generation between 18 to 24 years old mostly uses mobile banking applications to transfer small amounts of money. A more mature audience from 25 to 70 years old uses such apps to pay utility bills, control cash flow, and make transactions of larger amounts. Smartwatches are used by so many people and yet app owners often forget to build a version of their solutions for these devices. Developing a mobile banking application for wearables can be a game changer! The pioneer in introducing banking apps for wearables was the Australian bank (Bank of Melbourne).

Simply that now is the time to think about neo-banks as a great new business model. If you have a traditional bank or intend to develop and release the most user-friendly banking app – then neo bank should be your choice. It’s even easier to build a banking app if you have all the necessary APIs and certificates at your disposal. Today, neo-banking is used by an estimated 75 million customers around the world. Many traditional financial institutions have adapted their services to include online banking options to keep up with this growing trend. This kind of solution works directly in a web browser and allows users to access their accounts online.

Tech Stack to Create a Mobile Banking Application

Customers often want to know the location of nearby ATMs and bank branches. But, instead of making them go to Google Maps and manually find the locations, your mobile banking app can also locate the branches and ATMs. Users must be able to easily manage their accounts to find out about their bank balances and transactions, understand how they spend their money, and keep track of the past. You can also use the features to make plans for investments, set up automatic payments, and set goals for saving. For example, you can pay bills, transfer money, make payments, get your bank statement, and create the FD within seconds.

  • During a typical month, Millennials in the US alone access their bank accounts 8.5 times via a mobile app (versus 3.1 times for non-Millennials).
  • One of the most significant characteristics of mobile banking software is its secure and straightforward use.
  • Thanks to our extensive experience, we can build the best mobile banking apps faster and better.
  • After the final approval of what’s in place immediately before this phase, developers begin to implement the application functionality.
  • Through the app, customers have access to real-time spending notifications, budgeting tools, dollar and frequency limits, bill-splitting options, and more.
  • We’ve just seen lots of statistics and great facts about this industry.

Currently, 54% of consumers state that they are using digital banking tools to access their bank account more often than they did prior to the pandemic. Mobile banking development needs strict planning and a focus on details because users want a seamless and secure experience. Developers can create dependable and practical mobile banking apps by using the best practices and keeping up with new security protocols. The mobile app development process considers different complex tasks and operations. Developing your mobile banking app can be highly complex if you don’t have any experience.

For example, the Bank of America Erica chatbot, powered by artificial intelligence, has recently crossed the 1 billion customer interaction mark, according to recent data. Nearly 32 million Bank of America customers manage their financial lives with Erica’s help. When you successfully launch your app, it is time to move further and market it. It is vital as you want to enter a highly competitive market and need to advertise your product to reach clients. You can hire a marketing team or development team to help you with this task. When you collect feedback, you will need to apply it and improve your application till clients are satisfied.

How can I create mobile banking

Ally Bank provides the function of savings and other common features like paying bills, available transaction history, deposits, and ATM locations just like any other bank. Moreover, the app shares with its users the latest stock market news. This solution is available for both Android users and in the Apple app store.

How can I create mobile banking

We picked 3 apps that we believe give you a snapshot of what’s really happening in the industry. One of the biggest trends we notice lately is neobanks (startups without a banking license) are turning into challenger banks (those with a license). According to an MX study, the deadly virus has definitely played its part in the 50% surge of mobile engagement with banks. After successful testing, the product is launched into release and is supported by specialists from the developer’s side so that technical issues can be promptly eliminated if they occur.

How can I create mobile banking

Gearheat is an Agile software development team specializing in custom-made web and mobile apps. We base our work on Scrum, continuous integration, and sprints (small iterations) to provide our clients with the most stable and productive results. These are probably the most vital features that provide users independence from opening separate websites to check their balances, statements, and other things. Security is one of the key factors determining whether users will love your app or avoid it at all costs. Even though modern technologies usually allow companies to craft stable and secure apps, hackers also develop new ways to steal money from users’ accounts.

Banking apps provide secure, convenient, and easy access to financial services for customers. Building online banking apps can help banks better meet the needs of their customers by providing a modern, user-friendly mobile banking experience that is secure and convenient. Introduction of biometric authentication brought the security of banking applications to the next level. Fingerprint scanners and face recognition systems can be used to identify users and grant access to the system.

Forbes Advisor’s criteria for the best mobile banking apps include user-friendliness, security, features and accessibility. We also considered whether the apps are available for both iOS and Android users, as well as any other relevant factors. Users often use mobile banking applications to track their expenses. You can add a whole range of filters, such as splitting periods into daily, weekly, monthly, and yearly. Or you can add automatic filtering of spending by category, e.g., groceries, payments, health products, etc. A banking app is a mobile application where users can access their bank account, complete transactions right from their mobile devices, check balance, view payment history, etc.

custom banking software development

That significantly reduces the burden on customer service personnel, all while ensuring customers can find solutions to issues quickly. Mobile banking over SMS — also known as SMS banking — allows customers to complete certain actions via text messages. For example, they can request account balances, review truncated statements, and initiate internal transfers without going through an app, browser, or customer service.

Be sure to create strong passwords and do not use the same password for all accounts. Don’t use information such as addresses and birthdays in your passwords. For more tips on how to create strong passwords read more from the Federal Trade Commission (FTC) . Mobile banking service is a free service provided by banking institutions.

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