Banks have been around the globe since money appeared. Just like the changing technology, money is changing too. Gone are the days when people had to visit the bank to make transactions, pay bills, or accomplish any bank-related activity. But not anymore! Technological advancements, including banking app development, have made everything easier and more accessible than ever before.

The massive switch to mobile banking app development has boosted the fintech sector and has made the banking process more seamless and efficient. As a result, banking sectors have started developing mobile banking apps development to reap the benefits for years to come. But, those who aren’t aware of the process keep thinking, ‘How to develop a banking app?’

‘How much does mobile banking app development cost?’ ‘What are the features of a banking app?’ etc.

You have reached the right place if you are also looking for the same. This blog will guide you with everything about mobile banking app development costs, features, etc.

What is A Mobile Banking App?

A mobile banking app offers an online platform where customers can access online banking services from their smartphones. Be it about getting bank-related information, paying bills, or making a transaction, banking app development has made everything possible in just a click.

 

 

As per the survey conducted in 2018, it has been claimed that mobile app banking overtook the majority of the banking processes and will shift completely digital in the coming time.

In short, a mobile banking app is useful for –

• Authorization
• Paying bills
• Viewing account information
• Initiating transfers
• Availing other bank services

Read More: Build Mobile Banking App Like Chime

Banking App Development Market Size & Stats

Here is the list of some amazing banking app development statistics that indicates the importance of having a fintech app in today’s time. 

 

 

• As per research, people within the age group of 25-34 use banking applications most frequently. The app usage percentage for people under 35-45 years is 22%, and for people over 65 years is 9%.

• Reports suggest that the global mobile banking market stood at $716 million in 2018 and is expected to rise to $1825 by 2026 with a CAGR of 12.5%.

• The rise for online mobile app development services increased after COVID-19 when social distancing was a must. Since then, the demand for online banking apps has increased, which will continue to be involved in the coming time.

So, this is all about the rising popularity of mobile banking application development in today’s time. The figure clearly indicates why businesses should have a banking app today. Now that the numbers convince you, so let’s dive into the crucial features that make an app successful.

 

Essential Features of Mobile Banking App Development

Are you planning to develop a mobile banking app and don’t know what features to include or not? Here is the list of essential features to create a mobile application.

 

1. Quick Registration

Your banking application must have a simple and quick registration process. To access your mobile banking app like PayZapp, ask the users to provide a bank account number, SSN, and personal information. After entering the information, the users must accept the terms and conditions to access the banking application.

 

2. Secure Authorization

Like every mobile application starts with registration and authorization, the banking app is no different. So, when you create a mobile application for banking, make sure it should meet security standards like passwords or biometrics such as touch-ID or face-ID. To make your banking app more secure, implement multi-factor authorization by sending a code via SMS and asking users to enter the code.

 

3. Check Account Balance

One of the major benefits of mobile banking app development is quick access to account balances from any corner of the world. This amazing feature helps the users know how much balance is left before making the next purchase. To make your banking app stand out and unique, you can enable users to view account balances without logging into your account.

This will further save your mobile banking app development cost on other additional features and make your application more unique and reliable.

 

4. Access Card Details

In previous times, users had to refer to banking documents for accessing information like card details. But, banking applications have resolved this problem.

With this banking app feature, users can quickly access card numbers, owner’s name, balance, payment system, and other account details online. Moreover, this mobile app feature includes other card-related services, such as card re-issuing.

 

5. Account Management

Like any other feature, this is also one of the essential features of a mobile banking application. It helps the users access the information quickly while managing their multiple bank accounts hassle-free. While referring to these features, users can add or remove accounts, see transaction history, or view balance in one place.

6. Push Notifications

Coming to another crucial feature of mobile banking apps like the insurance mobile app. This feature keeps the users updated and informed about their ongoing account activities while reminding them about their pending bills or automatic money transfers.

Push notifications increase security features while allowing the users to get better control over their money. Later on, users can set up the preferences to choose the type of notifications they want to receive.

7. Money Transfer

Undoubtedly, this is one of the mandatory features that enable users to make local and international payments. The mobile banking app should also include the traditional methods of UPI payment, QR scanner payment, NFC payment, and more. Unlike any other feature, this one should be seamless to let the users get a better online banking experience.

So, these are some must-have online banking app features that you shouldn’t miss incorporating while you create a mobile application. But, simply knowing the features doesn’t make your banking app successful until you follow the right mobile app development process. Here we have mentioned the step-by-step process to develop a mobile banking app.

How to Develop A Mobile Banking App? 7 Step Process

Looking for the process to develop a mobile banking app? Follow these mobile app development steps to get started. 

 

 

Step 1 – Make a Plan & Conduct Research

You won’t be able to create a successful banking mobile app unless you conduct enough research or have a proper plan in hand. This is what the first step is all about. So, first of all, make a proper plan to identify the need for android banking app development or any other platform.

Once you have a plan in hand, you can start conducting research for the same. Just study your competitors, and know their digital solutions, their preferences, or target audience to get a better insight.

It will help you find the loopholes in the existing banking applications and develop an application that will overcome them. This is one of the best ways to add more worth and value to your mobile application while making it stand out.

 

Step 2 – Create a Prototype

Banking mobile app development cost is high compared to developing any other application. So, it is always advisable to create a detailed prototype to get an idea of what your product will look like.

You can also use your app’s wireframe and hi-fi prototype while validating the concept to get better feedback. Then, discuss the test interface, required toolkit, and prototype’s functionality with your focused group to get better output.

 

Step 3 – Prepare a Security Base

This step differentiates mobile banking app development from that of others. While you create a mobile banking application, you are working on sensitive user data, so you need to prepare a security base. For that, incorporate the following functions –

 

• Auto Logout

If the user isn’t active on the banking app for more than 15 minutes, he/she will get automatically logged out from the system on the front-end and back-end.

 

• Secure Password

Ensure that all the passwords are hashed and stored in a database to keep more security.

 

• Proper Authentication

Secure authentication is required to avoid any fraudulent activity on your application. To ensure the same, set up and use fingerprint security for android fintech app development and Apple KeyChain for iOS banking app development.

 

• Secure Card Information

None of the customers wants their information to get leaked or misused while using any online banking services. So, to ensure this, implement a VGS system to keep the card information safe and secure.

Step 4 – Design Appealing UX/UI

As per the mobile banking app development company professionals, an appealing design of an application holds great importance in deciding its success. So, spend some time on mobile app designing to create an amazing user interface.

If you do not have a desired team for the same, hire dedicated developers who can craft a better banking app for you. This will also save your mobile banking app development cost while increasing business profit.

 

Read More: Guide To Develop A Neobank

Step 5 – Develop A Mobile Banking App

Finally, when you have an idea, prototype, and all other requirements, it is time to begin the insurance mobile app development process. So, now is the right time to pick the best suitable framework for your banking app. For instance, if you create an Android or iOS application, native app development will work best for you.

 

Tech Stacks for Banking Mobile App
Android	iOS
Android Studio	Swift
Java/Kotlin	XCode
Android SDK	iOS SDK

Step 6 – Include Third-Party Integrations

Third-party integrations are also a part of the mobile app development process. They are among the most crucial elements of an application, irrespective of the domain. Integrating third-party integrations will make your online banking app more user-friendly and also help to retain the customer’s attention.

But, make sure that the more integrations you will include in your mobile application, the higher the mobile banking app development cost. So, keep your budget into consideration while developing a banking app.

Step 7 – Test & Maintain Your Banking App

Finally, when you are done with all the development process steps, the final step is to test and maintain your mobile banking application. The last yet crucial step is to ensure that your mobile application is launched 100% error-free. Another best way is to perform timely app maintenance so that you can resolve major application bugs and errors on time.

So, never miss this crucial step when working on online fintech software development. You can also hire a mobile app developer to assist you throughout the development process and help you come up with a better banking application in hand.

To create a successful banking application, you must follow some crucial banking app development steps. Now that the complete development process is revealed to you, it is time to get involved. Along with this, keeping a check on the mobile banking app development cost is also crucial.

How Much Does Mobile Banking App Development Cost?

Although there is no fixed price to develop a mobile banking app, an estimated mobile banking app development cost lies around $8,000 – $20,000. Besides this, multiple factors affect the cost to develop a mobile app, such as –

 

• Features
• Functionalities
• Tech stack
• Development platform
• Location
• UX/UI

If we talk about time, a mobile banking app takes around 640 – 650 hours for an MVP version and 1250 – 1280 hours for a scaled product.

 

Development Phases	Development Time	Development Cost
Project Analysis	80 – 100 hours	$3500 – $4500
UX/UI	2 – 2.5 hours	$5,000 – $15,000
App Development	9 – 10 hours	$10,000 – $25,000
Mobile Implementation	4- 5 hours	$55,000 – $80,000
Post-Launch Support	On-demand	$15 – $20/hour

 

This is an overview of the development phases, time, and cost to develop a banking mobile app. We hope now you know the estimated price required during the mobile app development process. So, plan your development process accordingly.

 

Conclusion!

Banks are no longer limited to brick-and-mortar branches in this highly advanced and digital world. Online banking app development has made it easier for businesses to offer seamless banking services while keeping their customers happy and satisfied.

All this wouldn’t have been possible without the support of a mobile banking application development company. Also, as per the experts, the competition in the fintech industry will be going to rise, so businesses have to work hard to develop a unique mobile app.

Businesses that will create mobile banking applications must have a well-created plan in hand with a set of essential features and the right tech stacks. If you lack the expertise, it is advisable to hire dedicated developers at reasonable mobile banking app development costs. The professionals will help you create an amazing application under your budget. So, without delaying further, hire experts and begin the process right away.