How to Build Mobile Banking App: 7 Steps You Must Know

mobile banking app

Regardless of branch location, today’s mobile banking software provides flexibility with a single tap. With a growing demand for banking services, traditional institutions must adapt to current market trends. To retain existing customers and attract new ones. People are becoming increasingly tech-savvy, and mobile applications have already become an everyday part of our lives. Banks are rushing to develop mobile banking apps for a variety of reasons. Let’s take a closer look at the steps for creating a banking app. 

Tips for developing a mobile banking app 

Developing a mobile banking application is similar to developing any other product, except for the security stage, which requires more attention. Here are some outlined steps for creating an online banking application below. 

1. Market research 

Knowing your competitors, development trends, who your users are, and user needs are critical for developing a unique value proposition/business model. Market research enables a company to identify its target market and obtain opinions and customer feedback regarding their interest in a product or service.  

When dealing with mobile banking app development, you should pay attention to user habits, payment methods, and cultural aspects. There are numerous ways to conduct market research and collect customer data, but you do not have to limit yourself to just one. Surveys, interviews, focus groups, and customer observation are examples of market research techniques you could use. 

2. Prepared the way for security 

It is the step that distinguishes mobile banking application development from others. When developing mobile banking software, you must understand that you will work with sensitive user data. As a result, here is the security foundation you should consider before beginning development: 

  • Password security 

        All passwords should convert to hash before being stored in a database. 

  • Auto logout

    If users remain inactive in the app for more than 15 minutes, they should automatically log out of the system from the front and back end. 

  • Data security 

      Developers of banking apps should have restricted access to users’ tokens, passwords,  and other sensitive information.  

  • Security certificates 

      If it’s a web app, make sure you have an SSL Certificate, or for a mobile app, make sure you have SSL Pinning. These documents ensure that all data exchanged between the Web server and the browser is private and secure. Set up and use fingerprint security for Android devices and Apple KeyChain for iOS devices for secure authentication. 

3. Build a prototype 

To bring your concept to life, you must first create a prototype that depicts the app’s logic, structure, and order of design elements, visuals, and content. Furthermore, fixing a design flaw while prototyping is ten times less expensive than making changes during development. 

However, in terms of functionality, stability, and aesthetics, the prototype falls far short of the final product. It allows you to put your idea to the test. Let your users decide and later collect feedback and make changes as needed. 

4. UX and UI Design 

The design team rolls their sleeves and gets to work based on the information gathered during the research stage. One of the advantages of mobile banking applications is their user-friendly UI design. That is why you should put in the effort. People are afraid of doing something wrong when it comes to their money. For this, you can hire mobile app developer and a UX&UI designer to create a simple, intuitive, and user-friendly design.  

5. Design the app 

You can implement the app with a mobile app development company for banking software development. However, if you need to get started quickly, look for competent banking app developers who work for reputable vendors. Choose the development framework at the start of the development stage. And if you’re developing an Android or iOS banking app, Swift, XCode, and the iOS SDK. If you’re wondering how to make a banking app on Android, consider Android Studio, Android SDK, and Java/Kotlin. 

6. Integrating third-party  

Before launching a mobile banking app, one more step to complete third-party integration. Using third-party services can result in a more user-friendly app flow and maximize customer attention. The following are the most common third-party providers in mobile banking development: 

  • The segment is a powerful customer data analytics tool 
  • Iterable is an in-app notification setup tool 
  • Onfido is a user verification tool 
  • Plaid is a tool that connects users’ financial accounts to the apps  
  • Sendbird is an in-app messaging tool. 

A critical factor to consider when selecting a third-party integration service is whether it is stable and actively supported. Instead of creating from scratch, data integration best practices provide your app with external features. 

7. Release and maintain 

The most breathtaking and rewarding stage of the journey is application release. But only if you hire mobile app developers or have experts on your team. They will assist you in polishing your app and preparing it for publication on the App Store and Google Play. However, banking mobile app development doesn’t end here. When your product hits the market, a new chapter begins. Users begin interacting with it, new requirements emerge, and new features are added. So be prepared for changes to your initial mobile banking app.  

Conclusion:

The development of a mobile banking app is a significant step in meeting users’ needs. People no longer have to stand in long lines at banks. Instead, they open the app and complete their tasks in minutes. For more consideration, consult mobile app development services for your banking app projects. 

FAQ’s 

1. What’s the distinction between phone banking and mobile banking? 

It is used to pay utility bills, block ATM cards, transfer funds, open fixed deposits/recurring deposits, etc. 

2. What can a banking app do for you? 

You can check your balance, track your spending, review your account history, locate ATMs, deposit checks, transfer funds, pay bills, and much more with mobile banking. 

3. Is it better to use mobile banking or internet banking? 

Both are appropriate for use as needed. Mobile banking applications are used to conduct transactions, transfer funds, review transaction history, etc. 

Want to hire proficient mobile app developers for your app?

Leave a Reply

Your email address will not be published.