Below I described 7 steps of how to develop an online banking application. Conventional banks are trying startup models to come up with new mobile products, and fintech companies, like Revolut, keep innovating from the other side. I believe all fintech startups working on a mobile banking product seriously consider a buy-out or acquisition as a successful exit strategy from the get-go. And incumbent banks get a nice shot of innovation every time they acquire the results of mobile banking application development from startups. After reading this blog, we hope businesses have an idea of “How to develop a banking application? ” it is time to implement the process and get a perfect business application.

build a banking app

Bill-splitting is a feature in mobile banking apps that allows users to easily split and pay a bill with other people, such as when dining out with friends or paying rent with roommates. The app will then calculate each person’s share of the bill and allow users to pay their share directly through the app. Some apps may also allow users to send a request for payment to other users, or to set up recurring payments for bills that are paid on a regular basis.

How to Build a Mobile Banking App in 2023: Challenges and Steps

The Bank of Melbourne was the first to create a mobile banking app for Apple Watch. The Liv app launched by Emirates NBD (which is also the UAE’s first digital-only bank) for Millennials allows splitting bills instantly with friends via social media. Explore Surf’s expertise in fintech software development to figure out the main steps and nuances behind building a solid fintech app, as well as all costs you need to be aware of. Surf was hired to make the first version of a new business application within the framework of a smart banking concept. So, our team of developers knows how to create a quality app with all the necessary features even with considerable time constraints. Design thinking allows developers or business owners to get a clear understanding of the audience’s needs and apply this knowledge in fintech software development.

The logic behind the app must be clear to all users and not create any confusion. This feature should include the ability to set up the duration of such payments, for example, for a few months or without an end date. A reminder to make payments is a nice-to-have addition to functionality. The app must provide full security of all transactions and the data stored and processed within an app. We’ll discuss the matter of security later in the article, so hang on.

Why mobile applications are gaining importance in the banking sector

Thus, It’s time to explore the link component in our react application. According to statistical analysis, Fintech or Financial technology companies have funded a total of $23.5 billion in the United States. In contrast, the total digital transaction worth will be $1,801 billion in 2022. This feature shows a customer’s location on the map and the nearest ATM or your bank branch. Users should always be able to find where to withdraw money in case of necessity. It may be a good idea to add 2FA verification with codes sent to your device via SMS.

  • Both of these technologies are affecting change in all tech industries, but especially FinTech and online banking.
  • As a result, you’ll get a functional specification that can be a foundation for your budget, development tech stack, and app toolkit.
  • Notifications may also request authorization for a planned transaction to provide account status updates, which users can grant with a simple tap.
  • In this artilce we discussed how to develop a fintech app, the main mobile banking application features and challenges you need to look out for when you create your own online bank.
  • When looking for a development team to create your banking app, don’t use a low hourly price as the main selection standard.
  • The app is ready to be shipped, and all other work done on it will not significantly affect its course.
  • The team with a low hourly rate can appear inexperienced and immature.
  • Customers will likely appreciate a chance to manage their multiple checking, credit, retirement, personal investing, and savings accounts in one place.

The pros can clean up and prepare the app for Google Play or Apple’s App Store. Once the app is out in the mobile banking market, it’s time to get user comments, stars, or ratings. The development team can also tell the target audience about itself.

Internet payments

I mentioned earlier that a user-friendly UI design is one of the benefits of mobile banking applications. When people deal with anything connected to their money, they have a fear of doing something wrong. Every time I apply for a credit card or transfer a big sum of money, I am nervous. This step is the one that differentiates mobile 15 Beautiful Closet Offices That Prove Bigger Isn’t Always Better banking application development among others. When working on mobile banking software, you should understand that it’s all about working with sensitive user data. Developing a mobile banking application is more or less the same as developing any other product, except for the security stage that you need to focus on more.

But if you need to start the development quickly, opt for competent banking app developers who work for experienced vendors. What can the future of mobile banking application development look like under the mobile-first Millennials’ rule? They say the shift will bring a more customer-centered approach, a connected world, frictionless operations, and a smart move for utilities. Startups sell to traditional banks or eventually become banks and make money, generating on average 10-15% of the invested amount per year. That and customers’ cravings for a 24/7 mobile user experience make banking app development a no-brainer. Whatever feature or functionalities you include, make sure to keep the app simple yet effective.

How to Build a Banking App: Where to Begin and How to Get It to the Top

Aside from locations, you can add a search feature, provide information about business hours, and even a projected queue for specific time frames. Even companies, providing the same services, can implement different functionality. The final feature set will depend on the services provided, the target audience, the market for which you develop an app, and so on. Knowing all this information you’ll be able to better understand which features to develop.

How do you create a Fintech and banking platform?

  1. Determine your niche and ensure legal compliances.
  2. Decide features and estimate costs.
  3. Create/Hire a team.
  4. UI/UX Design.
  5. Develop MVP.
  6. Improve and Support your Fintech App.

In addition, one more thing you also have to consider is that plaid linking is platform-dependent so, it may vary in other blogs. It’s also worth mentioning that the design is an integral part of your app development. The time required to create a design of your app can take from a month to a year depending on the chosen style, complexity, layouts, and many other factors. The basic design of a bank app with the mentioned features will take about 100 hours. The development of the notification feature in your banking application from scratch takes 90 hours and 40 hours with groundworks. Still, one of the main issues with banking apps is that users have difficulties understanding the out-of-date designs.

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. Businesses planning to build banking applications should make sure to live up to the customers’ expectations. Here is a list of the key features of mobile banking apps like Chime that can help you deliver a growth-driven business application.

  • You can also address fraud by setting blocking to limit the use of payment cards to suspicious channels or specific situations.
  • But if you think it is an easy task, it takes a lot of hard work to make things compatible with android phones.
  • The prototype is far from the final product in terms of functionality, stability, and aesthetics.
  • Virtual, physical, or otherwise – the ability to issue, close, or change PINs, set limits, specific cashback programs, and more is a must for the best mobile banking app.
  • The vast majority of banks and non-bank financial institutions understand that they will not be able to keep up with the competition without digital solutions.