Mobile Banking App Development
Key Features and Ultimate Guides

Conducting market research is the first step in mobile banking app development. There are some questions you need to answer below:

• Who is your target audience?
• Who are your main competitors?
• Which mobile banking applications have the most users in your country? How would you make them better?
• Do you know of any excellent examples of user interface design solutions?
• Do you know what features your customers want in a banking app?

Your banking app could not be successful if it focuses on debit and credit operations while clients require it for bill payment. An in-depth investigation eliminates the need for things like that and saves money in the long term.

You may get market research and SWOT analysis assistance from a mobile banking software development company. Meanwhile, a solution architect will align the app’s design, development tools, and programming languages with the needs of the business.

Mobile banking software development is all about handling significant private data from customers. This key factor sets apart the different techniques for developing mobile banking applications.

Therefore, when creating a mobile banking app, you should take into account the following safeguards:

• Hash all passwords before storing them in a database to ensure they are secure.
• The system’s front-end and back-end should provide an automated logout feature after 15 minutes of inactivity.
• Bank app developers are not supposed to have access to customers’ private data like tokens and passwords. Secure platforms like 1Password, Okta, etc., must be used to store all data.
• Make use of security certificates. In the case of a web app, this means an SSL Certificate; in the case of a mobile app, this means SSL Pinning. All information sent between a web server and browser is encrypted using these documents.
• Set up fingerprint authentication on your Android device and utilize Apple KeyChain on your iOS device for secure and private logins.
• Implement VGS (Very Good Security) to safely show your clients’ credit card numbers.

Read more: 53 Mobile App Ideas To Make Big Money in 2023

Since a banking app is a complex product, developers frequently create prototypes based on requirements made after obtaining client insights. Once a prototype is accepted, the developers may start working on the program.

You should conduct primary research to ensure the prototype accurately represents the final product’s functionality.

• Meeting with the product owner: Here, the engineer makes sure that the product will do what it’s supposed to.
• Case studies: This is the typical structure of a user story: “being , I want to to “
• Jobs’ stories: This is where you need to focus on what the user needs. This formula may be used to build them: “Situation” -> “Motivation” -> “Expected result”
• Jobs-to-be-done: This in-depth analysis will determine the scope of the upcoming task and support the development of a solution that meets all of the customers’ requirements.

Apps that are user-friendly and clear in their layout (including buttons, icons, and forms) receive higher ratings from customers

When transferring funds between accounts, for instance, a lot of customers complain about having to input their payment information over and again. When they pay their bills and read lengthy documents, they may feel overwhelmed and lose motivation.

A great deal of app design processes at a banking app development company starts with the building of low-fidelity wireframes. They are not too time-consuming to make and showcase how consumers can interact with the app.

Here are a few suggestions about how to improve the design of banking apps:

• Fonts, symbols, colors, buttons, and forms should all reflect your company’s branding to ensure the best welcome to your service.
• Your solution’s navigation should reflect its fundamental logical design.
• The design should be simple yet comprehensive.
• When expanding internationally, it’s important to take into account cultural differences.
• Adapt your app to iOS and Android standards.
• Sticker packs for instant messaging apps are one example of a potential added feature.

Read more: UI UX Design: What’s the Difference? (The Best Answers in 2023)

Developers begin integrating the functionality of the application after getting the final approval of every previous phase’s function. Continuous testing after every key mobile banking development step guarantees that the final product performs as expected.

In addition, communicating with and providing feedback to the product’s owners frequently is necessary for ensuring the final launch operates up to your highest objectives. This will decrease the quantity of revisions and improve the pace of team processes. Depending on the features affected, developing a product might take nearly three to six months.

When creating a financial app, it might be valuable to include 3rd party applications. With the help of external solutions, developers may create an app with a smoother flow that keeps users engaged for longer. The most important thing to look for in a third-party connection service is that it is efficient, secure, and actively supported.

Here are some of the most common tools associated with creating banking apps for mobile devices:

• Customer data analytic tool
• Users verification tool
• In-app notifications
• In-app messaging tool
• Connecting users’ bank accounts to applications tool

The key component of your mobile banking app development must be account management. Debit and credit card account information, as well as balances, transaction histories, and inter-account transfers, should all be easily accessible.

As a bonus, you may implement a “savings goal” feature and even automatically transfer micro-amounts into customers’ savings accounts often to assist them in achieving their savings targets.

It’s important for people to feel safe while entering a lot of information when sending or receiving money. Customers may verify their transactions using various methods, including facial recognition, SMS with a code, or password input. The following is a typical order of events throughout the process:

• Users may choose a recipient from a list of already filled options or create by hand a new one.
• Indicates how much money goes into it.
• Adds a line explaining why the transfer is being made.
• Gives the number of their debit card.

Checks the information, confirms it, and sends the money.

Customers expect and require an excellent level of security whenever personal information applies. Therefore, it is important that their financial information be protected. To achieve this goal, it may be important to include authentication features that are both fast and trustworthy to users.

Multi-factor authentication is one such feature that may be offered to clients on an opt-in approach. Another option is to use biometric authentication technology, which may rapidly confirm an individual’s identity using a variety of physical traits, such as a fingerprint, voice print, or face scan.

Digital banking chatbots that can be operated using the user’s voice are favored for creating engaging, innovative, and conversational user experiences for both informative and monetary transactions.

In order to ensure that everyone pays their fair share of the bill, the bill-splitting feature guarantees a detailed division.

Automation is key in the development of banking apps, but users should still have access to human support. Users should be able to get in touch with a bank representative or personal manager, ask questions, and have their requirements performed. There might be a need for skilled assistance or further inspections with specific roles. For instance, if you want to higher the limit on your credit card or unlock a card that has been blocked, you have to contact the bank’s staff.

And if the customer service crew can’t be reached for a while, a chatbot or frequently asked questions page powered by AI may help fill in the gaps.

When consumers need to locate an ATM, terminal, or bank branch, more than 90 percent of banking companies’ mobile apps have geolocation application programming interfaces (APIs).

Engagement and service promotion are both improved by reminders and notifications sent to customers. Additionally, they provide security activities, such as immediately detecting illicit activities. The following are some examples of this feature’s advantages:

• Make your customers aware of the special offers and savings they may get using their online account.
• Notify them of any changes to your financial status, such as an increase in your credit limit or a paycheck withdrawal.

If your financial institution allows for investment deals, consider integrating these into the mobile app as well. If you focus on giving your consumers what they want, the possibilities are endless.

Provide services such as trading stocks, gold, silver, platinum spending, and cryptocurrency exchange to your customers. Customers’ experiences may be improved, and their relationship with you can be strengthened if your mobile app provides them with powerful investment management tools and features.

Providing customers with exclusive deals and discounts may go a long way toward building trusting relationships. They will unquestionably attract more customers and boost revenue.

In many ways, smartwatches will majorly impact daily life, from the gym to the bank. Wearable technology can show off your financial data, notify you of important occurrences, and even let people make purchases or make transactions.

Make it possible for your bank’s users to withdraw cash even if they have forgotten their card at home. Instead, you should request confirmation of their account by a phone identified as from their banking app or a text message.

When deciding whether or not to continue using a mobile banking app, the features it offers will undoubtedly be the most important consideration. As a result, new markets and marketing methods for wearables, 5G smartphones, and Internet of Things devices need to be researched quickly.

A large percentage of customers still have doubts about the safety of their mobile banking app. This is a difficulty for financial institutions seeking to come up with a solution that will be entirely utilized.

Now the question is, how can we fix this? Here are some things to keep in mind if you want your app’s users to feel protected about sharing sensitive information with you:

• Including encryption systems
• Helping people make strong passwords
• Using multi-factor authentication
• Securely developing your data storage infrastructure
• Having session timers that reset after inactivity

If you take these precautions, your mobile banking app development will be more secure, and people who use it will have greater faith in your offering. Don’t hesitate to tell them how you protect their information and accounts.

To take things further, you may try using blockchain-based technology to boost data security. They are already causing waves of change in areas including healthcare, retail, insurance, and finance by lowering the need for intermediaries.

The Know Your Customer (KYC) authentication process provides even another obstacle for the developers of banking apps. It validates the user’s identification inside the confines of a certain bank branch. Users must take extra precautions to verify their information when they first access or begin using your app.

The additional difficulty here is in finding skilled risk analysts. It’ll take some time and effort to locate one.

Mobile banking application development takes a lot of patience and flexibility. Especially if your business operates in the United States, where the fintech sector is expanding at an unbelievable pace. You need to adapt to the ever-changing needs of the company and the specifics of its requirements.

When kicking off a fintech software development project, it’s important to pay attention to a wide range of rules and regulations. Let’s find out what some of them are:

• GDPR

Personal information inside the European Union is governed by the regulations established by the General Data Protection Regulation (GDPR).

• PSD2

The new Payment Services Directive (PSD2) encourages safer and more convenient online and mobile payment methods and increased consumer protections across the European Economic Area and European Union.

• PCI DSS

The Payment Card Industry Data Security Standard (PCI DSS) is a continuous process to keep cardholder data secure and to advance such standards within the Payment Card Industry.

• CCPA

The California Consumer Privacy Act (CCPA) was implemented to provide individuals living in California, USA, more control over how their personal information is gathered and utilized by corporations.