How to Create a Mobile Banking App: Step-by-Step Guide
Since 1995, when Wells Fargo, the first traditional American bank, attempted to shift online, mobile banking has exploded in popularity. Partly, this was due to COVID-19, which required minimizing physical interactions between people, but mostly it was due to the convenience of mobile banking, offering users the ability to access their bank accounts anytime and anywhere, as long as they have Internet access. Today, the number of digital banking users is steadily approaching the forecast threshold of 3.6 billion people in 2024 and, by the looks of it, we’re only at the beginning of tremendous growth.
As the demand for mobile banking continues to soar, businesses in the fintech industry are investing heavily in banking app development to meet the evolving needs of their customers. You may have heard about the Liv app. This digital bank, a unique product of Emirates NBD, was the first one to allow friends and family to split their bills via social media in real-time. Another prime example worth looking at is the Bank of Melbourne. They quickly recognized an untapped area of the mobile banking market and created their own app for Apple Watch.
These are just some examples of mobile apps that banks create to appeal to their customers, but their number is constantly growing. Banking apps have long become an integral part of modern banking strategies, helping financial institutions stay competitive and attract new customers, but they also prove to be a great retention tool. Recent digital banking statistics reveal that 82% of customers are unlikely to switch banks if a mobile banking platform is both attractive and convenient.
This brings us to the main question: “How can you create a mobile banking app that increases customer engagement and helps you stay ahead of the curve?” Let’s examine this in detail.
Mobile App Development Market Overview
Before we go any further, let’s first recap what we already know about the evolution of the mobile app market. As we’ve mentioned earlier, it’s because of the deadly virus and continued lockdowns that mobile banking splurged in popularity in 2019-2021. If we look at the statistics, we can clearly see that. In 2015, only 9.5% of Americans used mobile banking, while already in 2021, this number jumped to 43.5%, showing the trend for growth. These days, the number of mobile app users hovers around 5.22 billion, making up around 65% of the total population.
Here are a few more numbers to consider:
- The market for mobile solutions is expected to grow to $1.82 billion by the closure of 2025.
- The Bank of America has over 29 million active mobile users, making it the industry leader in the mobile market.
- In the US, the number of digital banking users is projected to reach 217 million by 2025.
- 40% of French people use mobile banking to access accounts and make payments.
- In pursuit to promote online banking, HSBC Bank in the United Kingdom made a decision to close around 10% of its physical branches. Currently, 64% of the UK population uses mobile banking apps, and 89% are active online banking users.
In light of these stats, mobile app development looks very promising.
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Factors driving the popularity of mobile banking apps
The pandemic was one of the main factors that gave rise to online banking, but it wasn’t the only one. Let’s look at other factors that fuel the popularity of mobile banking.
Instant access to the bank account
One of the reasons people all over the world turn to online banking is that it lifts the limitation of accessing banking services only in physical locations. With a mobile app, they have a virtual bank right at their fingertips, meaning they can transfer money or do whatever else they want in their accounts without having to travel to a brick-and-mortar bank.
Round-the-clock banking services
Mobile apps remove the need to wait in queues for assistance from banks to carry out transactions. Instead, users can access banking services 24/7, allowing them to conveniently manage their finances at any time of the day or night, regardless of the day on the calendar. For many people, this accessibility has become the decisive factor tipping the scale in favor of mobile apps.
All banking services in one
Another perk of mobile apps over traditional banks is that they offer all of the banking services in one place. Now people don’t need to drive to multiple locations to pay bills, make wire transfers, or get their bank statements. All of these services can be conveniently accessed via a smartphone virtually in seconds without the need to leave home.
No language barriers
Unlike physical banks, where banking staff might have difficulty understanding a foreign language, banking apps are translated into multiple languages. This opened the door to thousands of users from all over the world to seamlessly use the services of banks they trust, regardless of whether they are located nearby or in another country.
Better control of finances
With 24/7 access to bank accounts, people can have greater control over their finances. They can track their spending, see how much money they earned and spent – and where exactly this money was spent, and make more informed decisions for future savings.
Robust customer support
An equally important role in the rapid implementation of banking mobile applications is played by the customer care service. Not only is there minimized waiting time like traditional bank branches, but there’s also excellent service that can be accessed through any convenient channel, including emails, chats, and calls, saving customers valuable time and effort.
So, while the pandemic has certainly accelerated the adoption of mobile bank applications, it’s clearly not the only factor driving their popularity. The appeal of mobile apps has always been there, but it was thanks to the restrictions that revealed it and made it recognized by millions of users worldwide.
Benefits of Banking Apps for Business
The popularity of mobile apps is like an arrow: once it’s shot, it cannot be called back. But why did traditional banks choose to move online instead of sticking to traditional account management in the first place? To answer this question, let’s look at the benefits mobile banking app development provides for businesses.
Maximizing customer engagement
The predominant group of mobile banking users are people aged 16 to 40. These are the people who use mobile banking solutions as their primary means of accessing bank accounts and are also the most economically active people, either working or running their own businesses. Mobile applications allow banks to effectively engage with this demographic. Serving as a direct channel between banks and customers, they facilitate personalized interactions, targeted promotions, and real-time notifications.
Reducing overheads
Managing brick-and-mortar branches and call centers is quite expensive. In addition to paying salaries, you also need to rent an office and pay for other operational costs associated with maintaining physical bank branches, such as utilities, security, maintenance, insurance, onboarding, and so on. Internet banking with its self-service channels solves this problem. It provides customers with 24/7 access to financial services while requiring fewer employees to do the same work.
Expanding reach with mobile banking
With banking apps, finance institutions aren’t tied to regional centers or branches. They can reach a broader audience, including tech-savvy millennials who prefer online banking services over traditional methods. In addition, they can expand to customers from other countries of the world, tapping into new market segments and establishing their influence on the global scene.
Leveraging data for better business decisions
Another advantage of mobile banking applications is that they allow banks to use technology to better understand the behavior, preferences, and needs of their customers. Like web apps, they provide data analytics that shed light on client interactions and transaction patterns, empowering banks to optimize their banking services and personalize marketing efforts.
Competitive edge through mobile banking innovation
According to Extractable, there are around 44,000 banks and finance institutions around the world, which all compete for the attention of users. That’s where mobile banking application development comes to the rescue. By investing in an innovative mobile banking app with high-end features like biometric authentication, AI-driven personalized recommendations, and integration with third-party services, banks can set themselves apart from the crowd and attract tech-savvy consumers.
Streamlining workflows and operations
Mobile applications also help streamline internal business processes. Instead of spending time manually opening accounts, verifying documents, giving loans, and so on, which takes a lot of time and resources, these processes can be digitized and automated. This not only helps financial institutions cope with higher loads but also eliminates the risk of errors that can arise from manual intervention, resulting in increased accuracy in internal workflows.
Enhancing regulatory compliance
Finally, banking applications help facilitate compliance with regulatory requirements by providing secure channels for identity verification, transaction monitoring, and reporting. Banks can take advantage of app functionalities to ensure anti-money laundering (AML), Know Your Customer (KYC), and data privacy regulations.
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Types of Mobile Banking Software
The development process and the cost to create a mobile app can vary based on the type of the mobile solution being created. Here is a brief overview of the most common types of mobile banking applications.
- Banking apps
As it comes from the name, these are the apps that provide users with access to banking information such as transaction history, bank account details, balances, and various banking services directly from their smartphones. Typically created by banks and credit unions, these apps provide convenient ways for users to pay bills and manage their finances on the go.
- Digital wallets
Digital wallets, or payment apps, are one of the most popular applications these days. They allow users to store their payment information on their mobile devices and make purchases both in-store and online. Most of these apps support various payment methods, including credit cards, debit cards, prepaid cards, and even cryptocurrency.
- Investment apps
Investment apps are the apps that help you make money. They offer features to buy and sell stocks, mutual funds, exchange-traded funds, and other investment products from users’ mobile phones or smartphones. If integrated with AI, these apps can also analyze your overall financial situation and goals you want to achieve and provide you with personalized advice on how you can get where you want to with the right investments.
- Finance apps
This group encompasses a broad range of applications designed to assist users in managing their personal finances. They offer a range of features and functionalities to help users track expenses, create budgets, monitor investments, apply and receive loans, and achieve any other financial goals.
- Money manager apps
Manager apps are specifically designed to help users track and manage their finances (hence the name). These apps have many features and tools to help you plan budgeting, categorize incomes and spending, track investments, make savings, and many more.
Aside from these five, there are also apps that combine different kinds of services from banking, finance, money management, and more into a single platform, offering users a comprehensive solution to take their financial life under control. Popular examples of all-in-one banking applications include Mint, Goodbudget, Rocket Money, Personal Capital, and more.
Whether you’re looking to build a simple mobile banking application or a complex solution with a wealth of features, we’ll help you bring your idea to life
Key App Features
When it comes to mobile banking development, the types of features that can be added to an application may vary greatly depending on the app type. That being said, some of the mobile banking app features are essential for any digital banking product. Let’s take a look at them.
Authentication
This is the primary feature users come to expect from financial applications. Banking applications deal with sensitive data, and it’s important that they have strong security measures in place to prevent this data from getting into the wrong hands of unauthorized users. Common methods of authentication include passwords, PINs, facial and fingerprint readings, and two-factor authentication.
Bank account management
The second most important feature of a mobile finance application is the bank account management feature. Users need to have a convenient way of viewing their account balance, see transaction history, make bill payments, and move funds between different accounts. You can also allow users to automate some of their fund transfers, set up recurring payments for bills, and receive alerts for specific account activities to offer personalized banking experiences.
User profile
Obviously, no banking application can exist without a user profile. It’s a must-have feature, enabling users to manage their personal information such as their bank account details, contact information, communication preferences, currency preferences, security settings, and so on. And though a user profile doesn’t hinder the app’s functionality, its role in user experience is paramount. The more straightforward and user-friendly it is, the more likely users are to engage with the app and trust it with their financial information.
Transaction history and expenses dashboard
Furthermore, it’s important to provide users with a feature that allows them to view their money transfers. By tracking transaction history, including payments, deposits, expenses, and withdrawals, users can not only have greater trust in the system but also quickly recognize any fraudulent activities and have proof in case they need to dispute a transaction.
24/7 support
The main reason people use banking apps is because they provide 24/7 access to banking services. Therefore, it’s vital to ensure that customers can seamlessly manage their accounts at any time of the day without being tied to traditional banking hours. If running an in-house team of customer support agents isn’t an option, investing in multi-channel support can help alleviate this strain. By incorporating virtual assistants, chatbots, in-app messaging, and help center, you’ll ensure that your users can get help round-the-clock and have their questions answered independently, without the need for live interactions.
Integration with digital wallets
No matter what type of application you want to create, it’s a good idea to ensure it integrates with third-party applications like digital wallets or smart and wearable devices. While the smartphone remains the most popular gadget across the globe, millennials are increasingly relying on smart watches and digital wallets to manage their finances, and ignoring this fact is a surefire way to fall a few steps behind your competitors.
ATM and bank branch locations
Depending on the type of app, you may want to add a feature of the ATM and branch office locator. This feature can greatly enhance your app’s appeal by letting your customers easily find banks and ATMs located near them.
Push notifications
Finally, any mobile application will benefit from push notifications. Push notifications are a great way to keep users informed about bank account updates, transaction activities and confirmations, security alerts, promotional offers, reminders, and other important information related to banking activities.
Additional Mobile Banking App Features
In addition to critical features, there are also features that are desirable to have. Usually, they aren’t added at the step of developing an MVP. Developers add them later, when the product is validated and stakeholders make a decision to proceed with full-fledged mobile application development.
- QR code scanner
- Gamification elements
- Savings goal tracker
- Integration with digital document storage
- Localized language support
- Social sharing options
- E-signature
- Cryptocurrency support
- Dynamic currency conversion
- Peer-to-peer lending platform, the list goes on.
How Much Does it Cost to Develop a Banking App?
The cost to develop an online banking application depends on the complexity of the app, as well as a number of other factors, including features, technology stack, hourly rates and geographical location of the development team. Whether you choose to hire an in-house development team or delegate the application development process to an outsourcing company will also affect the cost. Let’s take a look at how the cost of fintech app development may vary by complexity, OS, and region.
If you choose to build a rather simple app, something like Mint, that offers basic account management features and can be built in less than six months, expect the cost to range from $50,000 to $100,000. For a more feature-rich application with additional functionalities and advanced security measures, the development cost can be anything from $100,000-$500,000. And something as large and complex, for example, as Capital One, with a full suite of banking services, can cost you $700,000 and more.
With regard to operating systems, the development of applications for iOS tends to be more expensive compared to Android. This mainly boils down to the fact that the iOS platform has more strict design guidelines, a fragmented device ecosystem, and an app review process in place.
Cross-platform applications are usually even more expensive, though creating a cross-platform solution helps reduce the project budget, making it a better investment in the long run.
Here’s a quick comparison of the cost of cross-platform and native app development for a banking solution. We’ve taken average prices without taking into account the team’s location, their level of seniority, and the app’s complexity on the whole.
In general, building a cross-platform application is more cost-effective, but there are situations when companies choose native technologies. For example, if you’d like your app to have a different design for Android and iOS, you’ll need two separate versions. Also, you may simply not need a solution with iOS and Android compatibility. We had a client from Fiji who asked us to build an Android-based application for them. They didn’t need an app for iOS, because in Fiji, the majority of people use Android, which has a market share of 87.02%.
“Despite the many advantages, cross-platform solutions have a number of shortcomings. First, they are rather heavy, requiring more memory of the phone. And secondly, they aren’t as high-performing as native apps, which can cause issues with speed and responsiveness, especially in complex applications.”
Aside from this, the banking app development cost may vary largely based on the geographical location of the team. For example, in the US, the hourly rate of a mobile app developer lies in the range from $31 to $70. Banking app developers from the UK will charge you anything from $50-$70 depending on the expertise.
Alternatively, if you choose to outsource to Eastern European countries such as Poland, Romania, or Ukraine, the rates will drop to $25-30. Obviously, you will also need to hire UI/UX designers, a project manager to oversee the process, and then a QA team, but this will still be a lot cheaper compared to hiring a local internal team.
Our team offers flexibility in terms of collaboration, allowing you to choose the terms that best suit your business goals
Tech Stack You Need to Build a Mobile Banking App
The choice of the tech stack for building a mobile finance application is the key to success but, unfortunately, there’s no one-size-fits-all solution. You’ll need to make a decision based on the platform and necessary features required for your product. This is where you may need to consult with a team with experience in the specifics of the industry.
At QAarea, for example, we primarily use native tech stack like Java/Kotlin for Android and Swift/Objective-C for iOS, offering our clients to choose between traditional and more modern technologies, picking the ones they’re most comfortable with. At the same time, we also offer a cross-platform tech stack with technologies like Flutter/React Native known for their clear code, flexibility, and customization options.
Step-by-Step Guide on Mobile Banking Software Development
Now let’s cover the app development process per step. This will give you an idea of what lies behind the fintech mobile app development and help you come up with a more precise plan for a successful project.
Step 1. Find a tech partner
First things first, you need to find a reliable tech partner with expertise in building mobile banking applications. This step is perhaps the hardest, since there are thousands of companies out there and all of them claim to be the best. However, you shouldn’t just take their word for it. Go over the company’s portfolio and read previous customer reviews to understand if they are really as good as they say they are and if they can build a product to fit your business goals.
We also recommend visiting websites like Clutch, Goodfirms, and similar ones where people post independent reviews. As a rule, these reviews are the most honest, offering insights not only into the tech expertise of a company but also their approach to work and cultural fit.
Step 2. Conduct research
Market research is the next step. As with any other software product, it’s important to conduct an analysis focusing on who you’re targeting, what features these people are looking for, and how your application can help them. Make sure the features you’re planning to implement aren’t already implemented by your competitors. If they are, think about how you can tweak them to stand out from the crowd.
Based on our experience, it’s also very important to pay particular attention to the cultural aspect of the target market. For example, some countries are more open to adopting new financial technologies, while others, such as Israel, may have a more conservative approach. In the same vein, consider the audience you’re targeting. While a good portion of users are likely to use their smartphones, a lot of youngsters tend to actively use their tablets as well.
The best way to approach this development stage is by doing a SWOT analysis. This analysis can help you look at your company’s strengths, weaknesses, opportunities, and threats, and prepare effective strategies for business growth.
Step 3. Think of security measures
This is the step that differentiates the development of a mobile banking product from any other software. Obviously, security measures are important for any kind of application, but for banking applications that deal with mobile payments, they are absolutely essential. Here are the areas that need your utmost attention:
- Passwords – passwords need to be saved in the database after hashing;
- Inactivity timers – if a user stays inactive for a long time, they must be automatically logged out from the app to prevent their data from getting in the wrong hands.
- Data privacy – the number of people on the development team who can access client data must be limited.
- Security certificates – get an SSL pinning to ensure the information passed between the browser and the server cannot be intercepted by unauthorized parties.
- Authorization – implement secure authentication mechanisms for user access. This could be facial ID, fingerprint reading, or two-factor authentication to ensure no one other than a verified user can access sensitive information.
- Payment card security – add an extra layer of protection by implementing VGS (very good security) tokenization or similar technologies to securely store and process payment card data without exposing it to potential breaches.
Step 4. Create a prototype
Prototyping is the next stage of mobile application development. It’s usually made by prototyping designers and architect engineers, but your active participation is still required. Make sure to follow what your team’s doing to eliminate misinterpretation of requirements and goals and speed up the development cycle. By actively participating in prototyping, you can visualize how your app will look and implement any changes you see fit before the development process begins, saving lots of time and resources.
Step 5. Design UI and UX
For banking apps that inherently involve rather complex concepts, creating a user-friendly interface is one of the key ingredients of success. The easier and more intuitive the app’s navigation is, the greater the chance it will attract an influx of users. Therefore, the app’s design should be entrusted to professional UI/UX designers with relevant experience.
Step 6. Develop an application
Once the design is approved, mobile developers start working on building an application. Depending on what you’ve agreed on with the team, they’ll either build a separate version for iOS and Android or create a cross-platform product. At this stage, they may also need to implement API integrations to ensure that your mobile solution can integrate with third-party applications for seamless data exchange.
Step 7. Test and deploy
The development stage ends up with testing to ensure that the app has no critical bugs and aligns with the initial project goals. If the QA team finds the app’s performance optimal and confirms its alignment with initial project goals, it is launched into production. Depending on the type of the app, QA specialists may execute functional, usability, load, stress, security and compatibility testing.
If you’re outsourcing fintech mobile app development, you should be looking for a team providing QA testing service as well. This will speed up development, eliminating any extra steps in the process, and give you confidence that your fintech app is rigorously tested and validated against industry standards before launch.
Step 8. Maintain and support
The product release is an exciting stage of development where you can finally see how your product performs and reap the awards. However, the development process doesn’t end here. To ensure that your mobile application works smoothly, it’s essential to invest in post-launch maintenance and support. With a team of developers keeping an eye on your application, you can be sure that it’s always up to date and no serious bugs can hinder its performance.
Main Mobile Banking Development Challenges
While it’s evident that ignoring banking mobile app development is no longer an option for financial institutions looking to stay competitive in the market, there are a number of challenges that you should be aware of before diving into this domain. Let’s look at them more closely.
Security concerns
One of the biggest challenges slowing down the adoption of mobile applications is security concerns. People still don’t trust technology to a full extent. They may use the app, but a lot of them feel vague about sharing their sensitive information through it, limiting the app’s effectiveness. Therefore, addressing this issue is essential to building trust among users and encouraging greater adoption of digital banking apps. Here are some of the things you can do:
- Use encryption;
- Encourage the usage of strong passwords;
- Implement at least two-factor authentication;
- Incorporate face ID or fingerprint authentication;
- Use safe data storage systems;
- Take advantage of the inactivity timer functionality.
By implementing these security measures, you will not only improve your app’s security and appeal but also build trust among your potential customers. If your budget allows, you can further enhance your security by implementing blockchain technology, which can add an extra layer of protection by removing a third party from the transaction process. Also, you should monitor threats and stay up to date with the latest security trends to protect your customers’ data and make a name for yourself as a trustworthy financial institution.
User experience design
Another challenge that developers often face is creating a user-friendly app design. Unlike entertainment or eCommerce apps, where simplicity often takes center stage, banking apps prioritize functionality and security. However, this doesn’t mean that user experience should be compromised. A good banking app should strike a balance between functionality and user-friendliness without requiring users to learn how to use and navigate it. The interface should be clear and intuitive, allowing users to easily and efficiently access their accounts, track transactions, and manage their finances.
Cross-platform compatibility
Building a banking application in Android and iOS presents a unique set of challenges, particularly due to cross-platform compatibility. It can be rather challenging to build an app that functions smoothly across various operating systems, screen sizes, resolutions, and devices. The only way to mitigate glitches, bugs, and errors is by testing the application on various devices and platforms, which can be done by development companies that have extensive testing coverage. For example, at QArea, we have a park of over 250 devices, including online simulators and emulators that allow us to test multiple configurations in parallel and in different testing environments.
“Our team approaches testing with care and attention to detail. We prepare test data to cover the entire business flow. In addition, we simulate a poor internet connection to check how the app exchanges and synchronizes data between frontend and backend, and conduct load and stress testing for backend, which plays a crucial role in banking applications.”
Regulatory compliance
Last but not least, banking app development comes with a challenge of understanding and following legal regulations, which may differ based on the type of banking app you want to create.
For example, applications providing customers with access to loan services need to ensure that users can easily access all necessary disclosure requirements, including details on format, content, timing, and delivery methods.
In the same vein, banks advertising credit-related products or services like credit cards, mortgages, and overdrafts need to adhere to regulations such as the Fair Housing Act.
Further down, we break down the most common security regulations in the banking industry:
- The New Payment Services Directive (PSD2). This rule requires strong customer authentication for payments made throughout the European Union (EU) and European Economic Area (EEA).
- Payment Card Industry Data Security Standard (PCI DSS). Applications that support various monetary transactions must comply with the PCI DSS standard to ensure protection against fraud and theft.
- Federal Trade Commission (FTC). This is the agency that protects the rights of consumers by preventing any fraudulent activities against them.
- Regulation of data access (GDPR). This regulation is valid in Europe and gives businesses greater control over how private information is handled and processed.
- The California Consumer Privacy Act (CCPA). Like the GDPR, this regulation aims to enhance consumer privacy rights, but for US residents.
- The Saudi Arabian Monetary Agency (SAMA). SAMA regulation governs the use of financial technology in the Saudi Arabian banking market as well as the securities markets.
Other than that, there’s a bunch of other strict laws and frameworks that need to be followed when creating a banking application such as PCTF, EBA, FInCEN, EMV Chip, FINRA. So, before diving into development, it’s important to take the time to learn all these regulatory compliance standards to ensure your product doesn’t violate any rules.
Mobile Banking Trends to Watch Out for in 2024 and Beyond
To create a mobile banking application, it’s beneficial to stay ahead of mobile banking trends. Knowing what’s happening in the world of mobile banking and implementing those trends into your app can give you a competitive edge and help beat even some of the biggest players in the market.
If you’d like to know what trends are emerging in banking development, keep reading. Further down, we’ll share with you some of the most recent developments.
- Increased reliance on AI
AI in banking is no longer a buzzword but a reality we face every day. Gone are the days when banks used call centers as their primary means of communicating with customers. Today, everything is done with the help of AI-enabled chatbots and virtual assistants who are always there for you, ready to answer all of your questions 24/7 without breaks for coffee.
What’s also great about virtual assistants is that they don’t sound as robotic as they did a few years ago. With algorithms becoming better and better each day, they can now understand not only different languages but also the intent behind each request, allowing them to replace customer service agents.
Besides improved interactions with customers, AI offers invaluable insights into customer behaviors. Thanks to its ability to gather and analyze terabytes of data virtually in seconds, it allows banks to peek into their customers’ preferences and tastes and come up with more attractive offerings. AI can also pinpoint any unusual patterns in behaviors, alerting to fraudulent activities that may threaten the safety of customer accounts.
Another area where AI lends itself useful is in assessing risks when dealing with bank loans, especially when it comes to customers who don’t have a long record of credit history. By analyzing a wide range of data, AI can provide more accurate risk assessments, enabling banks to make better informed lending decisions and reduce the likelihood of defaults.
Also, we can see AI becoming more widely used for personal finance management purposes. With the ability of AI to analyze and anticipate things, it can become a powerful finance planning tool, offering people finance advice on investments, budgeting, and saving.
- Rise of blockchain and cryptocurrency technology
Today, there are over 20,000 cryptocurrencies and more than 420 million crypto users that actively conduct cryptocurrency transactions daily. And these numbers are constantly growing. By the end of 2028, the number of cryptocurrency users is expected to reach 992.50 million, showing a wide adoption of blockchain technology in finance.
Surely, the rise of cryptocurrencies can’t be ignored by digital banks. Many banking apps are already integrating wallet functionalities, allowing users to buy, sell, and hold various cryptocurrencies alongside their traditional bank accounts. This trend is only going to deepen, with more businesses embracing blockchain to expand their range of mobile banking services.
- Enhanced biometric authentication
To make mobile banking solutions more attractive for end users, businesses involved in finance are increasingly turning to biometric authentication methods such as fingerprint scanning, facial recognition, and voice authentication. Unlike traditional passwords and PINs, these methods are much more difficult to compromise, safeguarding user accounts from unauthorized access to their payment information and other sensitive data.
Aside from the high security level, the use of biometric authentication is great in terms of UX. Rather than having to remember complex passwords or carrying physical tokens, they can access their accounts more easily and quickly, making the app way more convenient to use on the go. Seeing the advancement in biometric technology, we can expect to see its widespread adoption across a wide range of mobile applications, not just in the banking sphere.
- Expansion of contactless payments
The popularity of biometric authentication has played a significant role in the rapid growth of contactless payments. People seek faster and more secure ways to make transactions, and contactless payment methods like NFC (Near Field Communication) technology, QR codes, and mobile wallets, fit that mold perfectly. Moreover, convenience of use isn’t the only advantage of contactless payments. Before anything else, it’s the level of security they offer that boosts the appeal of applications supporting contactless functionality.
- Mobile apps become more popular
Finally, it’s just evident that online banking is becoming more prevalent. According to a recent report, 84% of customers would rather use digital banking than go to a physical bank branch and 72% already use mobile apps as their primary ways of accessing their bank accounts, which is a large portion of the population. All this puts traditional financial institutions under pressure to respond to the current user demands and invest in mobile banking development.
Why Choose QArea to Develop a Mobile Banking Application
If you’re looking to create a mobile banking app, QArea can become your reliable partner. With over 23 years of experience building mobile applications for different financial institutions, we offer a range of compelling reasons to entrust your project to our team.
First and foremost, we have a proven track record of success in developing innovative and secure mobile banking solutions. Our team of mobile developers has in-depth knowledge of technologies used for building finance solutions, allowing us to bring some of the most daring ideas to life. In addition, we are ISO 27001:2013 certified, which demonstrates our commitment to upholding the highest standards of security and data protection.
Furthermore, at QArea, we understand the unique challenges and requirements of the banking industry. We always keep track of emerging trends and technologies to provide online banking solutions that remain competitive and meet the evolving needs of the market.
Additionally, we understand the importance of robust applications. Our team has its own department of QA control that can carry out rigorous testing of a mobile application on different mobile devices and operating systems to ensure the highest quality and reliability of your software product. Moreover, we offer you as much control over the development process as you want. Whether you want to work on a fixed cost, time and material, dedicated team or hybrid model, you are free to choose the terms that best suit your goals and don’t put strain on your budget.
When you choose QArea as your development partner, you choose expertise, reliability, and innovation. Our developers have received many awards in the past and continue to push the boundaries of what’s possible in mobile banking technology.
Final Thoughts
The popularity of mobile applications is a fact that is difficult to deny. People are increasingly using their smart devices to pay bills, purchase things, and manage finances. Moreover, if we look at the statistics, we can see that the reliance on mobile is only going to become stronger in the coming years. All this puts the banking industry under pressure to respond to this demand.
These days, creating an application is no longer an option. It’s a crucial factor that can help increase customer engagement, set you aside from the competition, and give you a base of loyal customers who’ll rely on your services. Therefore, development for banking applications is a domain finance institutions should invest in if they don’t want to get swamped by large players who continually innovate.
Share:
- Mobile App Development Market Overview
- Benefits of Banking Apps for Business
- Types of Mobile Banking Software
- Key App Features
- Additional Mobile Banking App Features
- How Much Does it Cost to Develop a Banking App?
- Tech Stack You Need to Build a Mobile Banking App
- Step-by-Step Guide on Mobile Banking Software Development
- Main Mobile Banking Development Challenges
- Mobile Banking Trends to Watch Out for in 2024 and Beyond
- Why Choose QArea to Develop a Mobile Banking Application
- Final Thoughts
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Your tech partner needs to be well versed in all kinds of software-related services. As the software development process involves different stages and cycles, the most natural solution is to have them all performed by the same team of experts. That’s exactly what our diverse range of services is for.
The choice of technology for your software project is one of the defining factors of its success. Here at QArea, we have hands-on experience with dozens of popular front-end, back-end, and mobile technologies for creating robust software solutions.
In-depth familiarity and practical experience with key technologies are one of the cornerstones of successful software development and QA. But it also takes specific knowledge of the industry to develop a solution that meets the expectations of the stakeholders and propels its owner to success.
Ensure an effective online presence for your business with a corporate site.
