Banking Mobile Apps – Trends & Development Specs

Mobile apps have revolutionized the way we manage our finances today. According to estimates for 2021, about 90% of users will make payments from their smartphones. The number of transactions using mobile devices will be on the rise by 2022, which will significantly increase the percentage of all banking operations. As software developers continue to revolutionize the way we use banking and finance apps, it is important to keep up with the latest trends and be aware of potential competitors.

Importance of Banking Mobile Apps

Mobility is one of the main modern trends in business. Finance and banking come as no exception. Today, a bank can work without an office, but it must have a progressive application where a user can access one’s personal data and be able to perform various financial transactions.

The functionality of mobile banks allows you to significantly restructure the internal banking processes and operations associated with your customers. Compared to online banking, where users can log into their personal account through a corporate banking site, a banking application is a software that is available on personal mobile devices. Such a solution is much more convenient and focused directly on the user.

The banking application is a powerful tool for building customer loyalty. You should choose a reliable web app development company to carefully plan and execute your banking application development.

What Can Banking Apps Do for You?

When creating a banking mobile solution, it is crucial to think about how you can optimize the UX and what features you are going to offer. For example, a single mobile banking app allows users to make any type of transaction, apply for loans, view their status for multiple accounts, and reach out to customer service if needed.

Such solutions can be accessed anytime, creating a win-win scenario where you automate tasks and improve user experience. An effective economic business model will lead to benefits and business growth. What are the main features that should be included in an online banking application before being developed?

Mobile banking applications have gained widespread popularity and continue to gain a competitive advantage because the solutions provide a wide range of functions:

  • Peer-to-Peer system – this feature allows sending money from one account to someone else’s bank account or card. There is no need to go to the bank office;
  • Counting funds and savings – this is a great option for users who only use cards and bank accounts to pay for whatever they buy without using cash. The above function allows a user to track expenses and a current balance to keep track of their monthly budget;
  • Security – this does not only involve entering account credentials in the banking application. Basically, people can use Touch-ID or Face-ID instead of having to enter a password every time to sign in. This brings simplicity and higher security;
  • Push notifications – this is a great option that provides a great customer experience. Depending on the location of the customer, the banking application may show special offers – be it a discount for food and drinks, various coupons for the purchase of something, etc.

Software Development Scenario

There are some key stages of banking and financial software development that should be followed in order to deliver a quality product. You can click here to know all the tech specs and check the below project launch workflow.

Step #1 – Planning

This stage includes collecting ideas and clarifying the project specs. To launch a top-notch product, you must start with careful planning:

  • Target market research;
  • Mapping out key nuances;
  • Generating ideas on how to eliminate possible problems;
  • Best practices review;
  • Definition of your future application;
  • Choosing the operating system, programming language, and development tools for your app.

Step #2 – UI / UX Design

Designers should step into the project before developers take it at work because it is important to approve the app’s  UX/ UI before starting to develop it. The design team works in accordance with the list of tasks compiled on the basis of the conducted research. They develop UI, UX design, and layouts.

Step #3 – App Development

The next task is to launch the completed project. A development team performs two parts of the development process:

  • Frontend development – building the UI/ UX;
  • Backend development – data integration, server-side configuration, system stability, security.

Step #4 – Testing

Testing is one of the important stages of baking app development. Once the product is complete, it undergoes final testing to ensure that all components work together and that there are no crucial bugs or vulnerabilities in the system.

Step #5 – Marketing and Implementation

At this point, your solution is going to be released to end-users. Active marketing and advertising should take place before the official release date in order to attract as many users as possible. The promo campaign can be run on social media, through search ads, and e-mail newsletters.

Do It Right!

It is quite easy to launch a top-performing and user-friendly mobile banking app if you have an idea of what you want to get. By creating a comprehensive business plan, hiring a professional dev team, and sticking to the above tips, you boost your chances for success at the max!

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