In today’s times, we live in a world where mobile apps have become part of our lives. With mobile apps, the future seems impressive. The times are changing and everything is modernized. People do not prefer standing in long queues of customers waiting to be served in any sector, including banks.
The future is mobile apps, and people are constantly using mobile apps to apply for loans, pay bills, recharge, and more. Banking mobile apps come with incredible features, including instant fund transfers, applying for loans, savings, and SIPs. Let’s see what stats say about mobile banking app development:
- According to Global Market Insights, the global banking market is estimated to reach $9 trillion by 2032.
- Deloitte’s income stream from mobile banking app development continues to grow.
- A report from Dimension Market Research says, by the end of 2024, the USA will hold the largest global mobile banking market share.
- MX states that around 73% of US users are using mobile banking apps.
These stats clearly represent the impact of mobile banking apps on users. Let’s dive deeper into the blog and learn about the various benefits that users can get using mobile banking apps.
Top Reasons Why Customers are Switching to Banking Apps
Well, there are numerous reasons why people are switching to banking mobile apps. Let us discuss a few of the main reasons:
24x7 Customer Support: Mobile baking app development gives customers 24/7 support. This has helped banking professionals and customers in many ways possible. Traditionally, customers have to wait for the opening hours, lunch breaks, closing hours, holidays, and whatnot. But now, with the help of mobile apps, users don’t have to wait for longer hours, offering customer satisfaction.
Single App, Multiple Features: Wondering how multiple features in a single banking app can help users? Well, once a user logs in to the mobile banking app, they get access to many features. Integration of numerous features has helped users solve many issues without frustration. Users can easily pay bills, do transactions, take payments, stay updated with customer details and so on.
Cost-effective: Mobile banking app development helps users make transactions cost-effectively. The best part is that banks do not charge customers while providing online banking services. These apps are highly cost-effective as well as time-saving. You do not have to visit the bank for everything, making it easy for customers to handle their bank-related issues effectively.
Fast Transaction: This is one of the best benefits of mobile banking apps. Imagine transferring money from one account to another in just a single click. These apps have made it possible for the users to transfer money fast, no matter the time and location. Banking mobile apps have made the lives of people easy and faster. Hence, if you are in a business looking for ideas to grow your business, developing mobile apps can benefit you in numerous ways.
Also Read: AI in Banking: A Guide to the Future of the Finance Industry
How to Develop a Mobile Banking App Step-By-Step
Wondering how to develop a mobile banking app? Well, in this section, we will take you through the steps involved in the development of a mobile banking app.
Market Research: The first step in the development of a mobile banking app is market research. If you want to develop a successful app and win the market, ensure that you study your competitors and market. Pay close attention to the cultural aspects and customers habits. For example, if we look into the US market, almost every other user has a credit card. So, what do we understand from this? Well, adding a credit option in the app can help you win customers. During market research, focus on the user persona profile, do a proper market, check market share, habits, and value proposition.
Security: This is where you can make all the difference. Data is sensitive, and protecting it is essential. Hence, ensure that you use features such as a secure password and auto-logout. Data privacy plays an important role; hence, developers who are involved in the development process must have limited access to the user’s tokens, passwords, and other private information. Also, before starting with the development process, ensure that you have an SSL certificate.
Build a Prototype: The success of an app depends on the development and testing of the prototype. A prototype is a simpler version of the final app, which must include app logic, app structure, and app design. It is not the final app, but it allows you to test your app idea. You can give it to the users for testing purposes, take feedback, and work on the feedback.
Design UI/UX: Your website is the first thing that interacts with the users. It talks to them and passes on the information through visuals, content, and animation. So, ensure that the design is interactive and gives the information that is needed for the users. It helps you make the first impression, so do it right. Make sure that your website is easy to navigate and must be able to keep the user on your website for a longer period of time.
App Development: At this stage, decide the platform and the framework you want to use for the development purpose. Now you can start with the development process. Also, if you are developing for Android, choose tools like Java/Kotlin, Android Studio, and Android SDK. However, if you are developing for the iOS platform, choose a tech stack such as Swift, Xcode, and iOS SDK. Also, ensure that you add all the required features and functionalities to the mobile banking app.
Integrate 3rd Parties: Integrating your mobile banking app with the third party can help you develop a very successful app. These 3rd party providers can help you develop a user-friendly app flow and retain customer attention. However, before finalising the third-party services, ensure that they are stable, secure, and actively supported.
Test & Launch: Before launch, ensure that your app is working well and has no errors. It must be intuitive and perform fast. Hence, make sure that the app goes through a testing process and once testing is done and you are sure about the app, you can launch the app on the Play Store or Apple Store.
How Much Does it Cost to Develop a Mobile Banking App?
The cost of mobile banking app development is not fixed. In general, the cost ranges from $10,000 to $100,000, depending on the various factors, including product complexity, UI/UX design, and the developer's expertise. Also, the cost depends on the type of functionalities, i.e., simple, medium, or complex.
Moreover, this is the rough estimate of the cost; if you want to know the exact cost, you must contact the mobile app development company.
Conclusion:
Now that we have reached the end of the blog, we hope that you got an idea about the development process of mobile banking app development. If you have any questions related to the mobile banking app, feel free to contact us.ToXSL Technologies is a leading mobile app development company with over 12 years of experience in offering innovative mobile apps to businesses globally. Our team of expert developers keeps themselves updated with the latest tech stack and creates the best solution for the clients.
We understand your requirements and then design a plan. Once approved from the management and clients. We start with the development process. Throughout the process, we maintain transparency and privacy. At ToXSL, we are committed to developing high-quality solutions.
So, if you are looking to develop mobile banking apps for your business, look no further than ToXSL Technologies. Get in touch with our experts today and learn how we can help you take your business to the next level.
