Gone are the days when customers had to make a physical trip to the bank and stick to their business hours just to handle basic banking tasks. Thanks to the wonders of modern technology, financial institution customers now have the delightful convenience of mobile banking apps at their fingertips. 

With these handy apps, customers can effortlessly manage their finances with a few simple smartphone taps. Naturally, customers will be drawn to the traditional bank that offers a mobile app tailored to their needs, ensuring a seamless and enjoyable banking experience.

he global mobile banking market is projected to grow significantly. It was valued at 692.5 million USD in 2021 and is expected to reach 1,359.5 million USD by 2028, showcasing a compound annual growth rate (CAGR) of 11.9%.

Before creating a mobile banking app, you should know what features make it successful, how long the development process takes, and how much money it will cost.

As a person, who’s been building mobile banking apps for 15 years already, I can share tips you need to know before starting development.

Types Of Mobile Banking Apps

In general, there are five significant types of fintech applications:

• Near Field Communication (NFC). This new fintech software development technology allows financial institutions to accept contactless smartphone payments. Keep in mind that the ITS OS also requires customer fingerprint verification.

• Digital wallets. Digital wallets, which store a user’s bank card information, can be used instead of physical cards. When you create a digital wallet, you typically integrate NFC solutions.

• Quick Reply (QR). You can check out items at physical stores with a mobile QR code scanner and make payments based on the generated list of things.

• Mobile transaction management. Customers who use this form of online banking software have complete control over all bank card transactions. As a consequence, for the great majority of transactions, traveling to the bank in person is unnecessary. Isn’t this the reason to build a mobile banking app?

• Internet payments. Most banks now provide mobile applications that enable online payments through popular services such as PayPal and Stripe.

Most of the time, the features of multiple apps are combined into a single modern mobile banking solution.

Tech Stack To Create Mobile Bank

Each method of building a mobile banking application has its benefits and drawbacks. However, two approaches to developing mobile banking apps compete: native and cross-platform.

1. Native

You may build a digital bank using native programming, designed particularly for a mobile platform such as Android or iOS. Native applications are platform-specific and can only be used on the operating system for which they were intended.

Native development requires a thorough understanding of a platform’s structure and code. As a result, if you want to create an app for both iOS and Android, you’ll need to create two separate apps that look and perform similarly but have pretty different backends.

If you make a mobile banking app for Android, you will typically use Java or Kotlin. In contrast, iOS apps are generally written in Objective-C or Swift. The native approach is often used for developing complicated programs with rigorous speed, safety, and quality criteria.

2. Cross-Platform

Many people mix up hybrid and cross-platform programming. The ability to reuse code is a characteristic shared by both approaches, but that’s all they have in common. When you create a fintech mobile app using cross-platform technologies, you make them from a single codebase and run natively on Android and iOS. In contrast hybrid apps are created using web technologies (HTML5, CSS, and JavaScript).

Cross-platform applications usually deliver an experience comparable to native apps since they leverage the native rendering engine of the target platform. The cross-platform approach is widely recognized as one of the most essential contemporary advancements in the development of a mobile app for banking.

React Native and Flutter are two popular cross-platform programming frameworks. Facebook and Google (through the Dart programming language) provide comparable frameworks.

Must-Have Features For Mobile Bank

One of the most significant characteristics of mobile banking software is its secure and straightforward use. Furthermore, banking applications must fulfill many other standards to succeed. 

There has been a significant increase in mobile app fraud transactions, which have risen by over 600% since 2015.

Financially knowledgeable customers have come to expect certain features from a dependable app. Consider these best mobile banking app features and benefits if you want to feel safe using a mobile banking app.

#1 Two-Factor Authentication and Biometric Authentication

The customer should only have access to their device’s banking app. If they misplace their phone, having two-factor authentication and, even better, biometric authentication such as fingerprint scans or facial recognition can help prevent unauthorized users from accessing an account. This is an essential one among banking mobile app features.

#2 Account Usage Alerts

Money access is critical to the success of building mobile banking apps for fintech since it enables users to use their app whenever and whenever they need it. To stay on top of their financial status, customers should be able to set up alerts tailored to their specific requirements. Your app should tell them if there is a significant transaction, such as a large purchase or a low balance.

#3 Geolocation

When you create a mobile banking application, remember that most banks’ mobile applications now feature a geolocation API that can locate nearby financial facilities such as ATMs and tellers.

Due to security concerns, travelers frequently need help accessing money away from home. Banking apps should allow you to notify your bank that you’ll be out so that your vacation doesn’t go off the rails.

#4 Card Control

One of the most inconvenient things about online purchases is having to input your credit card information repeatedly. Thanks to Click-to-Pay, you may skip the headache and pay your invoices without wasting time.

On the other side, controlling card flow and payments is a base feature when you start a mobile banking app. Budgeting has come a long way from paper budgets and rudimentary spreadsheets. Customers’ cash flow, spending habits, and account balances should be able to feed into a dashboard through your mobile banking app.

How to Accelerate the Creation of Your Mobile Banking App?

Speed and reliability are crucial for a successful and efficient development process when creating a mobile banking app. This is where a white-label solution Fintech Core comes into play. It provides a comprehensive set of pre-built components and modules designed for mobile banking applications, enabling developers to build a mobile banking app in 3-12 months.

Fintech Core offers essential features and capabilities for building a mobile banking app. Here are some of them:

1. Onboarding: Fintech Core streamlines the onboarding process, ensuring user’s seamless and hassle-free experience when signing up for the app.

2. KYC and KYB: Built-in Know Your Customer (KYC) and Know Your Business (KYB) capabilities in Fintech Core ensure regulatory compliance and secure customer verification.

3. AML and Fraud Prevention: Fintech Core incorporates robust anti-money laundering (AML) and fraud prevention mechanisms to safeguard transactions and protect against potential risks.

4. iOS and Android Applications: Fintech Core provides native applications for iOS and Android platforms, delivering optimized user experiences across different devices.

5. Multi-Currency Support: With Fintech Core's robust multi-currency support, users can effortlessly transact in various currencies, simplifying global transactions.

6. Multi-Region and Language Support: Fintech Core caters to diverse audiences by offering support for multiple regions and languages, allowing users to access the app in their preferred language.

Final Words

Successful banking applications combine cutting-edge security measures with user-friendly interfaces and the ability to access a broad range of banking services and products. While you develop an online banking application of this scale, it is critical to plan out the feature set for the first and future app versions and ensure that the MVP assists in discovering any serious design or product-market fit flaws.