Gone are the days when customers had to make a physical trip to the bank and adhere to business hours just to handle basic banking tasks. Thanks to the wonders of modern technology, customers of financial institutions 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 taps on their smartphone. Naturally, customers will be drawn to a traditional bank that offers a mobile app tailored to their needs, ensuring a seamless and enjoyable banking experience.
Before creating a mobile banking app, you need to know what features make a successful app, how long the development process takes, and how much money it will cost.
Then the question arises, where and how to start? So let’s take a look.
Types of mobile banking apps
In general, there are five important types of fintech applications:
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Near Field Communication (NFC). This new fintech software development technology allows financial institutions to accept contactless payments with smartphones. Keep in mind that the ITS operating system also requires customer fingerprint verification.
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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 usually integrate NFC solutions.
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Quick Response (QR). You can check items in physical stores with a mobile QR code scanner and make payments based on the created list of things.
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Mobile transaction management. Customers using this form of online banking software have complete control over all bank card transactions. As a result, for the vast majority of transactions, a personal trip to the bank is unnecessary. Isn’t that the reason to build a mobile banking app?
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Online payments. Most banks now offer mobile apps that enable online payments through popular services like PayPal and Stripe.
Most of the time, the features of many apps are combined into a single modern mobile banking solution.
Technical stack to create a mobile bank
Each method of building a mobile banking app has its advantages and disadvantages. However, two approaches to mobile banking app development compete: native and cross-platform.
DOMESTIC
You can build a digital bank using native programming, designed specifically for a mobile platform like Android or iOS. Native apps are platform specific and can only be used on the operating system for which they are 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 work similarly but have quite different backends.
If you make a mobile banking app for Android, you will usually use Java or Kotlin. In contrast, iOS apps are usually written in Objective-C or Swift. The native approach is often used to develop complex programs with rigorous speed, security and quality criteria.
Cross-platform
Many people confuse hybrid and cross-platform programming. The ability to reuse code is a characteristic shared by both approaches, but that’s about all they have in common. When you create a fintech mobile app using cross-platform technologies, you build them from a single code base and run natively on Android and iOS. In contrast, hybrid applications are created using web technologies (HTML5, CSS and JavaScript).
Cross-platform apps typically provide an experience comparable to native apps since they use the target platform’s native rendering engine. The cross-platform approach is widely recognized as one of the most essential contemporary advances in mobile banking application development.
React Native and Flutter are two popular cross-platform programming frameworks. Facebook and Google (via the Dart programming language) offer comparable frameworks.
Must have features for Mobile Bank
One of the most important features of mobile banking software is its safe and straightforward use. Additionally, banking apps must meet many other standards to succeed. Financially savvy customers have come to expect certain features from a trusted app. Consider these top mobile banking app features and benefits if you want to feel confident using a mobile banking app.
#1 Two-factor authentication and biometric authentication
The customer should only have access to the banking application on their device. If they misplace their phone, two-factor authentication and, even better, biometric authentication like fingerprint scans or facial recognition can help prevent unauthorized users from accessing an account. This is an essential element among the features of the mobile banking app.
Account Usage Notices #2
Access to cash is critical to the success of building mobile banking apps for fintech as it enables users to access their app whenever and wherever they need it. To stay on top of their financial status, customers need to be able to set alerts tailored to their specific requirements. Your app should tell them if there is an important transaction, such as a large purchase or a low balance.
#3 Geolocation
When creating a mobile banking app, remember that most mobile banking apps now have a geolocation API that can locate nearby financial facilities, such as ATMs and tellers.
Due to security concerns, travelers often need help accessing money away from home. Banking apps should let you notify your bank that you’ll be away so your vacation doesn’t go off the rails.
#4 Card Control
One of the most inconvenient things about online shopping is having to repeatedly enter your credit card information. Thanks to Click-to-Pay, you can skip the headache and pay your bills without wasting time.
On the other hand, card and payment flow control is a basic 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 be entered into a dashboard through your mobile banking app.
How to speed up the creation of your Mobile Banking application?
Speed and reliability are essential to a successful and efficient development process when creating a mobile banking application. This is where Fintech Core, a white-label solution provided by DashDevs, comes into play. Fintech Core offers a comprehensive set of pre-built components and modules designed for mobile banking applications, enabling developers to significantly accelerate the application development process specifically.
By leveraging Fintech Core capabilities, businesses and entrepreneurs can save valuable time and resources, bringing mobile banking apps to market faster than ever before.
Fintech Core provides many essential features and capabilities for building a cutting-edge mobile banking application. Here are just some of the important features:
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Onboarding: Fintech Core simplifies the onboarding process, ensuring a seamless and hassle-free user experience when signing up to the app.
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KYC and KYB: Integrated Know Your Customer (KYC) and Know Your Business (KYB) capabilities in Fintech Core ensure regulatory compliance and secure customer verification.
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AML and Fraud Prevention: Fintech Core includes robust anti-money laundering (AML) and fraud prevention mechanisms to protect transactions and protect against potential risks.
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iOS and Android Apps: Fintech Core offers native apps for iOS and Android platforms, providing optimized user experiences across devices.
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Multi-Currency Support: With Fintech Core’s powerful multi-currency support, users can effortlessly transact in different currencies, simplifying global transactions.
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Multi-Region and Language Support: Fintech Core serves diverse audiences by providing support for multiple regions and languages, allowing users to access the app in their preferred language.
By using a white-label solution like Fintech Core, businesses get several benefits that make it a compelling choice:
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Accelerated Time to Launch: Fintech Core enables a rapid product launch, reducing development time from months to weeks and enabling businesses to stay ahead of the competition.
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Compliance Ready: Fintech Core is designed to meet PCI (Payment Card Industry) and DSS (Data Security Standard) compliance requirements, ensuring adherence to high security and regulatory standards.
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Development cost savings: With Fintech Core’s pre-built modules and components, businesses can significantly reduce development costs, allowing for efficient resource allocation and investment in customization and user experience improvements.
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State-of-the-art technologies: Fintech Core leverages the latest advances in software architecture, security protocols, and performance optimization, providing a strong technological foundation for delivering exceptional user experiences, handling traffic growth, and accommodating upgrades upcoming.
As you can see, DashDevs offers a comprehensive and reliable solution, serving as the ideal partner to turn mobile banking app visions into reality. Explore more about the outstanding services of Fintech Core and DashDevs on the Fintech Core page.
conclusions
Successful banking applications combine the latest security measures with user-friendly interfaces and the ability to access a wide range of banking services and products. While developing an online banking application of this scale, it is essential to plan the feature set for the first and future versions of the application and ensure that the MVP helps detect any serious design or market fit defects.
If you want to create high-quality mobile apps for Android, iOS and other platforms, feel free to consult the experts at DashDevs. While the work is challenging, it is much more interesting to do it. So dive into the world of mobile banking app development, embrace innovation and start the journey of creating an exceptional mobile banking experience for your customers.
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