There is no doubt that technology is taking the world by storm. And, it can be found today in various domains, from healthcare to food ordering or eatery business. However, it’s not enough, with the increasing demand for utility mobile apps, more and more new startups are coming up every day with new ideas.
Banking and finance domain has been witnessed this phenomenal revolution. Online banking has not been limited to web application, people now using mobile banking applications in order to get many things done. This has led to the development of mobile banking and finance apps.
The users no longer need to visit their branch for availing the different kinds of banking related services such as opening an account, applying for the credit card, check account balance, cash deposit, cash withdrawal, applying for a loan, and so on. They now transfer money between accounts using their bank’s app on their smartphone.
As a result, the advent of next-generation technologies such as the Internet of Things (AI), Machine Learning (ML), Artificial Intelligence (AI), Blockchain technology, Cryptocurrency, Cloud, etc. have all contributed their role in this escalation.
In today’s time, almost every large bank already has a native m-banking app for its customers to make their work simpler and easier.
In this article, we’ll discuss the security-related aspects, features to Mobile Banking Application Development and look at the cost of building a banking app for both the Android and iOS platforms. But first, let’s discuss what makes mobile banking app popular.
Some Statistics To Prove The Increasing Popularity Of Mobile Banking Apps-
It has been noted that around 72 percent of Millennials in the U.S. used mobile banking app, that is set to rise to 77.6 percent by 2022.
According to Gartner, 25% of the top 50 global banks have native mobile banking apps.
As per the Global Data, Asian county India stands on top position in terms of global mobile banking usage, while Sweden sees the fastest growth.
Some report suggested that customers that are using mobile banking services through mobile applications are expected to reach 1.75 billion by the end of 2019.
According to the report of McKinsey, the conventional banking system is not getting much response from their customers as over 37% population using it, on the other hand, 50% users at the same time using the mobile app banking.
Security features should be on top priority in order to make customers online transaction secure and easy.
- Multi-factor Authentication Feature– You need to implement multi-factor authentication feature in your app in order to provide secure transaction and ability to utilize other services.
- NFC-embedded SIM Cards– It provides a standard way to make secure and contactless payments. The NFC-embedded SIM card allows customers to securely download their credit card information into the NFC SIM card.
- End-to-end Encryption– You should consider this feature into your mobile app to make sensitive data exchanges between two points safe from hackers and cyber-criminals.
- Biometric-enabled Device– App that you are going to develop should have biometric feature for secure login.
- Smart keys– The in-built Smart keypad in-app prevent key logging and memory dump attacks.
- One Time Password– This is the best ever feature to make secure transactions. On each transaction, customers will get OTP on their register mobile number that they need to used to complete the transaction.
Mobile Banking Application Features
Before start discussing the features of a mobile banking application, there are the essential concerns related to User Interface that you need to take into account when you develop a banking app. You should ensure that the application meets all the customers’ basic needs and expectations and is going to be helpful and convenient.
Create a Pleasant User Experience
When you are done with all these security features, now the time has come to move on the interface part. Mobile UI/UX Design of an application plays an important in success as it implicates the look and feel of a mobile application.
Your banking app with minimal design elements takes a few seconds of the user to make them understand the core features of the application.
Try to make your banking application light and fast, and also focus on the UI and UX as the perfect balance of it will help you in acquiring more and more users for the mobile app as well as keeping them engaged for a long time.
If your customers find the app useful and comfortable with it then you
Core Banking App Features-
- Registration and Login
- Check Account Balance
- Recent Transactions History
- In-app Support
- Person-to-person Payments
- Bill Payments
- Push Notification
Let’s Have A Look On The Cost of Banking App Development-
A banking application is all about money and consequently, safety comes on top priority to provide a delightful banking experience to your customers. And in this case, nothing is more important than application security.
The world’s large banks spend approximately $120,000 for Mobile Banking App Development. There are various Banking Application Development Companies out there that charge around $80,000 to $90,000. Although, the cost of development differences from nation to nation and Mobile App Developer or Mobile App Development Company you choose. Moreover, you can also hire experienced and well-skilled mobile app developer on a full time or hourly basis for your work.
The average hourly rate of experienced developer in Asian county- India is around $30-$40 that is comparatively lower than the U.S. and European countries.
The development of application would be required for around 30 weeks (40-45 hours each week).
US – $100-150
UK – $100-$120
Eastern Europe – $60-$75
India – $30-$40
Australia – $100-$123
South America – $60-$90
The Bottom Line
As mobile banking apps have made the banking processes convenient in all ways for people. Customers use the banking app to avail various banking services sitting in comfort of the house. Think about all the features that we have discussed here and implemented them to create a decent mobile banking application.
If you are looking for a renowned iOS or Android Banking App Development firm for your mobile banking application at most affordable rates, we are here to assist you. Our team specializes in developing banking apps. Discuss your requirement with us.
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