The transfer of leading-edge technology is bringing an unprecedented revolution in the banking and financial system. The emergence of innovative technologies like the Internet of Things, the introduction of various cryptocurrencies, Blockchain technology, Fintech, and digital transformation, etc. have played their part in this growth.
With the advent of mobile banking solutions, now people no longer need to visit their branch to avail various types of banking services like opening an account, applying for any particular loan, depositing, or withdrawal of money, etc. This banking solution offers flexibility and convenience with just a single tap, regardless of branch hours and location. And with an increasing appetite for banking services, traditional institutions have to address current market trends to win the loyalty of clients, retain their existing customers, remain competitive, and attract newcomers.
Today, in this article, we’ll talk about how to build a mobile banking app. Read on to learn all!
- Analysis Market Research & Build Planning :
To build a top-notch mobile banking app, the preliminary stage is to conduct market research. You should identify your competitors, check alternative solutions in the marketplace, and find out what is popular among the crowd. Once you have obtained the results of the research, keep identifying your target audience.
The development of a successful product requires careful planning so you should be prepared with the things listed below:
- Development trends
- Analyze competitor offerings
- Determine the key issues.
- Generate insights on how to resolve issues.
- Examine best practices.
- Select the exact functionality for your future application.
- Choose the operating system.
- Build Prototype:
As you move forward with your plan to build an application many questions and ideas start popping up in your mind. To make your idea a reality, you must first create a prototype that illustrates the logic, structure, and sequence of the design elements, visuals, and content of the application. With a prototype, you need very few resources plus you can play with many different UI features. Feedback record from prototype users is very important as it will lead you to success while building the branchless banking solution.
- Design The App:
Be prepared for hard work at this stage because the design of your app is its business card that needs to be recognizable. Some essential tips pointed towards banking application development are listed below:
- The color chart, icons, typography, buttons, and forms should match the bank’s trademark directives.
- Navigation within the application must be logical and user-friendly.
- Design features such as icons, forms, and buttons should be clear and comprehensive.
- The graphics need to make sense, you can choose the images or GIF that make users feel that the application is safe and user-friendly.
- Consider cultural differences for global operations.
- Align your app with iOS and Android standards for earlier commercialization.
- Choose The Tech Stack:
To be the best architecture for NEO banking solution development, you should focus on four areas: front-end, back-end, cross-platform framework, and certain key features such as security, availability, and robustness. There are different types of applications: native applications, hybrid solutions, cross-platform applications. Each has its own advantages, disadvantages and special features.
There is no single stack for developing web or mobile banking development since each project has its own characteristics. However, a well-chosen technology stack will help reduce costs, shorten software development time, and speed up the time to market.
- Development & Testing:
Fintech application development companies do two parts of the development process – frontend and backend coding. The frontend development takes care of the user interface and transforms it into an operating code. The backend development takes into account server-side configuration, data integration, and security.
Most of the IT firms are committed to the agile software development method as it helps in the faster development cycle and reliable software. This development process is iterative and links to ongoing testing, which makes it possible to reveal and fix bugs in the early stages.
- Marketing and deployment:
Once the development and testing is complete and prior to the formal release date, active marketing and advertising should occur to attract as many users as possible and obtain sufficient feedback. The marketing campaign can be conducted on social media. Upload the mobile banking app on the popular app stores: Google Play store, AppStore and Microsoft Store.
Keep in mind that each app store has different requirements so make sure you follow the default standards to prevent rejection.
- Maintenance & Support:
Maintaining and upgrading an agency banking solution is critical to its success. Based on the feedback, you should keep improving the app and perform the updates. Provide push notification to customers about new features that digital wallet app development companies have implemented in the mobile banking app. Although it is not involved in development, it is a later stage of development.
Summing Up:
The banking app is a powerful way to build customer loyalty. In light of this recent trend and the pandemic, it has become critical for banks to enhance their digital banking infrastructure and start providing banking services through agency banking ecosyst.
In addition, the cost of developing a mobile banking app cannot be estimated without knowing the exact requirements, since there are numerous features that can be integrated into the application. Project cost determination will be based on other factors such as platform, number of functionalities, application design and others. Hence, you should opt for the best provider to plan and perform the development carefully.
