There are over 57 million mobile banking users in the US and more than 130 million in Europe. Let’s take a look at two projects from the fintech niche that demonstrate our experience in developing a banking application. Multi-factor authentication provides enhanced security over the static password and single-factor authentication processes. In particular, this enables banks to comply with industry regulations.

You can check out the top fintech app development companies on verified company review portals, such as Clutch or Goodfirms for an informed decision. Similarly, users between 18 and 24 are most likely to consume mobile banking services for college or university fees, small purchases, etc. However, the age group ranging from 25 to 70 is more mature and focuses on big investments and expenses, such as utility bills, buying or selling property, cash flow management, etc. Since digitalization is reaping benefits to a large extent, creating a personalized mobile banking experience for your customers is undoubtedly a step in the right direction. However, in order to make this work, it is crucial to be self-aware with the appropriate knowledge and facts.

Payments and transaction processing

When using in-memory databases, the user data could not be “physically” retrieved from the device. After the release, you’ll get your first feedback from users with comments about bugs and improvement suggestions. That’s valuable information that can help you in product development. Developing an application is a multifaceted United Training Chosen as Authorized CompTIA Training Partner Blog and demanding process that involves various stages, from ideation to deployment and release. One of the most important steps is creating the frontend and backend of the application, which are responsible for bringing the final design to life. A prototype is a great way to test your idea with your target audience.

build a banking app

You can go even further by offering people to set saving goals, create investing plans, and automate regular payments. After you’ve collected all the requirements, identified technologies, and features, the development stage starts. Each feature is tested to make sure that you launch an app that is fully working, withstands high loads, is protected from hacking attacks, and meets user expectations. Offering cashback is one of the ways to make users fall in love with your applications.

Step 9. Support and maintenance

” we should consider some crucial points regarding planning and development. Once again, we draw your attention to the security of your mobile app — it has to be on top not just for your customers but for you as well. Monzo created their own Shared Tabs that allow users to conveniently split different bills and payments. They can create one-time bill Tabs or joint Tabs for constant joint payments.

We are the ones who set new trends in this industry and use the technologies of the future today. One of the most popular banks in India, HDFC Bank, offers a fairly comprehensive overview of basic features for a mobile banking application. As for our experience, we can highlight a slightly different set of standard features that should be present in an average internet-only bank.