Before we dive into developing a digital banking app, let's take a look at what this means and how to proceed. Modernization and the beginning of technologies such as AI and ML. We have seen commendable growth in financial solutions, so we use digital assets. Long-term support aims to give banks more flexibility to offer assets and solutions to customers as well as banks. Digital banking app development company adds an extra layer to these solutions.
What is a mobile banking app?
Simply put, digital banking solutions provide industries and people with faster, safer and more insightful solutions. These banking solutions successfully deliver greater benefits through feature upgrades. What more can you expect from these modern banking solutions? They provide an easy solution that does not require paperwork and stores digital paper for a long time.
The industry worldwide has many solutions that it offers us, such as faster payments, security breaches, timely internet payments, access to personal financial expenses, and even more importantly, instant blocking of cards when stolen.
Exactly why should you create a mobile banking app?
Imagine that nearly a third (32%) of the world's population use mobile banking software. Mobile banking apps are a must-have feature on your phone, and here's why.
The share of mobile traffic will grow to 63.4% in 2019, indicating a much larger shift from desktop to smartphone use. – Status Star
36% of respondents consider mobile banking their favorite activity. This means that any third party holding the smartphone in their hand confirms a deposit or transfers funds. – Statissa
Millennials tend to use mobile apps more often than other generations. Be careful if your service is aimed at a younger generation.
33% of respondents admit that mobile experiences are the main reason they stay with the bank today.
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Advantages and Benefits of Developing Mobile Banking Applications
You can utilize the necessary but free mobile banking app. Additionally, spending money on the creation of mobile banking applications could result in significant financial savings for banking institutions. All parties involved in the process benefit from this.
Developing a mobile banking application provides the following benefits:
24/7 Availability – Customers can perform their usual banking anytime, anywhere compared to traditional banks and ATMs.
Versatile services and features – The best banking apps allow users to perform virtually any banking task. These actions include foreclosure of loans, payroll services, mobile check deposits, and savings.
Less time consuming – Customers don't have to go to the bank and wait in line for a cash check or consultation.
Paperless Recordkeeping – Financial institutions can use mobile banking development wisely to communicate with customers and deal with legal issues digitally. This, on the one hand, reduces bureaucracy and, on the other hand, eliminates the need for customers to disclose sensitive information on paper.
Reduce Customer Service Costs – According to McKinsey research, mobile banking technology cuts customer service costs by 50-70%.
Enhanced Security – Because top banks value their reputation, they want to ensure that their IT infrastructure and client software use encryption and security protocols to protect the privacy and information integrity of their customers.
Personalized User Control – Customers can track their spending and better manage their finances.
Important Elements in the Development of Mobile Banking Apps
Essential Features of Mobile Banking
Common features that are difficult to avoid used in mobile banking development include:
Account creation
Establishing a safe and fast approval process is essential. Multi-factor authentication is a secure login option, but it takes time to enter the required information.
Alternatively, biometric authentication using physical user metrics (look, voice, gesture) is much faster and more fun.
A MasterCard study found that users were more likely to use personal biometrics as passwords. The Wells Fargo app has an authentication feature that scans the iris of a corporate customer.
Account Management
These points may include various mobile banking features. Users can check their cards, bank accounts, account balances and historical records, and more.
It is also possible to implement some additional functions. For example, ABN AMRO Bank in the Netherlands includes a unique mobile banking feature for personalized account management.
This feature allows users to set savings goals, make investment plans and make recurring payments.
Customer Support
Being able to provide ongoing support is one of the key mobile banking features as customers need to be able to ask questions to their bank representatives 24/7. Alternatively, it is possible to use artificial intelligence in chatbots to advance and personalize the user experience.
Locations of Bank Branches and ATMs
It's crucial to keep in mind these fundamental mobile banking services components when developing mobile banking applications. Utilizing VR technology can enhance the user experience. With these capabilities, RBC has provided a distinctive mobile banking feature. The bank was able to significantly increase the quantity of app downloads as a result.
Secure Payments and Transactions
P2P transactions, service payments, fund transactions, etc. must be securely processed through the banking app anytime, anywhere, and must be done anytime, anywhere.
An alternate variation of this feature in the development of mobile banking applications is the usage of QR codes to pay for products and services. By scanning the QR code inside the app, you can easily and quickly finish these chores. Few banks offer this mobile banking option to their customers.
Push Alarm
Mobile banking application development should leverage notifications and notifications to increase customer engagement and app promotion. Most users don't like receiving intrusion notifications, so you need to control this aspect and plan your communication strategy with your clients in advance.
Banking application cost
To calculate How much does it cost to develop mobile digital banking apps, you need to know the hourly rate for the team you are hiring. The hourly rate depends on the experience, size, maturity and location of your team. Hourly rates for development teams range from $15 to $200 per hour. Let's take a look.
To get the cost of developing a mobile banking app, you need to multiply the estimated total hours (hours) by the hourly rate for the team you hire.
For example, if you develop from scratch using a design in the United States, it costs about $92,750. If you hire a team from an Eastern European country, the cost to develop from scratch is $26,500 and the cost to develop in India is $10,600. .
If you choose to use a top apps development company in Saudi Arabia with foundations to create your banking app, the average cost of developing using the design in the US is $54,250, summing up to $15,500 for Eastern European countries, and $6,200 for a company in India.
This is a rough estimate showing the average time required to create a similar app. Numbers will vary based on project requirements, feature list, and selected design.
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Author: I am Anita Basa, a charming technical content writer currently working for “Hyena Information Technologies”, one of the leading best Android app development companies. I would like to know about technical updates. Connect with me on Linkedin for content related to mobile app development, IoT, artificial intelligence, machine learning, IOS and technology.
