When was your last time when you pay in cash? We bet it was too long ago, and you don’t even remember when. Today it’s much easier to use a smartphone or a credit card than cash. No wonder that almost any daily thing is gradually switching to online. What people could only personally do spending lots of their time, now can be done in a few minutes online.
Mobile apps for banking allow keeping track of your finances, pay bills, deposit money, and carry out other complex deals with a few taps of a finger. In fact, most modern banks have already developed custom mobile banking solutions. And are you still thinking that your bank can do without a mobile app? No way! Find out why you need to develop a new banking app ASAP 🔽️️️
Table of contents
Intro Why banks should go mobile Types of mobile banking apps Best mobile bank applications to check before developing your banking app Essential features for mobile banking applications Security issues you should never compromise while developing a banking app How much does it cost to develop a mobile banking app with Mova.io The bottom line
Why banks should go mobile
Improve customer services
More than half of the people use a mobile banking app on an everyday basis, and especially tech-savvy millennials prefer solving all their banking problems with a tap of a finger. Who doesn’t like solving problems quickly? And preferably, do it online without calls or long lines. Yeah, voice calls and visiting banking offices are too outdated.
In case you don’t have an online banking app for iPhone or Android, you’re missing a pretty huge clients’ share.
Personalized banking services
Nowadays, the more information you have, the more customers you’ll get. And when it comes to data collection, mobile apps have no rivals. Apps analyze and collect all information users agree to share.
Although banks have access to credit histories of their clients. They’re the most potent source of information, providing numerous insights into customer’s life. By analyzing the buying habits of your clients, bank managers can work out numerous strategies and development initiatives to retain clients and attract new ones.
Reduce operational costs
Obviously, when you move the lion’s share of banking operations to mobile, you’re likely to kill two birds with one stone: reduce operational costs and increase efficiency. NB, the cost of mobile banking operation is two times lower than an on-site banking procedure.
Moving a few tasks to digital banking only allows saving a pretty penny on paying salaries to office staff, lease, and other office expenses. Hence, banks can optimize expenses, better manage their branches, close ones with bad performance, and improve overall business efficiency.
Expand brand awareness
Along with offering customers a robust mobile banking app for Android and iOS, banks can take advantage of apps to stand out from the crowd and differentiate from their competitors. You can build a customer-oriented mobile app solution, having analyzed your customers’ needs as well as buying habits.
Don’t forget to check the apps of your competitors. It will help you to add mobile banking app features that customers lack and need in their daily life. Moreover, a mobile banking application can be a nice means of advertising, and especially its icon on the home screen of your clients’ cell phones or tablets.
Types of mobile banking apps
Let’s start with basic notions - differences between mobile and online banking applications . These two apps are quite similar, but they cater to different tech solutions for modern banking.
Mobile banking allows users to access their financial data and carry out transactions via mobile applications. And online banking allows managing financial data via particular software built for web or desktop.
Hence, mobile banking focuses on mobile devices, and online banking is more about websites and desktop programs. Let’s move further and find out what types of mobile banking apps you can find in the app stores:
Banking apps for users are built to ease the life of clients. The following type includes online desktop interfaces, mobile wallets, virtual cards, as well as banking management apps.
Best mobile bank applications
Best mobile bank applications to check before developing your banking app
Ally Mobile
Ally Mobile is a handy mobile application for banking. It’s useful, powerful, and free. There’s no wonder why Ally has become the number one app on the market. It allows solving any banking issues like deposit checks, transfer money, pay bills, check balances, find nearby ATMs, etc.
Along with its core banking features, Ally can manage and monitor investments. Ally Mobile is completely free.
Capital One Mobile
Capital One is a banking app that helps users manage bank accounts, credit cards, auto and home loans on the go. The app takes advantage of Face and Touch ID to protect accounts and provide lightning-fast access.
The app has everything users may need to successfully manage their bank accounts and keep their finances under control, including credit score.
Moreover, Capital One Mobile has an app for Apple Watch. And users can keep a closer watch on their accounts.
Bank of America Mobile Banking
Bank of America is the biggest US bank. So the bank has already taken care of its users and developed a powerful mobile application. Users have everything they need to manage accounts and pay bills in a few taps of their fingers.
The app lets users manage bank accounts and finances, transfer money, and take advantage of Erica, a virtual financial assistant. Erica can find transactions, pay bills, and analyze finances as well as provide valuable finance insights.
Users can access bank support via built-in chats, and bank representatives will quickly address any problem. And the app is free to use.
Chase Mobile
Chase is more than a banking app. It’s a finance guru that helps users handle lots of financial tasks, including bill payment, check deposit, money transfer, etc. Chase Mobile keeps all your regular payments under control - users can easily schedule payments for a Chase credit card.
The app lets transfer funds via check in a few taps regardless of a recipient bank. Moreover, Chase Mobile also features an investment section to help users multiply their funds.
Wells Fargo
When it comes to bill payment, Well Fargo has no rivals. The app offers lots of features that help users manage accounts, check deposits, and transfer funds. Wells Fargo solves all the financial issues of users. The app goes far beyond the basic banking features offering users, interested in fund investments, real-time quotes, charts, and market insights.
For sure, each app concept is unique and the structure of features depends on what problems you’re going to address. Developing online banking apps for iPhone and Android demands an understanding of your end-users and their needs. All in all, you should build an app to meet users’ requirements.
Read also: A full guide to personal finance app development
Essential features for mobile banking applications
The following features are a minimum set of functionality that you have to add to your mobile application. Yet you can choose any approach to implement them, but we strongly recommend to take advantage of the latest development technologies and tools. Here’s an ultimate list of features for your mobile banking app.
Simple and secure sign-in
Multi-factor authentication is a secure but time-consuming technology that sometimes makes users hot under the collar, especially when compared to touch or face identification technologies (or biometric authentication).
Consider implementing a biometric authentication into your app to ensure a secure and simple sign-in for your users.
Account management
Account management is the most important feature of online banking. Users should be able to check their card and bank accounts, keep track of their transactions, make payments, and transfer money.
Of course, the list can be extended to the following features:
Saving goals . Users set a desired amount of money to set aside, and a time they want to save it. Then an app will notify users and help them save more.Invest . Users can place an investment and grow their funds.Repeated payments . Users can tap on a previous transaction and send money again without retyping any recipient data.Scheduled payments . Users can automatically pay their utility bills or any other regular bills.
Smart chatbots for intelligent customer support
Nowadays, a personalized approach to clients is key to your success. Customers really appreciate 24/7 support and get their problems solved in a jiffy. An AI-powered chatbot is the best option. It can answer thousands of customers at the same time without making them waiting in line.
Chatbots don’t need rest, so they can assist users 24/7. They’re always polite and never get tired. With smart chatbots, your clients will get assistance anywhere and anytime without going to the website or making phone calls.
ATM finder
An ATM finder feature may seem like a very basic feature but you don’t have to neglect it. It’ll show your customers that you care about them. An in-app map with ATMs will come in handy when customers are run out of cash.
Payments via QR-codes
Scanning QR codes and paying via a bank app is a fast and secure way to buy products or services. Though QR codes aren’t new, only a few bank apps support QR code payments.
So why not use this opportunity and stand out from the crowd?
Notifications and alerts
Alerts and notifications help you keep in touch with your users. They can engage customers and promote your services. But be careful while sending them. Don’t spam your users.
Remember, users have intrusive notifications. Make sure that your users can control the information they receive, when and how often.
The features mentioned above make the core of your app. Adding more elaborated features can help you attract more customers and top the charts of mobile banking apps.
Expense tracker
Customized spending reports
Scheduled bills and payments
Cashback
Special offers
Apps for wearables
Before investing in banking mobile app development, it’s vital to study your competitors and analyze your prospective clients to build a better mobile app solution.
Security issues you should never compromise while developing a banking app
Security is one of the biggest threats when it comes to mobile banking application development. Even big players like major American banks miss the boat of security for their native banking applications. While developing a banking app, it’s a bad idea to use outdated coding practices, old and open-source libraries, unsecured HTTP connections, etc.
The most widespread security issues include:
Fraud. It’s the most common reason why people may lose their money. Cybercriminals can gain access to the bank database and steal users’ credentials.
ID vulnerabilities. Even the most sophisticated identification practices like Face and fingerprints recognition don’t fully protect the app and users’ credentials.
Malware. Cybercriminals do both hack apps and create malware to steal users’ data. Viruses develop faster than new protective measures do. Thus, it’s better to update your devices on time.
Poor development. Old code and old open-source libraries can lead to more app vulnerabilities. Also, some third-party integrations can be also a threat to mobile banking app security.
Unsecured connections. This point is valid for both cellular and wireless connections. It’s better not to use public Wi-Fi to access banking apps.
How much does it cost to develop a mobile banking app with Mova.io
Mobile banking development is a multi-stage process involving not only skilled developers but also experienced business analysts and project managers. At Mova.io we cover the full cycle of development and at a moderate rate. Here’s a ballpark estimate of Android or iPhone mobile banking app development.
Native apps (iOS + Android)
Cross-platform solution
Hours
800 - 950
600 - 700
Price
$28,000 - $32,000
$20,000 - $23,000
The bottom line
A well-thought mobile-only banking app with unique and handy features can be your greatest asset on your way to success. It’ll help you attract new customers, get a competitive edge, and create a positive customer experience.
And Mova.io can build a top-notch app for your business from scratch. Contact us and let’s start building your future together.
Have a question? Just write to us at:
📮 mail@mova.io
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