How to Create a Mobile Banking App and Succeed in the Fintech Sector - Google Docs

1. According to data, there are currently 2.043 million users of online banking services worldwide. And by 2024, this figure will grow to 2,551.8 million. Does this mean that banks should go to great lengths to create software solutions that meet the needs of a modern customer and move some offline bank branch services to the digital plane? It definitely does. With a customer finance application, your financial organization or bank can increase customer loyalty, increase the total level of income and reduce the total cost of services. Let's discuss the details of such products in detail below and find out how to create a mobile banking app step by step. Financial Decision-Making Banking Apps: A Market Overview Let's start our overview from the banking apps market research. According to Statista, by 2022, nearly 80% of all millennials in the US are expected to become regular users of banking apps. best android app developers in oman This means that the new generation can hardly imagine their existence without such digital solutions. As for the benefits for you as a bank or financial institution, you will benefit from an app, as it is clearly visible that the global capitalization of the banking app market is growing rapidly every year. In 2015, it was just $600 million and by 2020 it reached $3.6 billion. Isn't this an indicator of the fundamental need for an application for each bank? The answer is obvious. Read More: Cost to Develop an App like Roambi Analytics Types of mobile applications for banks

2. Formally, there are five main types of mobile banking apps. ● Near Field Communication (NFC). Financial App Development cost This is a ● fairly new technology that allows financial institutions to make contactless payments through a user's smartphone. Note that ITS OS additionally requests the customer's fingerprint to confirm the transaction; Digital wallets. Digital wallets contain all of a user's bank card details and thus ● eliminate the need to use their plastic versions. They are usually integrated with NFC solutions; Quick Response (QR). How much does it cost to develop mobile digital ● banking apps in 2022 A mobile QR code scanner allows you to check products at offline outlets and pay bills according to the generated product list; Internet payments. The vast majority of banks have mobile applications that ● allow online payments through well-known payment systems such as PayPal or Stripe; Mobile transaction management. This type of virtual bank application gives users ● end-to-end control over the transactions made through the bank card. Thus, in most cases, a physical visit to the bank is not necessary. Why creating a banking application can be difficult: reasons and solutions What are the main reasons why creating your own banking app can be difficult? Based on the experience of many of our colleagues, here they are: The application interface must have an extremely low input threshold. Obviously, your application will be used not only by advanced smartphone users, but also by those who experience certain difficulties in mastering new interfaces. Because of this, developing an intuitive one can be very difficult; Read More: Cost To Develop Online Education App 8 main steps to create a mobile banking application Now it's time to find out how to create a mobile banking app. Step 1: Conduct Research Before embarking on mobile banking development, it is essential to conduct market research that highlights the market leaders and outsiders, as well as identifying their strengths and weaknesses. In the future, this will help you compile a list of beneficial specifications for your application.

3. Step 2: build a prototype Since a banking application is a fairly complex product, developers often first build a prototype based on specifications drawn up with the customer's input. Only after approval do they start the software development process. Step 3: Provide security When it comes to mobile banking applications, it is obvious that these types of projects must have many more security guarantors than other public applications. top ai development companies in bangalore Therefore, to ensure proper compliance, you should hire a team with experience building similar products. Step 4: Design the UI UX The design of a mobile banking application often precedes the implementation of business logic and functionality and allows developers to demonstrate to the customer a primitive working version of the product. Read More: How Much Does it Cost to Develop Instant Messaging Apps Step 5: Choose a technology stack Before starting to implement what is hidden from the eyes of the target audience, developers choose a technology stack, primarily focusing on the customer's business goals and budget. Step 6: Develop the app After the final approval of what has already been done, the developers begin to implement the functionality of the application. iOS app development company in Dubai As separate stages of work on the application are completed, it is tested many times. Step 7: Release and Hold After a successful test, the product is released to version and is accompanied by IT specialists on the developer side so that in case of problems they are quickly eliminated.

4. Step 8: Improve and update As the customer's business develops and market requirements grow, the application can be optimized and supplemented with new features. Where the app can be optimized, new market research will help you find out (see Step 1). Therefore, the entire software development process can be considered cyclical. The role of Hyena Information Technologies Business in the development of a mobile banking application Hyena Information Technologies Business creates mobile banking applications in the best way. Fintech is one of the main areas of our specialization; Here, we use advanced technologies and innovative approaches to fully meet the needs of our customers and end users, as well as to ensure compliance with all existing industry regulations. Read More: How much does it cost to develop an app like Extreme