How to Develop a Successful Mobile Banking App?

No secret that almost all businesses are gradually switching to online services. What you could only do personally some time ago, can now be done online in 5 minutes. Thinking about it, financial sector comes to mind right away. No wonder why mobile banking app development blooms now.

Modern banks understand that they stand no chance in competition unless they provide their clients with sustainable mobile solutions. Less and less people want to ever come to the bank unless there is a huge need. The point is that almost all the operations can already be performed with only a laptop. The next step is a complete switch to mobile devices. And this revolution has already begun, so if your bank doesn’t have an app yet, it’s time to jump on this fast-speeding train.

There are many questions to consider before outlining the idea and passing straight to mobile banking app development. Those are not only technical questions that also are important, of course. Those other questions are about making an application that will be truly convenient and useful for the customers. One that will stand out and win you engagement and loyalty; instead of making you struggle with the ROI and doubts.

In the tips below, we want to concentrate on the not-so-technical side of the deal and outline some points of concentration that might help to generate outstanding ideas for developing a mobile banking app that the consumers will love. Check out these advices and see if they come in handy for your case (at least some of them definitely should).

1. Go out and about

It is not enough to be proficient in banking to develop a banking app that millions will enjoy. It is not only about finance operations or transactions, but also about solving real problems or fulfilling the needs of people who need services. There is only one way to learn what people need, and it goes through communication and empathy.

First of all, dive out of the daily routine and stop thinking about the bank’s needs. Of course, there will be some features that are needed for the employees or simplification of operations. But the target audience should be well-defined, and it is the people. Those people who will download the application to their iphones and use it daily. They should be the first priority, and to learn their needs you need to walk out of your office and try to feel them. Connect to the real world with its needs, and this effort will be paid off.

2. Start with basic features, yet attractive design

It often happens that m-banking apps turn out to be boring and full of complicated features hidden in unmemorable design that customers can’t get from the first sight. It should be changed, and there are some good tendencies. But maybe you can come up with something really game-changing? First of all, outline the core. It should answer a need that is clear and well-defined. Then, it should be based on effective design principles. Here are some of them:

  • Attractive interface;
  • Clear user experience;
  • Simple navigation;
  • Personalized approach to content;
  • Convenient shortcuts for common services;
  • Obvious security.

It is never a waste of time to create a prototype to check if the UI/UX design is attractive enough. Some people tend to think that it is not important for such a serious industry, but they might be wrong. User-friendly interface and pleasant color scheme has never harmed any app in the whole wide world.

3. Keep it simple

As mentioned in previous tip, it’s better to avoid anything confusing. Not only it concerns design, but also everything else in a mobile banking app. The point is that banking is a very complicated industry, it often takes much time for clerks to explain their customers even the simplest operations. It takes time to learn and grasp the concepts, which is done where there are no other options. Complicated mobile applications simply risk losing their customers if those are unable to reach their goals in a matter of seconds.

To build a mobile banking app that will be used, consider setting it up as a simple platform that delivers value in the most intuitive way possible. Start with less features to avoid any confusion, and then add more with updates. Or make sure to add intuitive description so that nobody gets lost upon the first visit. It is very important to be liked from the first swipe, and simplicity may be handy here.

4. Personalize as much as possible

Everyone is tired of the same phrases and “one-size” models. There are different relevant things for different people. It sounds trivial, but unfortunately, not many companies pay attention to that. For a startup, it might be obvious from the very beginning, but banks are often too massive to try to leverage content to different customers.

For example, try to provide your users with ability to set up the home screen of their application or choose location-based services and advertisements. People tend to enjoy something of their own, not just standardized experience. Thus, you will have a benefit of gathering more information about your customers in order to provide them with more of what they need. It’s definitely a win-win situation.

5. Think through all the important features

Custom mobile apps can have many built-in features, and you need to go back to tip 1 and go see what people need again. First, carefully review the needs, then, analyze how to make it better than similar features offered by your competitors. Here is an approximate list of possibilities that can be taken into consideration:

  • Keeping all the data and each transaction information;
  • Ability to check balance with no delays;
  • Sending direct payments to others;
  • Making bill payments saving the time;
  • Locating ATM’s and branches of bank;
  • All sorts of calculators and converters;
  • Getting personalized reports.

There might be more, but make sure you add exactly what people need, not some nonsense that will only make it harder for the app to be fast and efficient.6

6. Make security a middle name of your banking app

Any mobile banking app development company knows that security is the highest priority in this industry. Dealing with other people’s money, you simply cannot be too careful. There are so many threats from jailbroken devices, non-secure connections and outdated ios or android versions. Also, people often lose their mobile devices or have them stolen. It means that there are more and more ways to lay hands on private data. The technology goes forward really fast, and you should move accordingly.

All the data should be protected by two-factor authentication, password protection and auto log-out. It might even seem that you go overboard with protection, but a knowing eye will definitely appreciate it. It is better to struggle with a difficult-to-remember password than find out that someone has stolen all the money from account, no doubts about it. Make sure your developer pays enough attention to this issue.

7. Be genuine and keep testing

Do not try to replicate your website while working on mobile application. Even though it might seem to be a good idea at first, you will soon realize that you need no copy, but a genuine product that has its own meaning and value. Application is the whole ecosystem, not just a mobile-friendly website. Keep that in mind and take advantage.

When the first version is up and going, it’s no time to stop. Actually, it’s exactly the opposite. You need to start gathering information that will help understand how your average user works with the app and what else would he/she would like to add. Understanding gives you the chance to delight your users with the following updates.

Remember, there is no ending to improvements. Check and fix bugs, analyze and implement new features, straighten up security.

How much does it cost to develop mobile banking application

First of all, before asking questions, it’s better to have the general idea of an app shaped up. It should be written carefully, preferably as a plan. Otherwise, it might be hard for mobile banking app developers to estimate the work precisely. However, there are some general trends that we can discuss here so that you can at least imagine the possible price.

There is a wide variety of options when it comes to deciding which company to hire. Very significant one is location of the team. Generally, it’s convenient to have a team right by your side. Though hiring remote team might often be cheaper, especially if you are based in USA or Australia. Here are approximate hourly rates in different regions:

  • USA – $150-200;
  • UK – $80-140;
  • Eastern Europe – $40-70;
  • India – $30-40.

Consider the fact that average time required for the development of a banking application might be about 20-30 weeks. It might seem that it’s too much time, but you should know better. Each step of the way needs to be well-planned and done carefully. Take security, it is something that will require lots of testing and improving. There are also many more details that will come up in the process, so it’s safer to keep them in mind from the start. Anyway, now you can count a very rough budget for the project.

However, mobile banking app development cost depends on many other factors, too. Among them there are the size of the developing company, the number of features, the complexity of technical requirements and number of hours that developers spend on coding and editing. The more iterations your app requires, the pricier it will be.

To get more information on the theme or the process of creating a mobile banking app, you can reach out to Lunapps. Our experienced team is able to not only provide you with full consultation, but also do what you need the way you want it.

Comments