Mobile banking apps are quickly gaining popularity among users. As of today, there are over 2.5 billion users who use some kind of mobile banking app. And why not, there are an almost endless number of benefits that comes with mobile banking apps.
They are fast, available 24/7, secure, innovative, and allow you to do everything bank-related from your phone. These applications aren’t just advantageous for the user side, but also offer huge business and profit opportunities for businesses.
So, if you are one of those people who are curious about mobile banking app development, you have come to the right place. In this blog, we shall be discussing everything related to the mobile banking app development process.
Mobile Banking App Development Process
Developing a mobile app is easier said than done, let alone a complex mobile banking app. The banking industry as we know it has more rules and regulations than any other. Even apart from this, there are various things that you need to keep in mind while developing such an app.
Therefore, this is how to make a banking app in 10 easy setups:
1) Market Audit
The very first step is conducting a market audit. In this step, you have to analyze the market and look for openings or opportunities. It goes without saying that, market researching is quite an important step that provides you valuable insight into the market.
Once this is done, we can move to the next step which is:
2) Competition Analysis
Now, one might say competition analysis is quite similar to a market audit, and that is true. However, this doesn’t change the fact that analyzing the competitors is important for collecting important data and insight.
In this step of custom banking software development, you can look at the reviews on competitors’ apps and see what people love or hate about their apps. Later you can use this data to improve the features and functionality of your app.
This data will be used later to improve the various aspects of the mobile app.
3) Monetization
Once done with the research, it’s time to monetize the concept. By monetization, we mean that you need to think of ways to earn from the app. After all, that is the main object of developing a mobile banking app right?
There are different monetization strategies like running promotions, advertisements, premium services, subscriptions, etc. Find the one that best fits your idea.
4) Regulations & Laws
Since we are talking about banking app development and the banking industries have most rules and regulations that are something you need to do.
You’ll need to comply with your national regulations for banking systems. Plus, you might also be asked to secure some certifications and licenses. These may vary based on the country you are in.
Nevertheless, this remains one of the most important steps in developing a mobile banking app.
5) App Development Platform
All of the preparations are done now we can get to the technical work. So, the very first technical thing you need to do is choose an app development platform.
Currently, there are two popular app development platforms. Namely, iOS and Android. Both of the development platforms are quite popular in the market. However, if you can’t choose between two or what benefits of both, you have another option.
This is cross-platform mobile app development. Here, the app can run on both platforms as the name suggests, giving you best of the both worlds.
Moving on, when you have decided whether you want to hire android app developers, iOS ones, or cross-platform, we can move to the next step.
6) Tech Stack
Tech stack refers to the set of technologies used by mobile app developers. This includes programming languages, frameworks, toolkits, and more. Now, there are various tech stacks available in the market.
So, it is up to you which full stack development service you choose. But keep in mind, that a tech stack plays an important role in deciding the performance of the app.
Moreover, once an app is built using a specific stack, changing it can be really expensive and time-consuming. So, that is mostly out of option. That is all there is related to the tech stack. Now, we can move to the next step.
7) Feature
Features play an important role in deciding the attractiveness and engagement of a mobile app. As you might have noticed, some of the top banking mobile apps have unique features. This is what makes the mobile app stand out from the competition and attracts more customers.
So, when deciding upon which features to add and which not, it is recommended that you consult a good app or website development company. As they can guide you better as per market and customer demand.
8) UI/UX Design
Features and Designs combine to form the front end of the application. Now, you want the UI/UX design that compliments the features.
So, the design should be fluid yet easy to navigate. In addition to this, you can add relaxing colors and make an aesthetically pleasing design.
9) Development Process
Finally the development process. This step adds the most to the total banking app development cost and rightfully so. It is in this step where most of the heavy lifting is done as the developer combines all the components and writes the code.
Once the app is prepared it has to be tested, so, we move to the next step.
10) Testing & Deployment
Lastly, the mobile banking app will be tested and then launched into the market. For this, it is launched into a live environment where it is tested for bugs and errors. When the necessary changes are made it is ready to be launched.
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Depending on the platform you chose, it will be launched on iOS’ App store or/and Android’s Play Store.
With this, the Banking mobile app development is done. And you have an app that is ready to take over the market by storm.
Conclusion
Mobile banking apps are growing in popularity, especially after pandemics. Now, if you want to develop your own mobile banking, this blog does well to explain the entire process. All that is left to do is find the right mobile application development services and get to work.
