As a banker or stakeholder in the financial industry, if you want to create a banking app, there cannot be a more appropriate time. For many years, banking and financial transactions have gone completely digital, and everything we pay for or receive money can be traced in real time through our handheld device apps. Traditional banking is already on the way to exit, while mobile banking apps have started to set agendas for the entire sector.
Naturally, as a banker or a technical head, you may be prompted to dig into the development requirements and steps for building a banking app. Fortunately, since you are already versed in banking in the digital age, you do not need to start learning these things with a blank sheet. Now to add further knowledge on how to create a banking app, we can guide you here. Let’s start with some facts and trends.
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Some Trends and Stats Corresponding to Mobile Banking
If a banker is reading this post, it is likely that his bank already has a mobile banking app, and maybe he is looking for improvements, value additions, or a fresh app that can cater to customers better. So, the vast majority of banks are already into mobile banking.
When we look at the broader market triggers and trends, a whopping half of the banking customers now prefer to go digital for any financial products such as loans, insurance, deposits, investments, etc. Most millennials are already ignorant about traditional banking and consequently consider mobile banking their only banking alternative.
A Step-by-Step Guide to Creating a Banking App
Now that we have explained the apparent reasons why banking apps became irreplaceable for most people’s financial transactions let’s take a closer look at how to create a banking app and the key steps involved in such a project.
Understand the Development Team Makeup
Despite the complexity involved when you create a banking app from scratch, mostly a team of 12 experts is enough to make it through. The ideal makeup of the super app development team for a banking app looks like this:
● 1 Project Manager
● 1 Business Analyst
● 2 UI/UX Specialists
● 2 Backend Developers
● 2 Mobile Developers or Frontend Developers
● 2 QA Specialists
● 2 DevOps Specialists
Choose the MVP and Advanced Features
It is always recommended to plan for only elementary features that define the core value propositions of your app and build a Minimum Viable Product (MVP). Since a banking app is highly customer-focused, it is always important to take steps after measuring the water and take feedback before planning further value additions. This is why incremental development approaches are always promising when you create a banking app. Here we provide a basic feature list and some advanced features for you.
- Custom menu choice based on frequent uses and needs
- A chatbot support
- Bill payment and e-transaction feature
- Expenses tracking and optimization tool
- Voice search
- Financial planning tool
With advanced features, chatbot support can be replaced by more powerful and personalization-driven conversational AI, and Peer2Peer (P2P) transactions can be allowed through the same banking app with ease. The app can also allow customers to transact Bitcoins and other leading cryptocurrencies. Finally, cloud computing support can take the versatility and ease of banking to the next level.
Give Security & Compliance Optimum Focus
When you create a banking app from scratch, you cannot help but invest your attention tremendously in security and compliance standards, and requirements since adhering to them are crucial for running your banking business. Here below, we mention a few of them as recommendations.
- Accommodate all document uploads and verification procedures banks follow to fulfill the KYC requirements of their mobile customers.
- Manage storage in a way so that unnecessarily user information is not stored, adding to the chances of security vulnerabilities.
- Strong password & multi-factor authentication: Another crucial requirement for secure mobile banking transactions is to use strong passwords and multi-factor authentication.
- Detecting payment and transaction anomalies and using aut9matic payment blocking for certain triggers is an important security feature.
- Finally, adhering to federal and international security and compliance standards and regulations such as GDPR, PSD2, PCI DSS, CCPA, and others is important for any banking app.
Choosing the Right Technology Stack
Maintaining optimum loading speed and glitch-free performance for banking apps is crucial. Crashes, u responsiveness, and delay in recessing transactions can make a bank lose millions in seconds. Hence, it would help if you chose the best technology stack guaranteeing scalable and uncompromising app performance.
Following Best Coding Practices
Since security and performance are critical when you create a banking app, you need to hire app developers in India versed in coding practices. When you can maintain a low footprint and legible codebase with the least impact on loading time and zero security loopholes, you have perfected the coding skills for banking apps.
Release, Improve and Add Value
Banking apps are often shaped over time through small incremental updates and value additions; hence, releasing the app is just the starting point of a long loop of feedback and improvements. This is why it is always wise to partner with a development team who will stay on your side throughout the app’s lifecycle.
Instead of following the preconceived list of app features for future updates, reaching out to your audience and getting real feedback is always ideal. It is also essential to track the app analytics and detect triggers and crucial signals corresponding to user interactions, pain points, and areas that need to be addressed on a priority basis.
From the above elucidation, you only have a brief idea about how to create a banking app from scratch by following the best practices and time-tested principles. But well beyond this, a new banking app should always consider new and innovative measures and features to offer unique value propositions and stand out from the competition.
Banking apps have created a level-playing field for banks and financial services across sizes and niches, but to get the maximum out of this level-playing field, you need to bring innovations to the table.