How to build a mobile banking app

Nowadays any business or service requires to be presented on the mobile devices to allow customers to use their products while on the go. And banks and financial institutions are no exception to this unspoken rule. In fact, the usage of banking apps has increased greatly in the past few years. Bank clients prefer to use mobile application rather than visit the branch in person.In addition, many people today use smartphones for payment purposes instead of physical money. This shows that it’s hard to deny the convenience of m-banking apps. That’s why mobile banking app developers are constantly getting requests to build one banking app or another. Below we’ll outline different types of banking apps that are commonly requested and their main features.

Who requests banking app development?

There are three main categories of those who want to have a m-banking app:

1. Community banks
2. Big and midsized banks
3. Credit unions

The first category takes care of their customers who live in the geographically remote communities. Apps for these target audience require tailored features to satisfy the needs of local people.

The second one would like to provide branchless banking services to both commercial and individual customers.

As for credit unions, they try to improve their members’ satisfaction by taking advantage of the convenience of mobile banking.

Types of banking apps

As a rule, mobile banking apps fall into three groups: basic apps, advances apps and A-class banking apps.

1) Basic apps

Basic apps are usually chosen by those who want to be on a par with the existing mobile banking adopters or by those who only entering the market of banking services and would like to avoid unwanted risks. The features of the basic m-banking app are the following:

● Account management
● Money transfer
● GPS navigation
● Mobile RDC
● Payments scheduling
● Customizable alerts

Account management feature allows customers to check the available balance and view the transaction history.

Money transfer feature enables instant transfers between owner’s different accounts or to another person’s account.

GPS navigation helps clients to find the nearest branch or ATM.

Mobile RDC, short for remote deposit capture, allows customers to scan checks with their phone’s camera and send check images to a bank for deposit.

​Payments scheduling feature allows users to schedule their payments and pay bills within a second.

Customizable alerts combines it all: account alerts, security alerts, and payment reminders sent via SMS, email or push notification.

2) Advanced apps

Advanced banking apps cater to customers’ needs with personalized and distinguished experiences. They contain a set of extra features:

● Personal financial management
● Customized service offering
● Loyalty program integration
● AR

3) A-class apps

This type of m-banking apps appear to be a full-fledged digital platform that provides clients with top-notch user experience. A-class apps are meant for those financial institutions who want to become absolute leaders in mobile banking market. It goes without saying that A-class apps contain only high-end features, such as:

● Voice navigation
● Biometric authentication
● Pre-login functionality
● A live chat
● Forecasts of client’s spending
● QR technology for cardless payments
● NFC technology integration

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