Let’s start with some jaw-dropping facts!
- Nearly 39% of people use banking apps to manage their finances.
- More than 3.6 billion people use online banking apps across the globe.
- The mobile banking market is all set to reach 7 billion USD by the end of 2032.
That shows the growing popularity of mobile banking app development!
And guess what- that’s the reason behind the craze among startups, SMEs, and even established corporate giants.
But here’s the catch!
Though many businesses try to build a mobile banking app, a few are only able to succeed! Have you ever wondered- Why?
Well, the answer is pretty simple – They build a good UI design, but are unable to provide a seamless user experience. On the other hand, some apps run into the risk of jeopardizing consumers’ data.
The demand is high and the competition is fierce. This is where this blog post comes to the rescue!
Here, you will learn everything you need to know about mobile banking app development and capitalize on the opportunity to create something “Big”!
What is a Mobile Banking App?
To put it simply, it’s a dedicated mobile application offered by the bank or a financial institution that customers can use to carry out financial transactions in just a few clicks. From checking account balance to sending money to anyone, a mobile banking app can get the job done without requiring the customers to go to the bank. Furthermore, these apps have become quite prevalent among the masses as they’re a convenient and secure way for seamless financial management.
Now, the definition is pretty clear! But before you run into the mobile banking app development, you should know what kind of mobile banking app you “exactly” want to build.
What are the Different Types of Mobile Banking Apps?
Since different banking app performs different functions, let’s take a look at the different types of mobile banking apps to understand which kind of mobile banking app may suit your needs.
#1. Corporate Banking Apps
When it comes to running a business, one must prepare salaries and wages, payments, and other financial transactions. Thus, to handle these activities, corporate banking apps are a viable solution as they provide businesses with a reliable tool to perform everything in just a few clicks.
#2. Retail Banking Apps
It’s the most widely and commonly used form of mobile banking app offered by banks to their customers so they can perform banking activities at ease. Furthermore, the app allows the user to monitor their banking activities, transfer money, check account balances, view statements, and more.
#3. Neobank Apps
It is the modern kind of mobile banking app that mimics traditional banks without a physical branch infrastructure. In simple terms, it’s a bank that exists only within your phone. Some of the popular features of such banking apps are no paperwork required, a zero-balance account opening, and multiple financial tools.
#4. Personal Finance Management Apps
These kinds of apps have now become a savior for users who want to budget their finances. The best part? These apps seamlessly sync with the users’ bank accounts and then provide them with a summary of the money they spent, how much they can save, and how they can plan their finances.
Now, you know what kind of mobile banking app you want to build, great! But again, before you dive in, you should try to build a product that differentiates from your competitors. Thus, you should look out for modern and efficient mobile app development features
What are the Must-Have Mobile Banking App Development Features?
It is no secret that features are the foundation for any application to succeed in today’s cutthroat landscape. Thus, if you are planning to build a mobile banking app, always include these essential features to make your banking app stand out from the rest.
Feature #1: Bank Account Management
It includes a complete overview of account balances, bank statements, and transactions for the users so they can keep track of their finances without visiting the bank.
Feature #2: Customer Support
This feature allows users to access assistance through call, chat, or chatbots to solve their queries and provide them with a seamless banking experience.
Feature #3: Fund Transfers
It allows users to instantly transfer money between their accounts (from domestic to international) in just a few taps. The feature aims to facilitate convenience and save time.
Feature #4: Bill Payment
With this feature, users can easily schedule, manage, and pay bills. To make the bill payment process easier, try to include additional features like auto-reminders, payment tracking, and receipts.
Feature #5: Real-time Alerts
It keeps users updated on the upcoming bills, low balances, recent transactions, and any unknown activity in their accounts. Furthermore, it significantly enhances app engagement.
Feature #6: Security & Compliance
During mobile banking app development, you should always keep security at the forefront. Try to include robust and modern security features like data encryption, biometrics, two-factor authentication, and more.
Feature #7: Tracking & Budgeting
The feature helps analyze the customers’ behavior patterns related to spending, budgeting, and tracking progress. It empowers them to take complete control of their finances accordingly.
How to Build a Mobile Banking App for Your Business?
If you want to run into successful mobile banking app development, always follow these steps.
Step #1: Begin with Market Research
In the first step, you should begin understanding your market. You will need to identify what you want your app to achieve. Are you targeting millennials, corporate users, or retail customers? Clear goals help shape the features, design, and technology. Furthermore, you should know what features, user interface, and type of app your audience seeks. Remember that when you are clear, you will have no problem in building a mobile banking app that resonates with your audience’s needs.
Step #2: Regulation is a Must
When dealing with money and personal data, compliance is critical. You’ll need to align with banking and data protection laws in your region. For instance, you may need to consider PCI DSS (for payment data security) or GDPR (for data privacy). Skipping this step could lead to legal troubles and loss of customer trust, so it’s best to consult with legal and compliance experts early in the process.
Step #3: Focus on UI/UX Design
Banking apps deal with sensitive and frequent transactions, so the design should be simple, intuitive, and fast. A cluttered or confusing interface can easily frustrate users. Keep navigation straightforward, use clean layouts, and make sure important actions like sending money or checking a balance can be completed in just a few taps.
However, if you incorporate many big icons, it will confuse the users, and they might not take an interest in using the mobile banking app.
Step #4: Develop & Test Rigorously
Development should follow an agile methodology so you can build, test, and refine features in small cycles. But testing is where the real magic happens because even a tiny bug in a banking app can lead to serious issues. Always ask your mobile banking app development company to conduct unit testing, load testing, penetration testing, and user testing to keep everything in check. Always test across multiple devices and operating systems to guarantee consistency.
Step #5: Integrate Security Features
When money is involved, trust is everything. That’s why security cannot be an afterthought. Implement strong encryption for all transactions, multi-factor authentication for logins, and AI-driven fraud detection to spot suspicious activities. Regular third-party security audits are also recommended. Remember, users will only adopt your app if they feel safe using it.
Step #6: Launch & Collect Feedback
Once you’ve tested thoroughly, it’s time to launch, but start small. Release a beta version to a limited audience first, so you can gather real-world feedback and iron out any last-minute issues. Encourage users to share their experience, and pay close attention to their concerns. Furthermore, this feedback loop helps you refine the app before a wider rollout on the App Store and Google Play.
How Much Does it Cost to Build a Mobile Banking App?
The cost to build a dedicated mobile banking app depends on a multitude of factors like the number of developers, tech stack used, time taken, geographical location of the team, their experience, and more. Though there’s no fixed cost for mobile banking app development, the average cost starts from $5000 and can go up to $50,000 or even more, based on the features and type of app you want to build.
Final Thoughts
So, there you have it! That’s a wrap on the mobile banking app development in 2025! If you want to build the app, make sure you follow these aforementioned tips to make a wise move. Unlike other mobile apps, building a mobile banking app demands a lot more focus on data privacy. Thus, you should always look out for the best mobile banking app development company to help you out! This is where EitBiz comes in!
We are a dedicated mobile app development company that efficiently harnesses a state-of-the-art tech stack to build a modern, feature-rich, secure, and scalable mobile banking app for your business. Furthermore, our dedicated team of app developers incorporates the latest AI and ML-related features to make your app secure and user-friendly.
Ready to build a mobile banking app? If so, call us at +1(317)463-7064 and get in touch with our professional developers.
