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Crucial Features of Mobile Banking App With It’s Cost

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Divya Srivastava
Crucial Features of Mobile Banking App With It’s Cost

Let’s begin with the basic concepts of the development of a mobile banking app.

But first, you should understand what a mobile banking app is, why it is necessary, what are the digital trends in 2022, and how a banking app can help a business grow. 

A FinTech App allows customers to import banking services through their mobile phones, and it removes the inconvenience of visiting a bank branch physically. Customers can utilize the benefits of transferring money, paying bills, change personal details through a mobile banking app, and to use many other banking services.

2022 Digital Trends in Banking 

Digital Trends play a very vital role in banking services. Retail banks now have a chance to convert customers to the advantages of online banking, but for doing that they require, a practical approach and innovativeness that consists of hybrid solutions – particularly for complex bank services, like mortgages and investments.

Deloitte also found that one of every five individuals has used an online banking service for the first time during the pandemic. Only 6% of the people had never used a digital banking app. Most first-time users accepted that they’d continue using at least one digital banking service in the post-Covid-19 era. 

FinTech app development services have always been a core part of retail banking, but the  covid-19 pandemic nourished technology adoption into the banking industry more. Banks should concentrate on costs and technological implementation for increasing the customer base. 

Mobile Banking App Development Cost

Banking App Development Cost is the most crucial factor in banking and strategizing their next phase of technology adoption. The Cost of developing a FinTech app depends on various factors like technology, services, features, and required time of software developers. Still, to give you a rough idea of the cost of developing a banking app, the total development time for a fully-featured app sums to 3780 hours. Considering the average software development hourly rate for fintech projects of $25, the cost of developing a feature-loaded banking app stands around $94k.

After all these points, one more question comes to mind: Which platform is best for banking app development? Is it Android or iOS? In terms of cost, I found that the Android platform is more affordable than an iOS platform in most instances. The Development cost for iOS is considerably high. Because of that high-cost, many banking institutions choose to build cross-platform hybrid apps for iOS and Android instead of separate native apps.

Now let’s discuss the factors that affect the mobile banking app development cost:

1. Operating system 

This is the essential step for you to know which operating system most customers use. Because if you try to develop an app for both platforms simultaneously, it will result in high cost. So, try to configure which operating system is most common among your customers and develop that more than another one.

2. Prominent Application Features 

It’s ubiquitous that the more features you add to your app, the costlier it becomes. Because the implementation of some advanced features requires extra developing hours, you should choose the features according to the trend and the user desires.

3. Integration

After selecting an operating system and the necessary features, back-end development must set up a development environment and integrate your app with several third-party APIs like Google Maps API to realize the features. Integration takes extra development time, so it increases the cost also. 

These are the important aspects that you should consider in the mobile banking app development process for less cost and better-desired output. If you want to ensure maximum security and the best implementation of features, it is recommended to partner with a FinTech app development company. Outsourcing the development process to FinTech developers will reduce the cost of your banking app development significantly.    

Essential Features for Mobile Banking Apps 

Developing an app without any valuable features is of no use nowadays, because of the high market competition. So, having authenticated and innovative features can grow your business to the next level. 

Adding features doesn’t mean using every feature, which is not even relevant to your app. Many IT professionals will tell you about dozens of features that your mobile app should have. Even though you don’t need them, they can convince you to have all features and pay a premium for development.

To help you through this, I have to reveal one more thing. You will be astonished to know that every mobile banking app needs three core features.

  • Account Management
  • Fast Monetary Transactions
  • Quick Access to Customer Service

1. Account Management

Account management is a principal feature that consists of many small characteristics affiliated to the customer’s bank management. Account management also has some sub-features in it.

  • Manage Account Information
  • Manage cards
  • Check account balance and recent transactions 

2. Fast Monetary Transactions 

Modern banking customers are tech-savvy and want their mobile banking app blessed with advanced features that allow them to make instant payments with high availability. Listing some quick payment methods:

  • QR Code-based payments
  • NFC payments 
  • UPI payments, and many more 

To access mobile payments perk in a banking app is the common expectation for every mobile banking user, and to provide this facility, FinTech developers need to integrate the payment functionality via several payment options like QR codes and UPI. 

3. Quick Access to Customer Services 

This feature is the most crucial, because when the banking services are available 24*7, the support also needs to be available 24*7. 

It is a spendthrift for banks to hire customer service at a considerable time. So, here is one best solution for this issue of customer service is known as Chatbot. 

But Chatbot would require a separate development process. The developers will create a banking chatbot using AI & ML technologies. A chatbot can serve you the benefit of 24*7 customer service and save you a lot of time and money. 

The three features we’ve just discussed are crucial to every mobile banking app. With these three features, there are a few more advanced and useful feature such as:

1. User Authentication 

User authentication is very important for digital banking, mainly because of KYC (know your customer) and AML (Anti money laundering) regulations. But keeping the app secure whilst not hampering the user experience can be challenging at times. Therefore, it is always recommended to assign/outsource your mobile banking app development project to a specialised development team, which has expertise in FinTech app development. 

2. Seamless Customer Onboarding

New customers find it hard to get started with their association with a new bank. If your banking app can provide the users with a capability to create their bank account and KYC simply, you will see an increase in your total number of customers due to increased customer conversion.

3. Push Notifications 

It’s not easy to imagine a banking app that does not utilize this necessary mobile capability. Push notifications always increase users’ engagement with your mobile banking app and encourage the desired action. 

Conclusion 

Now you should be able to understand what a banking app is and the cost of mobile banking app development, and the essential factors that influence the price.  

As I have mentioned above, developing a fully-featured app is not always necessary. You should select features according to the market and customer behavior.

Now, whenever you want to proceed further with your banking app development project, you should know how to look for a perfect IT development partner? You can read my recently published article on How to Find the Right Mobile App Development Company? 

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Divya Srivastava
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