Fintech App Development: Critical Steps to Consider

With the beginning of the mobile app generation, the financial industry has faced massive transformation towards advancing technologies to meet and exceed clients’ expectations. Mobile banking app features like online payments, money transfers, the ability to check transactions have made it easier for customers to conduct banking operations within a matter of seconds. 

Let’s discuss the importance of mobile banking and critical steps that need to be considered developing a quality product with relevant functionality to satisfy the needy customers.

Why a Mobile Banking App is Taking over Bank Branches?

As people have an opportunity to receive bank services and conduct simple transactions from a single mobile device from literally anywhere, it will be difficult to persuade them to visit financial institutions. Mobile banking apps make it much easier to operate banking accounts and come with a set of amazing benefits: 

  • 24/7 customer support with chatbots to help with general queries;
  • Enhanced efficiency and cost-effective solutions;
  • All-in-one application with high security;
  • Easy to use and fast at conducting transactions;
  • Personalized and automated;
  • Providing full control over finances;
  • Additional perks, like setting budget goals, tracking spending behavior, and more.

If before people were forced to spend hours in the bank to receive a card, transfer money or submit a cheque, they can now do it with just a few clicks, saving time, effort, and their nerves avoiding irritating queues. Sounds like an irrefragable answer that is hard to dispute. 

Features and Functions of a Mobile Banking Application

When it comes to creating a mobile banking application, there are a couple of main features that should be considered and implemented: security and simplicity. When it comes to managing finances, people are always concerned about keeping their money safe and being able to operate their accounts without hitches. 

Apart from that, users will be expecting a number of other features that, same as the above ones, should come by default: 

  • Fast login process;
  • Clear transaction history;
  • Push notification provision;
  • Responsive customer support;
  • Available feedback system;
  • Ability to customize structure;
  • Offline mode usability;
  • Integration of payment gateway and QR scanner.

The list, as a matter of fact, is endless as the further we move with technologies the more demands users have towards a mobile banking application. If new customers are still overwhelmed with the basic features, the tech-savvy people keep asking for further updates and new releases. 

Besides, in order to be accepted and used, mobile applications should possess a number of basic functions to cover customer needs. People should have the ability to:

  • Make different types of payments; 
  • Conduct money transfers;
  • Check transaction history; 
  • Receive text messages on each transaction;
  • Generate reports on account activity;
  • Receive help via a chatbot. 

There exist mobile banking applications that emphasize more on satisfying needy customers and therefore offer more sophisticated and exclusive functions and features. While basic mobile apps are more suitable for low prospective markets, advanced and A-class applications include more personalized and seamless transaction experience. Functions like personal financing management and loyalty programs, cardless ATM withdrawal, and voice navigation are those features that distinguish an advanced mobile banking application from a simple one.

Factors to Consider Before Choosing Technologies for Mobile Banking Apps

When diving into the development process, companies need to consider a few important principles in order to start in the right way and avoid any confusion. 

First, application project types are an important determinant when it comes to the right technology for a mobile app. When creating an application with great performance and a specific platform, Swift language technology will be more beneficial than others. 

Second, any customer, when choosing an application for mobile banking, is expecting to have top-notch security. Once the app is developed it should be properly secured to avoid any breaches in the future. Hence, it is better to choose technologies that are able to provide clients with an application where their finances will be always safe. 

Third, the application has to be future-proof. Companies should be ready to adapt to evolving trends and develop a product using technologies that have updated features. Being able to upgrade and present an application that is user-friendly and relevant will win over more customers in the long run. 

Fourth, a mobile-responsive application is not an option but a must. Mobile banking is in high demand with people looking for easy and efficient apps that require minimum time and screen taps to operate their bank accounts. 

Fifth, the competition is growing day by day. Companies need to choose those technologies that allow them to introduce the app quickly, offering functions that have a competitive advantage against others on the market. 

Last but not least, apart from offering extra features, companies should focus on personalization. It is truly a stepping stone to the application’s success. Using technologies that collect relevant clients’ information and allow the app to meet and exceed customers’ expectations is something that should be always taken into consideration.

Key Insights before Building Up a Mobile Banking App

Building up a mobile banking application is not an easy thing. Apart from covering the above factors, companies should understand how they start, what they need to consider, and how much information to collect before creating a product for the Fintech company. 

Planning

Let’s start with planning. It is a chance to gather all the required information, clarify a number of details, and make sure there are no omissions that might slow down the development process in the future. A successful project will only be possible through imminent planning that includes: 

  • Studying the target market; 
  • Analyzing competitors;
  • Defining the client’s issues;
  • Generating ideas to solve those issues; 
  • Evaluating the best possible procedures;
  • Choosing the right operating system for the app.

When companies have a bigger picture of the market situation, what others offer and what customers still lack, they will be able to develop a product that will cover the blanks in terms of functionality, design, or any other features. 

UI/UX Design

A user-friendly interface is vital for a mobile banking app. The design should be scalable and interactive, with dynamic content and visible control elements. Users should understand how to navigate it without extra help. It is better to avoid complex interfaces with too much text. The information can be broken into blocks for easier perception. On another note, the number of functional elements should not exceed 5-7 per block. This will help to avoid user’s confusion and save time. 

There is one more simple rule when it comes to a mobile banking app design: following the principle of three clicks. In order to move from one app section to another, users should do no more than 3 clicks. Same works for the start screen. Any information presented should be accessed in 3 clicks.

App Development

The next stage includes two processes to vitalize the chosen design and covers the development on the frontend and backend where the first stands for converting the user interface into a functioning code and the latter - for integrating data and its security. Depending on the type and the complexity of the design, developers are able to choose among a number of excellent technologies to make it all come to life and work together. The stacks will differ and are, as a rule, more complex when the future mobile application is expected to have more advanced features. 

Testing

It is critical to conduct a lot of rounds of application testing before launching it. When it comes to an application for mobile banking, it is expected to support thousands of active users, integrate with a number of third parties, track user activity, perform a lot of various functions and handle vast databases. Moreover, all of the above should be performed flawlessly. With that being said, the testing routine should be robust and extensive to avoid users’ issues after launch. The more developers test the application, the more bugs they will find, the better the final product. 

Marketing 

While a banking app is nothing new, companies will need to go above and beyond to prove that their application is something that customers need to get them on board. Start with a few simple questions: 

  • What is it in the app that customers can benefit from?
  • Why should clients care? 
  • What makes the app worthwhile?
  • What are the perks that can persuade people to try it?

The market is overloaded with constantly evolving applications, trends, and novelties. People get more demanding, so it is better to be relevant rather than too pushy. Companies need to make sure they are adding value by offering a high-quality, convenient, and efficient product for everyday use. 

Maintenance & Support

When the mobile banking application is live, developers should still keep up the good work to make sure all the needs and expectations are met, issues resolved and all the feedback that users give is taken into account. The market is very dynamic. To follow the pace, companies should be constantly working on implementing the recent trends and updates to make people stay and value the product. They should feel that they are doing the right choice day by day by trusting a specific mobile app to keep their finances.

To Sum Up

Developing a mobile application can be a time-consuming thing. Creating a mobile banking application is a complicated, time-consuming, and sophisticated process that requires more effort and resources. People take it more seriously and choose those apps that offer security, efficiency, and personalized services on a day-to-day basis. 

A mobile banking application is all about delivering a rewarding and convenient financial experience to every single customer. Companies need to add value to developing their Fintech app and always focus on giving priority to security, speed, and convenience. Personal financing is in high demand and if they give people the opportunity to track their spending, plan their budgets, and save smart, that is already a good start to win customers over.