How to Build a Banking App for Fintech: A Comprehensive Guide for Startups

With over a decade of presence in the finance and banking industry, mobile apps have become the ultimate solution for hundreds of fintech projects. From a business perspective, developing a mobile app can help to effectively meet the ever-changing customer expectations, generate higher profits and improve the strategy for the company’s further development and growth.

As of May 2023, there were over 26,400 fintech startups reported worldwide, which is more than double to the pre-pandemic 2019 year. And, since more and more clients opt for mobile banking apps over traditional banking, the number of fintech startups and their profitability will continue to rise in the upcoming years.

In this article, we’ll discuss the basics of fintech app development for mobile, from its key features and potential benefits for your business to the step-by-step development strategy. Alongside learning how to build a fintech app, IdeaSoft’s experts will guide you through each step of the process based on our deep expertise in fintech app development services.

Mobile Banking App Industry in 2023 & Beyond

If you’ve landed on this page, you’re surely familiar with some aspects of fintech app development and have a general understanding of the further market perspectives. So, let’s just recap the key insights that can help you address the major concerns in product development and develop a powerful and competitive mobile app for banking.

• According to Allied Market Research, the global mobile banking market value is expected to exceed $1,824.7 million by 2026, growing at a CAGR of 12.2%.
• As of 2021, the Global Mobile Banking Market generated nearly $692.5 million in revenue, which is forecasted to reach $1,359.5 million by 2028, according to Vantage Market Research.
• According to Yahoo! Finance, over 55% of respondents prefer banking via a mobile app, and about 27% of Americans use an online-only bank.
• The most important features valued in banking today are no or lower fees, branch access, nationwide ATM network, and rewards/cashback programs, according to the Forbes Advisor Feb 2023 Survey.

So, with the rising demand for mobile banking applications, there’s never been a better time to develop your custom fintech app product. But before we explore how to build a banking app, let’s briefly review the most notable benefits these can provide for your company or business.

Main Benefits of Fintech Applications Development for Your Business

As an experienced business owner, you’ll definitely want to understand the value of such projects before you start investing any resources. Below are some of the key benefits of apps for banking that can maximize your business performance with first-class fintech app development services.

Enhanced Customer Service and Client Loyalty

Fintech applications provide convenient, accessible, and user-friendly money management solutions that can simplify and improve your customer experience. In turn, this helps your banking product to stand out among the competition and foster customer loyalty, leading to higher conversions and positive word-of-mouth recommendations.

Streamlined Payment Processing and Efficiency

The custom app solution for banking can also streamline transaction processing, making it faster and way more convenient to use. For instance, secure payment gateways or direct payment options allow to automation of most of the manual inputs and significantly reduce the transaction time. As a professional mobile app development company, IdeaSoft’s specialists always integrate the latest fintech solutions to maximize the banking app’s efficiency and security while ensuring seamless payment processing for each user.

Improved Insights & Advanced Data Analytics

Implementing a fintech application for your payment solution also provides you with tons of valuable data insights and enhanced analytics. Some of the best fintech mobile apps already have AI, machine learning and big data solutions integrated to analyze customer behavior, transaction patterns, purchasing trends and other important insights.

This allows business owners to get actionable, data-driven ideas for marketing improvements, customer engagement, and business optimization overall.

Cost-Savings & Scalability

Fully tailored to your project’s goals and specifications, fintech applications for mobile can result in significant cost savings for your company or business. Some of the key cost-effective advantages of a custom banking solution include:

• Streamlined banking operations and reduced administrative overhead;
• Minimized human errors through the built-in validation and error-checking mechanism;
• Enhanced real-time access to data, analytics, and reporting reduces the labor time;
• Automated financial and management processes, that reduce manual intervention and optimize transaction time;
• Lowered transaction fees through integration with payment gateways or direct payment options;
• Improved system security, which allows for reducing the risks of hacking attacks and costly outcomes.

Ready to build your fintech mobile app or want to hire fintech developers for your business? Contact IdeaSoft tech team and get the best solution for your company!

Moreover, fintech applications are highly scalable and can easily accommodate any business needs. For instance, mobile apps for banking can adapt to growing transaction volumes without compromising performance and is more flexible to meet the changing market demands.

Competitive Edge

There’s no doubt: fintech is one of the in-demand industries with the fastest rate of progress, but it’s also quite challenging and competitive. So, to succeed with your payment solution, it’s not enough to create a mobile app that works: you must make it better compared to the existing offerings in this segment.

Hiring fintech developers for your banking app project is an excellent way to stay ahead of competitors within the target niche. They will guide you through each development stage, helping to create a robust and optimized application with a notable competitive advantage over traditional banking institutions.

Key Features of the Fintech Mobile Banking Apps

Fintech app solutions and banking services evolve, and so do customers’ habits and expectations. So, it’s essential to ensure your application is packed with the most relevant features and offers a top-notch experience from the first seconds to hook the perspectives and turn them into loyal customers.

• Outstanding UX. Regardless of the app type and industry, design for user experience always matters. So, your banking app must provide a seamless and intuitive experience to always meet the customer’s needs. Reputable fintech app development companies, like IdeaSoft, set up comprehensive research of user behavior and preferences to create an interface that is easy to navigate, visually appealing, and optimized for efficient banking transactions.
• Application Security. Financial and banking applications often become a target for cybercriminals, so fintech app security must be your top priority. Moreover, it’s important not only to build a banking app with robust security but also to ensure to keep it always up-to-date to meet the latest security and regulatory compliance.
• Improved Scalability. As your business grows, it’s essential to make sure your application can accommodate the ever-changing list of requirements, new tech challenges, and user demands. Based on IdeaSoft’s vast experience in fintech software development, scalable architecture and robust backend technologies can help to future-proof your app, ensuring its easy maintenance and relevance in the future.
• Multi-Platform Compatibility. If you’re planning to launch your banking app on several mobile platforms (for instance, iOS and Android), you should make sure it works smoothly across different devices, providing a flawless experience to all users. By hiring a fintech apps development company, you can entrust all the optimizations and accessibility testing to the experienced crew and stay sure your app works at its best.

Fintech Mobile App Development Lifecycle: A Step-by-Step Guide for Startups

To build a functional and competitive application for your business, it’s also important to understand the key development stages to be covered. So, once you’ve identified the key features in apps for banking, it’s the right time to discuss how to develop a fintech app from scratch.

#1 Discovery Phase

Once you opt for fintech app development services to launch your product, tech specialists work closely with you to understand your concept, business goals and target audience.

At IdeaSoft, we provide in-depth research and analysis to build a comprehensive strategy for the successful development of your fintech mobile app. Our team will provide valuable business insights and guide you through the crucial phases of app development to help you come up with the best app for banking.

#2 UX/UI Design Phase

Next, the hired developers collaborate with our in-house team of UX/UI designers to create an intuitive and visually appealing user interface for your app. By researching your target audience, analyzing user behavior, and studying market trends, your crew ensures that the app always provides a seamless and engaging user experience.

With the right expertise in fintech development, your banking application will get the latest design tools and advanced UX/UI techniques to maximize its usability and provide seamless payment services across all mobile devices.

#3 Programming Phase

As long as the planning and product visualizations are ready, the next stage is your app’s actual development process. This phase identifies the application’s performance and its security, so make sure to hire a professional and expertised dev team for your fintech product.

Passionate about high-end mobile apps, IdeaSoft developers excel in both front-end and back-end fintech application development. With expertise in programming languages like Swift, Java, and React Native, our teams build robust and scalable fintech mobile apps that meet your specific requirements. From implementing secure authentication to integrating payment gateways and APIs, our developers will ensure seamless functionality and optimal performance.

#4 Testing Phase

Quality assurance is a top priority for a successful product launch. So, it’s essential to hire a dedicated testing team that handles rigorous testing procedures to identify and resolve any bugs or issues.

At IdeaSoft, we perform functional testing, performance testing, and compatibility checkups across different devices and platforms to ensure that your app works flawlessly. Our developers work closely with the testing team to address any reported issues and ensure your app is secure and robust regardless of the user device or operating system.

#5 Release Phase

Once your app is ready, the developers and marketing specialists will guide you through all the stages of the publishing process. To help you successfully deal with the fintech app release, IdeaSoft specialists will guide you through the submission and review processes of major app stores, such as the Apple App Store and Google Play Store. Additionally, our team ensures that your app meets all the necessary guidelines and requirements for a smooth, successful, and in-time app launch.

#6 Maintenance & Support Phase

Technology is constantly evolving, and your banking app may require updates and improvements over time. IdeaSoft development experts can provide ongoing support and maintenance services to keep your fintech mobile app up to date. Our experienced tech specialists will monitor the app’s performance, address any user feedback, and implement necessary advancements to ensure it remains secure, competitive, and aligned with the latest industry standards.

Having completed each stage outlined above, you’ll be able to introduce a top-notch mobile banking solution that is safe, functional, and offers the best user experience for your clients.

At IdeaSoft, we are committed to delivering high-quality fintech app development services that help your product to stand out. With years of expertise in banking app development, our specialists leverage the best practices to maximize every stage of your mobile app software development lifecycle, ensuring a seamless and successful journey from ideation to launch and beyond.

How Much Does It Cost to Build a Mobile App with IdeaSoft?

The overall cost of building a fintech mobile app will mainly depend on the kind of app you’re developing and the resources at your disposal. Of course, developing an MVP solution or simple mobile app requires lower investments compared to the on-demand scalable mobile apps for fintech.

Additionally, some of the key factors that can also impact the cost of your fintech solution are the project’s complexity, technologies and expertise involved, deadlines, and the features of your banking app.

As a professional app development company, IdeaSoft offers flexible pricing for our fintech solution development services. After you request a consultation, our managers will come up with a cost-effective strategy that is fully tailored to your business goals and the project’s specifications.

So, whether you’re looking at how to build a mobile wallet app or create a custom neo-banking solution, stay sure you’ll get the best expertise at the most reasonable cost.

Summary

Fintech apps development requires great dedication to the industry, careful planning and a deep focus on user experience and system security to come up with a robust and competitive solution for banking. When building a custom banking app for mobile, it’s essential not only to mind your business goals but also to consider the app’s functionality, map the development journey and estimate the required costs.

Contact us today and start building your cutting-edge mobile banking app with IdeaSoft’s top developers!

As a professional fintech mobile app development company, IdeaSoft can help you get that fully covered! Our experienced tech specialists will create a custom strategy of your future fintech solution, helping you to launch an application tailored to all the business business objectives and needs.

With an expert approach and advanced knowledge in banking app development, our developers can effectively guide you through the entire process, from the idea conceptualization to the project’s launch and maintenance.

Originally posted on: https://ideasoft.io/blog/how-to-build-a-mobile-banking-application/#3