Mobile app solutions for the banking & finance industry to stay competitive and generate a new revenue stream

Finance mobile app have made our lives more convenient by empowering us to accomplish our important tasks related to funds and finance hassle-free. Indeed, the mobile app solutions’ explosion has impacted every domain, including the banking sector. Today, everything is going mobile, and in this tech era, if you do not own a mobile application, your business does not exist. In this post, we are going to see and explore some of the benefits of these mobile apps solutions in the banking & finance industry.

Finance mobile app: Market Overview  for 2021-2023

finance mobile app

Now, to understand the important impact of finance mobile app developments in the real world, let’s dive into quantitative information. You will also get a glimpse into the ideas you can pick to design a suitable development strategy.

  • Statistics shows that 7 billion mobile users are to come by the end of 2021, with 3 billion of them turning into mobile banking.
  • According to the EY, 50% of users go digital when applying for financial goods. In fact, Statista claims mobile payment transactions will reach the $189.98 billion mark by the end of the year. And, of course, it’s not surprising that due to the COVID-19, 55% of consumers are more likely to pay contactless.
  • Insider Intelligence’s Mobile Banking Competitive Edge study uncovered that 88% of respondents – and 98% of Millennials – said they used mobile banking. And it’s not just younger users that trust tech over traditional banks: 92% of Gen Xers and 78% of Baby Boomers mark the advantages of digital banking.
  • According to another statistic revealed by Think with Google, 6 out of 10 consumers like to use mobile apps for financial activities instead of websites;
  • In the US, currently, 58 million banking users are existing, as per the Statista survey.

What are the benefits of a finance mobile app?

Today’s life pace has made internal banking mobile apps a must-have solution. All thanks to:

  • 24/7 access
  • Effortless reviewing of transaction history and details
  • Remote deposits 
  • Best security practices
  • Paying bills in one click
  • Transferring money easily and conveniently
  • Paying off loans online

Financial institutions, in turn, get the following advantages by using mobile banking apps:

  • Decrease operating expenses
  • Improve customer experience
  • Good return on investment (ROI)
  • Personalized services thanks to data analytics (powered with artificial intelligence)
  • Maximal value through push-notifications

Essential features of finance mobile app development to consider

finance mobile app

Best finance apps are adopting for multiple purposes such as cashless transactions, statement reviews, address updates, and much more. Such benefits of mobile banking apps are only possible due to technological developments. Therefore, with time, as smartphone tech and app trends are evolving, new function of mobile banking app solutions are coming into existence as well. For now, we are discussing a few already must-have features in-depth for your reference.

1. Security

Compared to ATMs and old-fashioned transactions, mobile solution for banking are much safer and more convenient. These mobile apps need user authentication for every single transaction. Therefore, the opportunities of compromised security get reduced. However, as it is an internet-based service, there are a few disadvantages. So, while building mobile apps for banking, security protocols such as SSL and TLS are essential feature. Banks are also using fintech blockchain technology for an extra layer of security.

2. InstaAccount services

As the name suggests, the Insta Account function of mobile apps solution for banking provide users the ability to open bank accounts immediately. Moreover, consumers get the freedom of submitting asked documents online to finish the verification process.

3. Investments and trading 

Financial mobile app solutions are not only limited to banking activities. Currently, users can invest their money from these stock trading applications themselves. Moreover, with options such as trading, the share market is accessible for the consumers through apps as well.

4. Bill payments

Almost all financial mobile app solutions are taking this feature very seriously, as the commercial sector is adapting the culture of cashless payments fast. With the support of this functions, users can pay for electricity bills, phone recharges, and other services. Moreover, to make bill payments secure, banks also adopt high-security protocols while creating mobile apps for finance. With time, these mobile payment apps solution are expected to develop in numbers.

5. Account statements & history 

One of the great benefits of mobile banking app solution is that you get a chance to access account statements and history on the go. Also, the consumers have a chance to see details of every single transaction, along with the amount and the time of transactions. 

6. User assistance

Banks are adopting mobile app customer support techniques to make the process easier and more convenient. By applying the AI chatbots, banking apps are making the user service experience convenient. Moreover, AI chatbots offers mobile banking functions and advantages such as fast responses, smart query solving, etc. Moreover, mobile apps solutions are offering support in multiple languages to cover a large range of users.

7. Fast alerts

Banking apps solution have helped audiences in getting real-time account-related alerts. In other words, consumers have the freedom to know about activities such as transactions, account updates, among others fast and easily.

A step-by-step guide on finance mobile app development

1. Research and make a plan

Research your competitors, market state, development trends, who your target audience are (their needs and why those needs are crucial) is crucial to build a unique value proposition/business model.

2. Create and verify a prototype

To bring your idea to life, first, you need to build a prototype illustrating the app’s logic, structure, and order of design factors, visuals, and content. What’s more, solving a design flaw while prototyping is ten times cheaper than making improvements during the development process. 

3. Design the UI and UX

According to the best practices in banking app UI/UX design, you should provide a personalized customer experience, make sure that the account useful, ease of use, and make the overall mobile app is transparent and safe. 

4. Select a technology stack

There is no one-fits-all stack for web or mobile banking development because every project has its exclusive characteristics. Still, a wisely selected tech stack will help lower costs, shorten software development time, and speed up the time to release market. At Arrowhitech, we aim at providing the highest level of services to our customers. Our team of experienced and skilled mobile app developers offers promising app development services. You can hire a full-stack developer from our team to help you develop your business app. Don’t hesitate to contact us to discuss mobile banking application development projects in more detail.

5. Integrate with third-party solutions

Data integration best practices equip your mobile app with external functions instead of creating them from scratch. 

6. Code the app

You can build the app with an in-house team or work with a software development outsourcing vendor. The first solution works if you have the time and budget to hire banking software development professionals. But if you need to start the development fast, you can choose competent banking app developers who work for experienced vendors.

7. Release and maintain

Banking mobile app release is the most breathtaking and rewarding stage of the entire journey. But only if you have professionals on your team or partner with vetted banking app developers. They will support you polish your app and prepare for releasing it on the App Store and Google Play.

8. Market your app and get feedback

Google Play Market, Apple’s App Store, and Microsoft Store have different conditions which app developers must follow so that your app submission goes smoothly. When the app is published, first feedback, ratings, and stars are to come.

9. Enhance and update

It would be great way to reach out to your users for valuable feedback, collaborate with review sources, ask influencers and opinion leaders to test (and then promote) your mobile app. Also, you can invest as much time and effort into upgrading your app as necessary.

Wrapping Up

The banking sector has been an essential part of our lives. However, in the cut-throat competition, it needs to come up with innovation and advancements similar to other sectors. With the integration of mobile apps solution, the banking industries has transformed in several ways.