Each one of us is worried about our economic future. Well, this fear is because of the fact that we, the next-gen, make random expenses and eventually lose control over finances. One thing that has successfully brought control and helped us foresee the expenditures is the mobile banking app. Mobile banking app development of various types, be it a traditional banking app or neobank or a challenger app, each one of the online solutions has comforted individuals in one way or another. Chime, Monzo are some of the popular virtual banking apps that help people save time and energy. If you are an investor or a bank CEO wishing to develop a mobile banking app like Chime, here is the blog for you. Read this blog to learn how a mobile banking app operates and what things you should take care of when making an app like Chime.
Fintech startups now have a new battleground today. Each one of the startup entrepreneurs wants to engage in either of the segments of mobile banking apps. Don’t believe us? Well, there are nearly 57 million mobile banking users in the US itself.
Founder and CEO of MX, Ryan Caldwell quotes,
“Americans are turning to mobile banking as a way to take control of their finances and plan for their economic future.”
Adding more to the craze is the fact that nearly 6.93% of millennials used banks’ mobile apps in 2019. It clearly looks like the fintech journey in the mobile banking app development industry is going to be long and promising. However, the industry will demand the app to be good in quality and support secure transactions. This will be ensured by the mobile app development partner you select for app development. Their skills and expertise will assist you in the banking app development process. So, be smart enough with your selection.
A brief about mobile banking app named Chime,
Chime is a financial technology company, and not a bank actually. It is trusted by millions of users for initiating instant transactions. Just with a few taps, the app allows users to check their account balances and control their expenses. It doesn’t charge any hidden fees for any transaction, and it is accessible across 60K+ fee-free ATMs located at Walgreens, 7-Eleven, CVS, etc.
So, this is all about the mobile banking app Chime now;
let us look at how you will benefit from developing a mobile app.
One obvious benefit of digitizing banking is, it will reduce manual operations. This means the banks and operating financial institutions can focus on other important tasks and thereby increase the company’s sales. Well, the higher the sales, the greater is the customer retention.
Sets up transparency:
Users no longer have to wait for days or hours to check their bank balance after a withdrawal or money payment. It gets reflected within seconds, which boosts transparency and trustworthiness amongst users.
Protects users from fraudulent activities:
Online banking activities are under constant threat from hackers. However, a secured banking app will have two-factor authentication and other security extensions that will protect the accounts from unauthorized access and attempts.
Every transaction would be possible with the tip of fingers. There would be no more waiting queues for initiating transactions or withdrawals or any other banking-related activities.
Online processes would ease out the process and also increase the speediness.
How long does it take to build a mobile banking app like Chime?
Considering our mobile app development process, it would take around 4 to 5 months if we were to give you an estimate. This would include brainstorming your project idea, comi//ng up with a full-sketched plan, prototyping, quality assurance, MVP development, and release of the final product.
What is the cost to develop a mobile banking app?
Again, this is an exclusive thing and may differ depending on various factors.
However, Kody Technolab’s estimate of building a mobile banking app falls around $20,000 to $25,000.
But, it is important to discuss these commercials in person, so that we can analyze your requirements and give you a plan accordingly. Some of the cost variation factors that may affect the final pricing are:
- Features and functions;
- Third-party APIs;
- Security features;
- Location of app development partner;
- Hourly charges;
- UI/UX designing;
- Technology stack selection;
- Platform selection;
Well, as you can see, the pricing is very much cost-effective and wouldn’t break your bank. Contact us ASAP if you want to book yourself a mobile banking app development.
Let us now look at the list of features for your mobile banking application.
Your target audience expects a lot from you, especially when it is about a banking app. Even the slightest of hither and thither can put the app name in jeopardy. Therefore, feature selection is an important part of mobile app development. Feature selection will help you in designing a customized mobile app. A few of the must-have features of mobile banking app are:
Balance and transactions:
The mobile application should be able to produce recent transactions instantly. It is one of the primary and core requirements of developing a mobile banking app. Help users in identifying the name and category of transactions initiated by them using the app.
We all love the comfort of paying our phone bills, electricity bills, and many other things sitting right on our couches. All of these are possible if the mobile banking app supports transferring money from one service provider to another.
Help customers with check deposits:
The mobile app you develop should facilitate check deposit facilities also. Allow users to capture and upload two-side photographs of a check that they want to give for clearance.
Whenever an activity is initiated in the banking account, the application should notify the user about the same through notifications or message alerts. Additionally, they should be kept up-to-date with the account balance, scheduled transactions, or deposits made into the account.
Mobile banking apps should assist users in keeping track of their day-in, day-out expenses. It should help them categorize their expenses into various segments such as grocery, entertainment, food, etc.
Today, users operate with multiple credit and debit cards. The mobile app should give them the comfort of managing their cards using the app; they can assign cards to different accounts, manage the PINs and do a lot more stuff.
The primary requirement of mobile banking apps is biometric authentication. The enhanced security feature should support finger-print authentication, Face-ID sign-in, two-way authentication, etc.
Chatbot and voice assistance:
The mobile banking app you develop also provides assistance through chatbots and voice assistance. Chatbots and voice assistance will automate the customer-help process, and you can free yourself from some of the time-consuming tasks.
Here comes an end to our mobile banking app development process. We hope that we have answered a few important questions out of dozens of questions. For every single detail and explanation, please feel free to get in touch with us. We know that there is a lot more going on in your mind right now, stay focused and contact us directly.