The rise of digital devices has made everything easily accessible for us, even your bank. Today, there is no need to go to your bank branch to transfer cash or check your account status.
One can simply do this using a banking app on their smartphone.
To your surprise, these apps have gained a lot of popularity in the last ten years. As per Statista, there are around 57 million mobile banking users in the US.
Moreover, the primary use of mobile banking apps is done by users for checking the balance. Around 90% of the users use mobile banking apps to check balance and 79% use them to view their transactions.
All these stats prove that the idea of banking app development will be a goldmine for you in the coming time.
If you are in for this, then keep reading to know more!
A Quick Refresher
Here are some more stats that favor the idea of mobile banking application development:
- The Allied Market Report suggests that the market of global mobile banking stood at $715.3 million in 2018. Plus, it is speculated to rise up to $1,824.7 million by the year 2026 at a CAGR of 12.2%.
- People within the age group of 25-34 use banking apps most frequently. The usage rate is 21.6%, followed by those of 35-44 years and so on. People over 65 years of age have the lowest rate of banking app usage (8.5%).
- In the current condition, where social distancing is a must, it has become inevitable for people to ignore the use of a banking app. So, developing a banking application is a great idea to implement.
How to Make a Banking Application?
The road to mobile banking application development is an easy one if you consider all the indispensable aspects and take one thing at a time.
So, before you jump into the development formalities of the banking application, you need to make sure if your application idea is viable or not.
Stage 0. Before the Development
To test the viability and other factors that affect the success rate of the application, you need to undertake the process of project discovery.
The project discovery stage is the foundational stage, not just for banking app development but for any other type of application.
It includes some of the necessary aspects such as:
AspectDescriptionMarket researchAs 42% of businesses fail due to the lack of a market fit product, it is crucial for you to conduct thorough market research.And if we talk about the banking sector, it needs apps like these for maintaining a streamlined workflow and retaining their valuable customers.
Competitor researchThere is always room for improvement. And you will get to know this by doing a competitor’s research. Download their banking app and check how its UI and UX work.Find out what you can do to enhance it. Closely check the security, reliability, language, and convenience factors of the app.
Competitors are your best teachers when you are looking to do something unique. It is the best way to learn from their mistakes and innovate.
Cost analysisNo matter how ingenious your idea is. Without enough money, you won’t be able to develop a robust banking app.The discovery phase helps you estimate the banking app development cost. This will include everything from banking app developers fees, cost of hosting, adding features, making MVPs and prototypes, etc.
Business goalTo excel at developing the best banking app, it is necessary to have a crystal clear idea of what you want from it.As long as one is not focused on his or her business goal, they may end up in the 13% of the startups that fail due to losing their focus.
Identify target audienceIf you have undertaken the market research process well, then this will be a bit easy for you. But it doesn’t mean you can leave this.After all, it’s the users that will be using your app. So, it is necessary to check if they need your app. And if they do, which users need it.
Gen X, Gen Z, and Millennials should be your primary target audience for a banking application.
What Are the Pros of the Discovery Phase?
If you are a founder and take up the discovery phase of your banking application seriously, you will surely get rewarded with the following:
- Validates the idea: This phase will validate the viability of the idea. Thus, leading to the development of a market-fit product.
- Assemble a team: With proper knowledge of the overall process requirements, you will be able to get the best team of banking app developers, designers, managers, marketers, etc.
- Risk management: Every new thing poses a risk, but you can convert it into a calculated one. With an agile discovery method, you can estimate potential issues that you may face and plan ahead to counteract them if they happen. You can reduce banking app development costs, prevent missing deadlines, and can also foresee your target clearly.
- Overall cost reduction: When you undertake the project discovery process, you get to know a lot about the application development process. Steps like documentation, MVP, core development, designing, prototyping, testing, distribution, and marketing can be planned ahead. This helps save a lot of cost as compared to when everything is done on the spot.
As a founder, the project discovery phase will help you produce the best banking application in the market with utmost efficiency.
Read more about mobile banking app development cost.
