In the 21st century, smartphone apps have seen the continuous development of new technologies. These technologies have made these apps more efficient, secure, and popular. Due to features such as security, privacy, and connectivity, banks and financial institutions have also taken proactive steps to onboard the mobile app market. As a result, customers have accessed better conveniences in terms of monitoring and managing their finances.
Now, if you are a new organization that wants to target the banking app segment in a competition that is already way large, how would you create a bank app that can survive obstacles that are waiting for it.
Challenges that you can face during your mobile app development process
Before we proceed further, let’s start with the usual challenges that developers might face during the mobile app development process.
1. Costing
Building an efficient app that also passes quality checks might require a team of developers. These developers are paid by hours and their pay scale differs according to their regions. Also, some additional costs such as licensing fees, etc might occur as well. On average, building a moderate app might cost somewhere around $40,000+ excluding marketing and maintenance costs. So, to build a banking app, you have to prepare for this phase.
2. Security
Banking apps are targeted by cyber attackers too often. With time, as technology evolves, these attacks also evolve. So, security measures in any kind of app have to get updated regularly. To secure apps, many developers also use machine learning and AI algorithms. After all, even one security flaw can ruin the reputation of your best mobile banking app.
3. Regular updates
As mentioned above, smartphone and app technologies evolve regularly. Thus, regular updates have to get released by developers to keep their apps compatible with new operating systems and smartphones. These regular updates might require dedicated teams, recurring expenses, and other related resources.
4. Transaction approvals
To ensure transactions done through your mobile banking app are approved, it has to clear plenty of market compliance requirements in terms of security, privacy, etc. Other financial partners or clients may automatically put a block on your finance application or transactions if any vulnerabilities are detected.
Steps to build a banking app
Let’s go through a few steps that are required to build a fully-functional app.
Step 1- Market research
Through market research, you will get the data reflecting the importance of mobile banking apps in your target market. You will get to know how many users use smartphone apps or how easy it is to access the internet, etc. This data will help you in allocating resources and efforts to the right type of app.
Step 2- Make a plan
Now, shortlist other details such as the difficulty level of the app, targeted operating systems, number of features, etc to make a proper plan. Every stage of the app development, including app designing, coding, testing, etc., will require separate dedicated hours, so your plans should have all things covered to save you from any unexpected financial obligations.
Step 3- Design a prototype and collect feedback
Prototype testing and feedback are important to know if your app has good potential. You can ask app developers to share their opinion, you can also share prototypes with your connections to ask them for feedback.
Step 4- Pick the technology stack
As per the suitability of the requirements of your app, pick a technology stack. It is better to pick options with your or developers’ expertise to ensure a smoother app development process.
Step 5- Start the coding process
Prepare the coding process on every element of your finance application. Also, do not forget to test your app at various stages to ensure its features are working fine.
Step 6- App testing
Now, the most important step that iPhone app development company follow is app testing. There are tools for automated app testing as well. You can use them to speed up the process.
Wrapping up
Well, these were a few steps that can answer the question “how to make a banking app?”. Despite the challenges, building a mobile banking app can be an extremely rewarding experience. It’s important to remember that every customer is different, so make sure you test your app extensively before releasing it to the public. As a technological leader in the financial sector, your bank has everything it needs to create a successful mobile banking app.
Content Source: https://www.mobileappdaily.com/build-a-mobile-banking-app
