Mobile banking app development is no different to eCommerce app development or games. They all require UI/UX, QA, Analytics and basic functionality. Where banking differs is with the security of the app. There needs to be anti fraud protection tools/third party integrations and they need to follow internal protocols on security set up by internal stakeholders and legislation.
After security and anti-fraud measures are in place, the next big ask is the features. Today’s consumers want an easy to use solutions to check balances, pay bills, find the closest location and ATMs, and send/receive funds. While that is the basic mobile banking functionality, you may wish to consider other forms of functionality:
- Foreign exchange transfer and checking of rates
- Credit card, loan and new account application – this is dependent on local laws.
- Spending tracking, the ability to show users where they are spending their money on.
- Tips/tools for better financial planning such as mortgage or loan repayment calculators.
- Direct access to communication with local branch or personal investment banker via Chat module.
- Cheque deposits utilizing photo feature is quickly becoming the norm for most banking apps.
- Fraud protection and transaction verification.
While these are the most often asked for features, some banks have differentiation strategies that they may wish to adjust when building a mobile app.
The other pain point that some financial institutions have with mobile banking app development is upgrading to the latest iOS or Android versions. Some banking apps were written in React Native and simply display their web infrastructure, this usually translate into bad customer experience. Other banking apps are written in iOS’s original Objective C language, which is making it harder to maintain or hire great developers. (Most Objective C developers have moved on to develop in other languages or are directors/VPs of IT). Finally, new updates can make it harder to ensure security, and functionality. This is why it is essential to be on top of new releases.
If you are looking to build a brand new banking app or are looking to upgrade/re-write or maintain your existing app, Brian Kayfitz can help. He has built one of Canada’s top 5 mobile banking apps, BMO’s Investorline.