The expansion of technologies drastically changed our lifestyle: so many things we started doing online. And manipulations with personal finances aren’t an exception: nowadays, we are equipped with the tools to send, change and receive money transfers via the internet. Growing inquiry for effective digital tackle purposed to juggle personal assets shows off Mobile Banking App development. The Purrweb team accumulated hints for the embodiment of your innovations. And since over 70 percent of the population in developed countries resort to using specific programs on their devices, the purpose of providing top-notch service in the niche looks rewarding.
Which service does refer to a mobile banking app?
We get used to perceiving a relevant product just the auxiliary service in the digital space created for supporting offline branches. However, this classification is dramatically wider:
- Online services like PayPal honed for peer-to-peer transactions;
- Entirely online banking services without a physical presence in the market;
- Compilation platforms for advertising and being representatives of common banks on the internet.
Unavoidable trends in the mobile banking app performing
Taking into account how competitive the niche is, it’s essential to follow the most significant tendencies in this sphere.
Build a multiplatform solution: when your service is available on various devices, the audience is greater. To speed up the process, consider a cross-platform framework like React Native.
Perfect UI UX design is mandatory for attracting app adherents: clear effortless navigation paired with an eye-pleasing look makes users feel your friendliness and care of their needs.
Unprecedented level of cyber security should be ensured since people confide in the mobile banking app sensitive data: debit card codes, documents, etc.
Fewer features with perfect functioning and creatively tailored design will contribute more to the popularity score of the app than multi featured products with mediocre performance.
Samples: who to look up to?
Before you dive into the industry, let’s consider some samples of products that can be examined as role models for your own invention. What do people usually look for in their financial “digital helper“? One of the ways to answer:
– User-friendly interface: well-rounded UI/UX design with a pleasant color palette, well-read fonts, and non-ambiguous icons paired with cute copywriting, easy navigation, and a set of actually sought-after features This is what can be honored in the next two contenders for your attention.
Chime
Having started as a fintech company almost ten years ago, Chime at lightning speed conquered the online banking industry.
The distinguishing feature of this mobile banking app is to be not a bank, but an intermediary-platform that promotes partners’ services: debit and credit cards, deposits, exchanges, etc. Just a pair of clicks separate users from getting free-of-charge online accounts that can serve for saving money or work as a debit card. You can fairly wonder how the app receives revenue if the card and deposit are available for free. The shtick is an agreement to count out money for every purchase from retailers and merchants.
N26
Liked for giving a sense of luxury, the mobile banking app won the hearts of 7 million European users in 24 countries. In contrast to the previous solution, N26 doesn’t offer its services for free: an unessential monthly fee opens the gates to investment tools and some other financial opportunities. Though the debit card with basic functionality is available without any charges. The leg-up feature of the app boils down to convenience: any operation can be performed online without the necessity to visit their nonexistent office.
Impossible to replace features: set for MVP
If you were attentive when examining the mentioned products, you’ve noticed that
a mobile banking app usually includes a definite set of peculiar features.
Dashboard depicting personal financial info
Entering the main screen in his user profile, a user expects to see the balance: the amount of money on the account.
Page with a history of transactions that contains a description of everyday spendings, writing off commissions and other charges from the account, and money transfers wouldn’t be excessive.
Newsfeed with relevant information, for example, warnings about permutations in conditions of service or professional recommendations on investment will be germane.
Secure built-in tools for financial manipulations
Users love services that equip them with opportunities to transfer money instantly and safely. Convenience can be boosted by alternatives of sending money with a telephone number or email.
Multifactor authentication
Security issues are a priority for a product approved by customers. Face ID, Touch ID, and other ways of confirmation of a personality are essential for building a trustworthy app. Juggling sensitive data does not tolerate a connivance and disregard approach.
Customer support chat
The opportunity to get timely help when one facing any misconceptions and obstacles is able to lift a user’s loyalty tangibly: don’t neglect it.
How does the process of bringing a mobile banking app to life look?
When you have a legible and unambiguous vision of the product, don’t save your energy by searching for a contractor with relevant experience, fresh and crisp ideas in UX design, and coinciding aesthetic values.
Now it’s time to discuss your project with experts and start transferring it into a visible version: designers will draw its prototype. After testing with real users, if all the elements and options are in their best places, take over to “flesh buildup”: entrust the team to perform its functionality. Cooperation with a full cycle agency is rewarding since there can be a necessity in subsequent maintenance: it’s more convenient to grow a big product from a seed to a maternity state with one partner.
How mobile banking app generates revenue
In a nutshell, the answer: they make money like traditional financial institutions. Among sources of income streams are:
- fees per transaction. When one transfers money to another account or abroad, the app can charge up to 25%!
- commissions per service of account on monthly basis;
- currency exchange also brings some percentage;
- users’ deposits enable businesses to gain interest;
- access to investment and users’ operations let them earn as brokers.
We didn’t mention some non-trivial ways of monetization like built-in advertising opportunities in the app or promoting partners’ business. If you want to see some samples of banking app profitability:
Chime made $600 million,
NuBank – $963 million,
Revolut – $361 million etc.
As you see, a cute idea, well thought out performing, and a bit of luck can bring a fortune.
So, if you dream to achieve exciting results in digital entrepreneurship, focus on the first step in order to start. As a well-known proverb says, a long journey starts with the first step.
