Do you want to have on-the-go access to all the needed financial services? We bet you do because it’s extremely convenient and saves a lot of time and nerves. That’s one of the reasons why mobile banking apps are so extraordinarily popular now.
Based on the latest research, nowadays the number of active online banking users worldwide exceeds 2 million. It proves that more and more people prefer digital banking instead of traditional banking. So if you have a banking or any other financial institution and want to strengthen customer loyalty, automate processes, and increase income, it’s a good time to start Fintech software development. And if you’re an innovator or startupper seeking a winning idea to start a new project, mobile banking app development will be the right step on your way to success.
We gather short tips that will come in handy for you, so without further ado, let’s move straight to the topic!
Market Overview
The mobile banking industry is thriving. Its value is expected to grow and reach approximately $1,82 billion by 2026. As of 2022, there are more than 203 million people worldwide that use mobile banking, and this number is expected to become even bigger and reach approximately 217 million by 2025.
The U.S. is the country with the largest number of online banking users. According to Bankrate, more than 63% of the US population uses digital banking services (by the way, approximately 88% of the respondents are satisfied with the quality of the services they get).
How to make your app outpace the competitors?
As you can guess from the statistics above, the mobile banking app development market is very dynamic and has a lot of players. So to outpace your competitors, you should think of the advanced features for your app. What do we mean? The ability to make payments, pay bills, and transfer funds are the must-have features. Advanced features make your users’ experience better, strengthen your app’s security, provide automation, etc. We recommend you pay attention to recent trends: cardless ATM access, chatbots, voice assistants, custom alerts, used authentication based on AI, etc.
How to reduce the mobile banking app development cost?
Every entrepreneur or startup that wants to start something new seeks for ways to save their budget. And it’s ok. Here is a secret (or not-so-secret tip) on how you can do this: develop MVP first. MVP (Minimum Viable Product) is the most basic version of your app. It consists of crucial features only but can be launched in the market. This way you can save your costs at the initial stages of the development process as you don’t need to develop the full scope of the features. At the same time MVP can engage first users, attract investors and even bring you profit. Moreover, MVP is the best way to test your business concept, gather users’ feedback, and make the needed changes in your app on the go. That’s how you can protect yourself from investing your budget in the development of unnecessary features or those that your users won’t like at all.
How to choose the best tech partner to develop your mobile banking app?
Pay attention to the price-quality ratio. For example, Indian tech companies have the lowest price on the market, but they often deliver poor-quality products. At the same time, US developers’ rates are too high so it can cost you a fortune to develop an app. Tech companies from Eastern European countries have relatively low rates however they have proven themselves as reliable and dedicated tech experts that love to innovate and provide creative solutions.
Our Ukrainian company Perfsol has a solid experience in mobile banking app development, so we will be happy to discuss your app idea and support you at every step of your app development journey!
