Hurray! Banking is at your fingertips now. Thanks to technology that makes it possible to conduct financial transactions remotely with the help of an app. Having a mobile banking app, there is no requirement to stand in a long queue outside banks to deposit money or cheques. Therefore, banking industries are showing interest to develop a mobile banking app like myWisely.
Nowadays, 2.5 billion users worldwide are actively using online banking services. As a result, mobile banking development is a great requirement in the fintech industries. Having a banking application makes it easy to take care of your account. This is the reason you have to build an app like myWisely.
If you are eager to know more about the mobile banking app development procedure, you are at the right place. You will get all the information in this post. We will cover all the information from the beginning to the last. Let’s take a look at the post.
Table of Contents
An Overview of Mobile Banking App
Using mobile banking apps, you may conduct transactions and view the contents of your bank account right from your phone, tablet, or other mobile device. You can use banking software to accomplish a range of things, depending on the bank you are using.
You may access your current balance and transaction history using a number of banking applications, as well as deposit checks up to a certain amount. You can also schedule payments, pay bills, and transfer funds to other bank accounts with it. Thus, it’s a great idea to develop a mobile app like myWisely.
Building such an app will help millions of people in making the transition easier and more convenient. This is why it is a good idea to search for an on-demand mobile app development company to make the development process more efficient and more accessible.
Step-By-Step Guide on Mobile Banking App Development
Once you decide to develop a mobile banking app like myWisely, it is necessary to follow the complete guide. It is tough to give shape to an idea without following an entire procedure. For your help, below is a step-by-step guide:
1. Conduct Research and Make a Plan
By knowing your competitors, market state, and development trends, you will be able to provide the best solutions to your customers. This is why it’s the first and foremost important step you have to take for eWallet app development. Research helps you determine what your target audience is looking for in the market.
Moreover, you will be eligible to know what your competitors are providing to stay ahead of the competition. Henceforth, it is necessary to conduct research and make a foolproof plan. If you don’t have any idea about the current market, it is suggested you join hands with an eWallet app development company that will help you in every possible way.
2. Build and Verify a Prototype
The second step you must do to make your vision a reality is to construct a prototype that shows the logic, structure, and arrangement of the visuals, content, and design aspects of the application.Therefore, when deciding to develop a mobile banking app like myWisely, you are required to build and verify a prototype that helps you determine what to do next for successful app development.
3. Choose the Features
Once a prototype is built, you have to choose features you want to include in your application. Undoubtedly, features are the only way to ensure user engagement and popularity. This is the reason to choose advanced and essential features for your mobile banking application.
Sign up/login, push notifications and profile creation are basic features every app includes but you have to include many other features that other applications don’t have. It will make sure that users will prefer your application for online transactions.
4. Design the UI/UX
After choosing the features, the next step is to work on the UI/UX of the application. Undoubtedly, first impressions are the only way to grab the users’ attention. This is why, when deciding to develop a mobile app like myWisely, it is necessary to keep an eye on the UI/UX of the application.
Having a professional and eye-catching design makes it easy to attract users to your application and install it on their smartphone.It follows that the most effective technique to capture consumers’ attention is through graphic designs.
5. Make the Right Choice of Technology Stack
Technology stack is another important thing you have considered to develop a mobile banking app like myWisely. For the development of web or mobile banking, there is no one-size-fits-all stack because every project has different needs. Therefore, you have to wisely choose the tech stack that helps you in setting your time, boost the speed and shorten app development time.
In order to make the right choice of tech stack, you can seek the help of a mobile app development company as they have years of experience and required skill sets to build next-generation mobile applications.
6. Code the App
Another step to develop a mobile banking app like myWisely is to code the app.You can work with an Android app development compay or implement the app with an in-house team. They have a team of developers who understand codes and programming languages well.
Having a clear understanding and knowledge, they will be able to build a functional and robust solution. Therefore, it is good to hire dedicated developers who help you transform your idea into reality.
7. Release and Maintain
Once the application is developed, it is time to release the application to the Apple Store or Google Store. It helps you in making your app available to people. The application has to be maintained after that. For this, you can seek the help of professionals who help you in polishing your app with ease.
App development is not enough. It is also required to maintain it to make it working all the time. This is the reason you have to search for professionals who are well qualified in making searches.
8. Market Your App
Promotion of the application is required after it has been developed. It will assist you in informing the target audience about your application. In order to inform people, you can share it on social media as each one has a social media account. This is why social media is the best marketing platform to inform the audience about your app.
Reasons Why Customers Switch to Mobile Banking App?
This is the question of many people who don’t have an idea about the banking app. It is obvious that banking apps make it possible for users to operate their accounts on their smartphones. Plus, it does more than banking. Here are some reasons why customers prefer banking apps for their daily tasks.
- Round the Clock Support and Access
Having a mobile banking application, users are able to get access to banking services round the clock. Once users choose the traditional way, they have to visit the bank during opening hours. Plus, they are unable to make transactions during closing hours, national holidays, etc. However, mobile banking apps are able to make transactions anytime and anywhere.
This is why it is profitable to develop a mobile banking app like myWisely. It not only helps users to make the transaction flawless but also allows them to make transactions round the clock, 7 days a week.
- One App for Everything
Once a user visits a bank, they have to visit different counters for a variety of worlds. But using a banking app, many problems can be solved in one place. The app includes functions for online shopping, bill payment, money transfers, customer information updates, and payment acceptance. You know that there are many banking applications available in the market that provide the best banking experience to the users.
This is the reason that customers are shifting to online banking. Therefore, it is a good time for enterprises to develop a mobile banking app like myWisely to make a profit.
- Time Saver and Cost Effective
The mobile banking app makes the transaction cost-effective. It means you don’t have to pay any charges for accessing banking services. Using the banking app saves time because you can do tasks without needing to visit a nearby branch. As a result, customers are shifting to banking applications.
As a result, enterprises are searching for professionals to build mobile banking app that not only make it possible to send money online but also help to make online shopping easier.
- Speedy Transactions
Mobile banking applications are operated with a couple of taps and the task is done. Therefore, banking industries are deciding to develop a mobile banking app like myWisely. Users may send money to anyone in the world with just a few clicks, and it just takes a minute or so. People no longer have to wait more than 24 hours to receive their money as a result.
This is why it is a profitable idea to develop a mobile banking app like myWisely. However, the task takes work, which is why it is necessary to seek the help of professionals who are proficient in this type of work.
Challenges You May Face During Banking App Development
No doubt that mobile banking app development is challenging as there are several procedures. So, when deciding to develop a mobile banking app wisely, it is necessary to keep an eye on the challenges. Let’s take a look at the listed challenges:
- Security and Compliance
It is necessary to ensure that the application meets all relevant security and regulatory needs is vital, as financial data is sensitive and the personal data can be used for illegal work. Hence, creating a banking app is a challenging endeavour.. However, you can do it by seeking the help of experts who have knowledge of data encryption and secure authentication methods.
Regulations and compliance are the main requirements to make sure. But bear in mind that regional variations in banking regulations are possible. Thus, it falls into your hands to research, study and comply with the app regulation in your mobile banking app.
- User Experience
To build a mobile banking app like myWisely, many banking app developers face difficulties. Although the programme has an appealing appearance, its features are quite intricate and difficult to use. It’s true that simple things can sometimes be more difficult than complex ones, thus in order to make something simple, you’ll need to work hard and be patient to clear your mind.
Once you decide to develop a mobile banking app like myWisely, it is necessary to make sure that the user experience is good. Thus, you have to ensure a great user experience once deciding to build an app.
- Scalability
Scalability is another challenge you may face while deciding to develop a mobile banking app like myWisely. You have a lot of burden if you are trying to reach a big audience across several countries.
It is vital to guarantee that the programme can manage a substantial volume of users and transactions, and can expand in response to a rise in user count. To guarantee scalability, planning and design are required beforehand.
- Keeping up With the Competition
In order to keep ahead of the competition in the fiercely competitive banking sector, you need to stay current on the newest features and trends. You must be aware of the continually evolving tech stack, features, and trends, depending on your level of experience in the same field.
In order to overcome all the above challenges, you need to work with a mobile banking app development company. The professional has years of experience and knowledge in working in such a sector, which is why they do the work more conveniently and easily.
Summing Up
Over the years, the demand for banking apps has been high as they save time and make the transition easier and convenient. As a result, developing a mobile banking app similar to myWisely is essential. However, the task is more challenging as the development process requires proper planning, budget, tech stack, and UI/UX. If you are planning to build an app like myWisely, the steps mentioned above will be helpful to you.
In case of a lack of knowledge and skills, it is good to seek the help of professionals who work dedicatedly and charge less mobile banking app development cost. Moreover, the professional does stay on top of quality, which is why it is good to work with professionals.
They charge less myWisely app development cost and ensure the quality of the project. It will give you peace of mind knowing that you choose the best partner for app development.
FAQs
1. What is the mobile banking app development cost?
The mobile app development cost varies according to different factors like complexity, features, technology stack, and others. In general, you have to pay $15-$40 hourly once you hire an India-based company.
2. Why is the demand for mobile banking apps so high?
Well, no one wants to stand in a long queue for depositing cheques and money. Therefore, the demand for mobile banking apps is high because they make financial work easier.
3. How much time does it require to build a mobile banking app?
The time generally depends on the complexity of the application, the features you want to include in your application, the technology stack and the platform you choose for building the application.