In the old days, people had to go to a bank branch to transfer money, stand in line, fill out piles of paperwork, and enter all the details correctly. Thanks to digital banking and mobile applications, peer-to-peer transactions and wire transfers may now be completed in under a minute. A banking app is a platform that allows you to access your bank account, send and receive money, view previous transactions, make deposits, and pay bills from your smartphone or laptop. Users of banking apps come from a wide range of geographies and age groups. With the increasing number of mobile devices worldwide, it has become clear that people want to access many things on the go, including banking apps. Financial applications for customers enable financial institutions or banks to increase customer loyalty, increase total revenue levels, and reduce overall service costs. When developing a custom mobile banking app, you should hire a reliable Mobile apps development company in Chicago that has experience developing mobile banking apps and follows standard app development processes. This will help keep your mobile apps high quality. If you want to jump into fintech and start developing mobile applications for banking, this article is the first step on your journey. Learn about essential features, thriving practices, costs, and development timelines. let's go! Mobile banking app essential features: Chances are, every financial institution wants to differentiate itself from the competition and increase customer retention by developing an online banking application that end users prefer. Even if you're on a tight budget, it's never a good idea to sacrifice quality. Learn how to build high-quality apps on a limited budget. So, to avoid wasting time and money, we want to share some essential features that you should implement during development. 1. Bank account management: Unsurprisingly, the most important thing mobile banking software should allow users to do is manage their accounts. Therefore, it must provide the ability to monitor debit and credit cards, check balances, view transaction history, and seamlessly transfer funds between accounts. You can also go a step further and offer a "Savings Goal" feature and automatically transfer a small amount to a consumer savings account to help you reach your goal. 2. Payments and Transactions: Next, you need to make sure your mobile banking app features include safe and seamless transactions. Customers should be able to easily send money to friends and family through peer-to-peer payments, complete purchases by scanning QR codes, deposit checks by taking photos, or exchange currency without going to a branch. And if you've already embraced blockchain technology, your mobile banking solution should also incorporate this innovation. 3. Authentication: Whenever sensitive data is used, customers want and expect a high level of security. Therefore, their banking information must be well protected. To achieve this, it is recommended to implement authentication functionality quickly while making users feel secure. For example, you can have your customers choose multi-factor authentication. It can be time-consuming, but it can work if you have the choice. Or, implement biometric authentication technology that quickly identifies a person through physical characteristics such as fingerprint, voice, or facial features. 4. Customer Support: Providing 24/7 customer support to your customers is a must in the modern world. After all, people can be in different time zones, and problems need to be resolved quickly. Beyond the 24/7 contact center and chat features, you may want to further enhance your user experience. So consider adding an intelligent chatbot to your mobile banking application development to-do list. They can easily answer simple questions, saving managers time while providing exceptional customer service with high personalization. 5. Find ATMs and Offices: If you want to make your customers' lives easier and remember your app as a truly useful solution, you should add ATM and branch locator features. It should display information about services available in nearby locations, opening hours, and best routes. 6. Push notifications: Push notifications are essential for almost any kind of mobile app that wants to keep customers informed and provide a pleasant user experience. So, make sure your solution can send notifications about account updates, transaction confirmations, and other relevant events. 7. Custom offer: When you start building a banking app, personalization should definitely be on your priority list. Customers love personally curated experiences and are more willing to engage. So, to meet these requirements and differentiate yourself from the competition, consider adding personalized services such as discounts, ticket sales, car booking services, flower delivery, or restaurant and hotel reservations to your mobile banking app. 8. Integration with Wearables: Finally, wearables and other smart devices are becoming more and more popular worldwide. Therefore, mobile banking software must be able to integrate this and provide a consistent user experience through notifications, balance checks, and payment features. Mobile banking application development challenges: Now that you know the key features to keep in mind while developing a banking application, it's time to talk about some of the challenges you may face. Hire the best app developers in Los Angeles to avoid the next challenge. 1. Compliance 2. Security 3. User convenience What is the price of developing a mobile banking app? So how much does it cost to create a banking app? The future cost of developing a banking app will depend on: ● The hierarchy of workflows involved in application development is complex (the more logic blocks the application contains, the more experts in the various disciplines required, and the more complex the hierarchy). ● The technology stack (especially for native Android software development, which is unique to mobile devices). ● Integration with third-party services and APIs. ● The form of interaction between the client and the development team: fixed price, time and materials, dedicated team, team expansion, or staffing. Conclusion: Overall, mobile app development for banking services is ripe for growth and success. However, new entrants to the market may struggle to select the right features and meet the security standards in their space. So here's some advice for choosing Top app developers in Netherlands who have previously worked on similar fintech projects. Author Bio: Hello everyone, I'm Gangadhar Chemudu. I’m a passionate content writer and SEO Executive working in FuGenX Technologies . FuGenX is a Mobile app development company in Missouri , India, and the UAE. I am curious about the latest technological developments. For topics related to mobile app development, IoT, Artificial Intelligence, machine learning, IOS, and technology, contact me on LinkedIn Read also: Average cost to develop health insurance apps