How to Build a Banking App: Tips to Create Banking & Finance Apps

How to Build a Banking App: Tips to Create Banking & Finance Apps

These days, most people don’t need to leave their homes with their wallets in tow. With contactless and cardless transactions becoming increasingly popular, many people can pay for goods in stores using e-wallets and banking and finance apps on their smartphones. That’s why banks, lending organizations, and other businesses in the banking and finance industries are seeing the benefits of joining the banking app market and creating their own mobile banking application. 

Creating a Mobile Banking App to Attract Users

But just how can you create a mobile banking app that attracts users? If your app is effective, navigational, and compatible with most users’ needs, you can build a banking app that users can really appreciate. Below, we share some tips to help create the best mobile banking application for your business. 

Let’s get started!

Four Tips to Building a Successful Mobile Banking App

  1. Conduct Market Research and Find Your Target Audience

You might already have a rough idea of your app or know a team that can create a mobile banking app, but doing initial research can determine the banking app landscape and if there’s a demand for your idea. With plenty of major banks, lending companies, and other financial institutions creating their own mobile apps, it can be a fairly competitive market that you shouldn’t walk into blindly. 

Explore What Users Need In a Banking App

You might think you have a good idea only to find that it’s not the type of features that users need or are accustomed to. If you’re creating a new feature that comes with a learning curve, you need to justify that it’s worth users leaving what they’re used to and switching to your app. Also, creating an app that’s essentially the same as an app that already exists isn’t going to attract users or stand out from the crowd. 

  1. Identify Your Competitors to Create Your USP

Find competitors for your market to determine their strengths and weaknesses. While you shouldn’t copy banking app features, you can improve on what they already offer. From there, you can find out what kind of unique selling proposition (USP) will entice users to switch from your competitors to your new app. 

From your research, you can decide on your core banking and financial services, what strengths your app has, and what could be improved on. When you build a banking app, make sure that the strengths address what’s lacking from your competitors to gain a unique advantage in the banking app market. 

  1. Choose Both Basic and Secondary App Features

Next, you need to decide on both the basic and advanced features that your banking or finance app will have. Basic features are those that are common in similar apps like yours. For instance, if you’re developing a banking app, it’s common to have these features:

  • Security measures which include secure payments and transactions processing, two-factor authentication, encrypted data, and other security measures compliant with regulations.
  • Real-time balance checking.
  • List of recent transactions.
  • Transfer money to other bank accounts on your app and to other banks.
  • Add money to an e-wallet.
  • Pay utilities, loan repayments, and other bills.
  • Customer support.

On top of the common features, there are also secondary features that, although not necessary, can be unique and can help users with their finances. This means having to reduce the number of apps they have on their mobile device as your app addresses their needs. A few of these include:

  • Expense trackers.
  • Automatic monthly payments.
  • Bill splitting with those who have the same app.
  • Blockchain, stocks, and other investments.
  1. Never Stop Improving Your Banking App

Once you’ve built your app and released it to the public, your job isn’t done just yet. There’s a difference between conducting research on the banking app market and getting feedback on your own product. There could be bugs and errors that appear, and you’ll need to address this in future updates to keep users satisfied and prevent them from finding other apps. 

Your App Should Adapt with Your Users

Even if you’ve managed to address all the bugs, your app will have to keep improving to meet the ever-changing user needs. These include:

  • Ensuring your app is compatible with any software updates on mobile devices.
  • Adding new features that are in demand for the industry.
  • Adding new security measures to comply with any changing regulations.
  • Changing the user interface and design of the app to match any branding changes.

Build a Banking App with Jackrabbit Mobile 

Banking and finance apps need to comply with regulations while also addressing the needs of your target audience. You might already have an idea of how to make a banking app that could be the next trending app on the market, but you’ll need a reliable app development company to make it a reality. 

At Jackrabbit Mobile, our team provides full solutions to help you develop your app. From performing research and creating a prototype to launching your banking and finance app, we’re dedicated to turning your app ideas into digital solutions that reach your target audience. 

Contact Jackrabbit Mobile to discuss your banking app’s development needs today.

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