In today’s digital age, mobile banking apps have become an essential tool for customers to manage their finances. According to a report by Statista, the number of mobile banking users is expected to reach 1.8 billion by 2024. With the rise of neobanking solutions, it is essential for financial institutions to create a mobile banking app that meets the needs and expectations of modern customers.
Mobile banking apps, particularly those associated with Neobanks which are exclusively online banking solutions, aspire to solve the issue that is associated with traditional banking that makes it hard for users to access their banking remotely. Mobile banking provides customers with the ease to seamlessly transfer and access money from anywhere in the globe, instead of having to visit a physical bank.
As Neobanks are exclusively online, customers do not face the issue of having to visit a physical branch when they need to access their banking services. Secure mobile banking apps can be utilized by fintech start-ups to meet customers’ expectations in an effective and efficient manner.
The following article will discuss considerations that start-ups must be aware of when learning how to create a bank app to provide a solution to the issues associated with traditional banking services.
Things to Consider When Asking How to Create a Bank App
The first step when creating a fintech start-up mobile banking app is to decide on the audience for the app. The customer base for a Neobanking solution can typically be broken into two groups: those who are in dire need of banking services, and those who have already adopted online banking but are looking for an opportunity to switch to something more convenient.
The customer base for bank apps typically consists of individuals who have been affected by financial hardships and are seeking a more accessible exclusively online solution that is not bound to the physical nature of traditional, legacy banks.
The next step is to determine the type of mobile banking app that the customer base will be prepared to use. This can be broken into three basic categories: a traditional bank app, a Neobanking solution, or a competitor to banks such as blockchain platforms.
- Traditional Bank App: A traditional bank app competes directly with banks by providing services that are typically not provided by them and/or offering features that they do not provide. The customer base for these apps is typically those who already have an account with a bank. A traditional bank app competes directly with banks by providing services that are typically not provided by them and/or offering features that they do not provide. The customer base for these apps is typically those who already have an account with a bank.
- Neobanking Solution: A Neobanking solution competes with banks by providing the same services as a traditional bank app, but often with lower fees and higher transparency, in order to increase the number of customers they can sign up for their platform.
- Blockchain Platform: A blockchain platform competes with banks by providing the same services as a bank app without the overhead and often at lower fees, in order to increase the number of customers they can sign up. Blockchain platforms can provide these services because they were built on a distributed ledger that is not controlled by any one entity or group and is only able to affect their own data, making them more transparent and secure than traditional banking institutions.
In this Section, we will discuss some of the considerations when creating a mobile banking app solution, with a focus on neobanking.
The user experience (UX) is critical when it comes to mobile banking app solutions. Customers expect a seamless and intuitive interface that allows them to perform transactions quickly and easily.
The Neobanking solution often focuses on a streamlined and user-friendly approach, so it is essential to ensure that the mobile banking app meets the expectations of the target audience. When designing the app, consider the following:
- User interface: The app should be visually appealing, with a clear and simple layout that allows customers to navigate easily.
- Personalization: The app should allow customers to customize their experience, such as choosing their preferred language, font size, and theme.
- Quick and easy transactions: The app should make it easy for customers to complete transactions with a few clicks or taps.
Security is crucial when it comes to mobile banking app solutions. Customers expect their financial data to be protected from unauthorized access and fraud.
Neobanking solutions often use advanced security measures to provide customers with peace of mind. When developing a mobile banking app, consider the following security measures:
- Multi-factor authentication: This provides an additional layer of security by requiring customers to provide code or biometric information, such as a fingerprint, in addition to their login credentials.
- Encryption: This is a crucial aspect of securing data transmission, ensuring that sensitive information is protected from interception and hacking.
- Fraud detection: Implement fraud detection mechanisms to monitor and prevent fraudulent activities.
Mobile banking apps should be designed to integrate with other systems, such as third-party payment providers, credit bureaus, and accounting software. Neobanking solutions often focus on open APIs and easy integration with other systems, so it is essential to ensure that the mobile banking app can work seamlessly with external systems. When developing the app, consider the following:
- API integration: Implement APIs that allow the app to communicate with other systems seamlessly.
- Data exchange: The app should be designed to exchange data with other systems quickly and easily.
- Customization: The app should allow for customization, such as integrating with a third-party payment provider or other systems.
A mobile banking app solution should provide a range of features and functions that meet the needs of modern customers. Neobanking solutions often focus on providing innovative and modern features that go beyond traditional banking. When designing the app, consider the following:
- Transactions: The app should allow customers to perform various transactions, such as transferring money, paying bills, and managing their accounts.
- Financial management: The app should allow customers to manage their finances, such as creating a budget, setting financial goals, and monitoring their spending.
- Innovative features: Consider adding innovative features such as mobile check deposits, ATM locators, and peer-to-peer payments.
In conclusion, creating a mobile banking app solution requires careful consideration of user experience, security, integration, and functionality.
Neobanking solutions often focus on a streamlined and user-friendly approach, so it is essential to ensure that the mobile banking app meets the expectations of modern customers.
By implementing the considerations outlined in this article, financial institutions can create a mobile banking app that provides a