Understanding the power of mobile banking app development can be profitable. The evidence suggests various neobanks made about $6.8 billion in revenues in the previous year alone. Some major mobile banking apps in the market include Revolut, a bank with a valuation worth $33 billion.
Developing a mobile banking app is something many companies pursue. If this is your case, it is time to examine different tips and tricks to take your mobile banking development to the next level.
Successful mobile banking application development takes place when companies know exactly what it takes to develop and deploy a top-performing product. At this point, we will introduce five tips and tricks you need to follow to become one of the companies tapping into mobile app development.
Everything starts with how well you understand the market and technology. You may want to look through such firm aggregators as Clutch or TrustRadius to understand how particular companies deliver the best mobile banking apps. Additionally, take a closer look at the cases of Revolut, Monzo, and Ally.
The next trick for successful mobile banking app development is to focus on a user-centric approach. Your solution needs to create value and brings profit. To do that, you need to determine what users want. Thus, to listen to people using the app, as users tend to have valuable ideas on what a mobile banking app should be like.
Yet, along with looking at features, pay particular attention to the overall user experience. Respectively, soon enough, you will notice that great user experience comes from fresh and engaging design. You should consider this during the mobile banking application development, emphasizing User Experience (UX) and User Interface (UI) development.
The next tip is all about choosing an outsourcing approach. When developing a mobile banking application, you need to make sure to use innovative technologies. Most banks and financial institutions still rely on old tech frameworks, which may result in an unimpressive user experience. Conversely, you may want to consider using React Native as a cross-platform development framework. It ensures your developers write code only once, and the app can run on various platforms and operating systems.
When you choose your tech stack, it is the moment when remote teams come into play. To build a skilled remote unit, cooperate with a mobile banking application development company like nCube to access vast pools of quality tech skills.
When developing a mobile banking application, your team needs to make sure people can have easy and secure access to the product. This access must entail security measures that won’t allow turning ease of access into a security vulnerability. The truth is even the best mobile banking apps, like Revolut, are vulnerable to data breaches, putting sensitive user data at risk.
At this point, focus on boosting the app’s security with authentication measures and encryption protocols. Yet, these must not thwart accessing the product. Respectively, two-factor authentication can be a great balancing approach, allowing people to access the app while making it highly secure. Make sure security and data protection are your mobile banking development priorities. However, don’t forget that security measures should be seamless and not put a damper on user experience.
We’ve already mentioned UX/UI above. While a user-centric mobile banking app is paramount, you must know how to deliver an interface like this. Yet, while delivering a slick and intuitive interface, it is also important not to make the backend too complex, as it can harm the app’s performance and stability. At this point, you don’t need to reinvent the wheel. Use one of the available UI toolkits to create an intuitive and slick user interface. These tools create a distinguishable UI for your mobile banking app.
Balancing these two approaches ensures user-centric mobile banking app development with a backend framework that can handle performance.
Chances are you will appear among the top mobile banking application development companies with the tips and tricks above. Yet, one of the foundational prerequisites for making your product stand out is choosing the right tech stack. Essentially, there are two main options available:
Choosing between these tech stacks is a significant step toward successful mobile banking application development. At this point, consider the tips and tricks and tech stack options to create a mobile banking app that generates user value.
Mobile banking app development is something worth pursuing. But, if you tap into this field, make sure you know all about mobile banking, focus on users, prioritize a user-centric interface, select a way to set up a remote team, and balance access versus security. Besides, pick the right tech stack and ensure proper tech instruments are in your toolkit.
If you’re looking for a skilled team for mobile banking development, we at nCube can help you build one. We have access to large pools of tech talent, including Java, Swift, Kotlin, React, Flutter and other specialists. Contact us.