Banks have now started developing their apps for the ease of transactions. These apps do everything from depositing money in the bank to making payments. Experts say that the use of a mobile banking app will increase in the coming years.
Developing a mobile banking app has become necessary for every bank. However certain small banks cannot afford to introduce costly technology into their business. In this blog, we will cover all the benefits of developing a mobile banking app and the cost of developing the app.
Benefits of developing a mobile banking app
The importance of a mobile banking app is growing day by day to save time. Here are some of the major benefits of building a mobile banking app:
1. 24/7 access to banking functions
A mobile banking app gives access to all the banking functions at any time. You can conduct any banking transaction easily with the help of an app. These apps are very useful during emergencies and medical situations.
2. Provides various banking functions
These apps help to access the different banking functions easily. You can perform various tasks of banks through these apps such as depositing money in the bank, requesting a checkbook from the bank, and transferring funds.
3. History of banking transactions
One of the major benefits of using a banking app is that you can view all your banking transactions. These apps will give a full overview of bank balance, credit card transactions, bank account statements, fixed deposit details, and so on.
4. Saves time
Developing a mobile banking app will save time. Banks can conduct transactions speedily and customers can also manage their accounts effectively. Customers do not have to stand in a long queue to deposit their money in the banks. They can simply deposit funds from a bank account right from their smartphones.
5. Rewards for the users
Mobile banking app has rewards for the customers. Users will receive many rewards and cashback options in these apps. Apart from that, the apps also provide the benefit of buying items on credit basis.
6. Payment of utility bills
This feature offers a special option to pay all your utility bills such as mobile payment, electricity bills, water bills and other payments.
Factors that determine the cost of building a mobile banking app
Developing a mobile banking app includes many tasks from finding a proper layout, to UI/UX design, and others. Here are the important factors that determine a mobile banking app such as:
- Technology used
Choosing the best technology stack is one of the most important steps in the mobile development process. The cost of building a mobile app depends on the type of technologies used. Advanced technologies cost more than old technologies and increase the overall project cost.
- Features of the mobile app
The second factor that determines the cost of a mobile development process is its features. The cost of a mobile app is low if you choose the basic app features. On the other hand, the cost of building a mobile app will increase if you choose advanced features in the app. Apart from that, the complexity of building a mobile app also plays an important role. If the mobile app is complex to build, the cost of mobile app development will increase at every stage.
- Location
Another important factor to determine in the app development process is the location. The cost of building a mobile banking app depends on the location. It differs from location to location and quality of work as well. Some advanced cities in the UK and the USA charge more than less developed areas.
- Experience of developers
The next factor that determines the cost of building a mobile app is the level of experience. The cost will increase if you choose the experienced team of app developers of a company. On the other hand, the cost will be reduced if you hire freelancers or outsource your project to inexperienced app developers. Experience plays a significant role in determining the cost of developing a mobile banking app.
- Communication process
A good communication process is necessary for building a good mobile app. Experienced app developers will communicate well at every stage of the app development process. Apart from that, experienced app developers also manage projects properly by simplifying the process. Effective communication processes will increase the overall cost of app development.
Important features of a mobile banking app
A mobile banking app has many important features such as:
1. Login account
Mobile banking apps have a login process for the users that gives access to the apps. Users have to complete a registration process by entering important details such as email ID, password, and so on.
2. Spending history
This feature will show the full history of the users and how they spend their money. It will show the financial behavior of the users and spending patterns. Users can control their expenses by looking at spending patterns. They can also make important financial decisions by looking at their spending history on mobile apps.
3. Transaction history
As the name suggests, this feature is very useful for the customers. It will show all the transactions at once and the financial situation. Besides, customers can also know their current bank balance by using these banking apps. They can know all their past and current credit card transactions, the expiry date of credit card, spending patterns, and so on.
4. Notifications
This feature shows all the real-time notifications of your banking transactions. You can get every notification from transaction history to balance in your account. It is easy to customize notifications according to the type of alerts. This feature will keep you updated on your current status of banking transactions.
5. Customer support and maintenance
Banking apps have customer support features. This feature will assist the users anytime. They can get all the financial information from the customer representatives by using this feature. They can also get answers to their queries from the customer representatives.
6. ATM location finder
This is an advanced feature of mobile banking apps. Users will get the full list of locations where there are ATMs or bank branches. It is a very useful feature for customers who have to deposit or withdraw money daily.
7. Person-to-person transfer
Another important feature is person-to-person transfer. It allows users to transfer funds quickly from one bank account to another in no time. It is useful during medical emergencies and situations.
Cost of building a mobile banking app
The cost to build a mobile banking app depends on various factors such as the complexity of the app, its features, the experience of app developers, and so on. The cost to build a mobile app starts from $50,000 and goes up to $250,000. It will differ from place to place and the type of features.
You can hire a team of experienced app developers to build a mobile banking app. Mypcot Infotech is a well-known app development company in Mumbai offering reliable apps for businesses of all types. We have a team of experts who will help you to get your dream idea built in the form of a vibrant app.