In today’s world with the greatest innovations, mobile applications have become an essential part of our daily routine. Thanks to technological advancements, you can see a plethora of useful applications that make your daily life easier. Recent statistics show that 88% of consumer-bank interactions will happen through smartphones by 2022. With the mobile banking app, you can make payments and check the balance on the go with a simple click. Not only does it help you check credit scores with ease, but you can also break down your expenses and be in the know how much you’re spending each month.
In addition to that, completing financial transactions through an app by simply tapping a button attracts users' attention. According to Statista, 90% of US-based users opt for mobile banking apps to check their balances, 79% of them view recent transactions, 59% - pay bills and 57% - transfer funds. As for UK users, 71% of users will have used apps for banking by 2024. With that in mind, financial organizations need to adapt to mobile market trends to keep up with the growing demands of digitally-savvy users. Moreover, 82% of mobile banking users believe banking apps can improve their financial situation. Let’s dive into the details below to discover how we developed a mobile banking app.
What exactly is a mobile banking app?
From its name, a mobile banking app is a mobile solution used to access the bank account from everywhere and at any time. Not only is it suitable to complete transactions directly from your mobile device, but you can also stay on top of your finances and pay certain bills when it's time. Moreover, a mobile banking app can deliver different types of services. Let’s highlight them below:
- Account information access: this category of services allows bank customers to view their account balances and statements, review transactional and account history, keep track of their term deposits, etc.
- Transactions: this category of services allows bank customers to transfer funds, to transfer money between their own accounts, pay bill payments, etc.
- Investments: this category of services enables bank customers to create a plan in accordance with their current needs and future goals. Not only can they manage their portfolios, but they can gain insight into their investment portfolios.
- Support: this category of services allows bank customers to request help when they face any issue and need support from experts.
Why do you need a mobile banking app?
Currently, almost every user owns a smartphone and spends more than 7 hours every day on it. This means mobile apps are becoming the most powerful way to stay in contact with the target audience. Here are the reasons you need a mobile banking app:
- You want to launch an innovative banking solution that better protects users’ privacy, financial information and identity.
- You want to provide immediate access to users’ accounts and meet their needs online.
- You want to simplify the process of keeping track of finances and help users improve their financial wellness.
- You want to increase brand recognition through the mobile banking app and strengthen your position for the future.
What’s the idea of the project?
Today we have no doubts about mobile apps’ popularity. Not only do people use them to shop online or play games, but they are also essential in making online transactions and checking account balance. Moreover, in light of COVID-19 shutdowns, remote work and social distancing, the use of financial apps and mobile banking services has increased by 72%, deVere Group reports. Another source states that the rise in fintech app use comes amid a broader growth in digital technology use. Sounds impressive, right? Having vast experience in the fintech domain expertise, we decided to create a mobile banking app that offers a variety of options such as paying bills online, viewing and checking account information, transferring money from one account to another and many other banking apps features. Moreover, it has more powerful security features that help prevent any suspicious activity.
Project structure of the mobile banking app
Here you can find some information about technologies used to develop and implement a mobile banking solution.
Development of the mobile banking app
Below we provide some critical information on how we developed a mobile banking application. Keep on reading!
To create a mobile banking app, we need a team that consists of the following specialists who can bring an idea to life:
- 1 Business analyst (BA)
- 1 Project manager (PM)
- 2 UI/UX designers
- 2 Front-end engineers
- 2 Quality assurance engineers (QA)
- 3 Backend engineers
- 1 Android engineer
- 1 iOS engineer
When developing a mobile banking app, the team opted for agile software development methodology based on the following reasons:
- It was easy to prioritize the client’s needs and change the requirements.
- We could adapt to any change in the client’s requirements.
- We managed to deliver a ready product that provided value at the end of each sprint.
In the end, the team implemented 24 sprints during which it completed the project and attained established goals.
At the very start, a Business Analyst conducted a meeting with the client to elicit all the essential information about the desired product. Based on that information, the Business Analyst documented all the client’s requirements that helped the team understand clearly the future project from the client’s perspective. Only by gathering all the crucial information about the potential user roles, their permissions and activities within the banking application could we create a functional specification that outlines a product's intended capabilities, appearance, and interactions with users in detail for a team of software developers. In addition to that, we came up with the following features of the banking app:
- multiple ways to log in;
- alerts and notifications;
- security features;
- account management.
Thanks to this information, a Project Manager provided a preliminary estimate to the client and suggested the roadmap for the development process of the future mobile banking app. Once the client approved the preliminary estimate, we divided the planned scope of work (so called Backlog) into smaller parts - 2-week sprints. We implemented 24 sprints during the period of 12 months. Before each sprint, the whole team of designers, front-end and back-end software developers, QA engineers reviewed which feature or features from the backlog they were going to develop and deliver by the end of each sprint. Once the mobile banking application was 100% bug-free and worked flawlessly, we launched it and made improvements to keep the users satisfied with the capabilities the app offers.
Here you can find out the user roles within the mobile banking app.
- Bank Customer: a person who can download a banking app and manage money on the go.
- Account Manager: a person who is responsible to view account balances, transaction histories, account details on the accounts he/she has access to, and request replacement statements.
- Accounts Payable Manager: a person who is responsible for adding, changing or deleting payments for different types of payments such as bill payments, direct credit and payroll transactions, international payments, same-day cleared payments.
- Administrator: has visibility to all features and functionality within the banking solution; can add, change or delete other users, set and change access, set and change what users can do on the site, set limits on the amounts that users can pay or transfer, set limits on the amounts that users can approve in a transaction, reset passwords for other users, etc.
Bank Customer Module
As a Bank Customer, you need to log in to land on the account listing screen. The app provides two ways for bank customers to log in. Let’s take a look below!
To log in to the banking app, you are provided with two ways. The first one is log in screen with a PIN code. The second one - with a touch ID. On the pin code screen, you need to enter your name and a password. On the touch ID screen, you need to enter a fingerprint by touching a screen. If everything is done correctly, you will be redirected to the Account screen.
The Accounts screen will show your accounts and give you the current information about the balance in your accounts. Also, you can select the account you wish to view in detail by touching it on your screen. This helps you see specific information on that account and see a full list of transactions.
The Payments feature allows you to obtain all the information about payments made. Moreover, you can schedule a Bill Payment, see a currently scheduled Bill Payment and view your Payment history. In addition to that, you can see payment information and cut-off times by clicking on the link.
Tapping on this feature on your phone screen lands you on the Transfers page. This feature allows you to transfer between your accounts. You can simply select your From account, your To account and enter the amount you would like to transfer. When you enter all the required information, you can click the Transfer Funds button. All the information about transfers will be displayed in the transfers history immediately.
The Reports feature is essential to view information about Cards and Budget at a glance. By switching between tabs, you can see a list and total amount of your payment transactions and select the period based on the day, month and year. Moreover, you can see the statistics by clicking the Statistics tab.
This feature allows online bank users to initiate a conversation with one of the dedicated banking advisors available. Not only can he/she help with a variety of issues such as debit and payment status enquiries, but they can also answer the questions on fees and charges in your account.
The Alerts feature allows you to be in the know about all recent events on the banking app. This feature is used to notify you of your account activities and help you stay on top of it. Moreover, you can set up the following alerts:
- If the balance on the account falls below or goes above a specified balance.
- If a payment or withdrawal above a specified amount has been debited.
- If there are changes to your username, password or security questions.
Account Manager Module
Only after logging in will you be redirected to the home page. To the left side of the main menu are the following options: Clients, Accounts, Transactions, Statements and Alerts. On the Dashboard page, you will see the following - Payments, Profit and Loss and Transfers. Also, you can discover Recent Activity and Messages.
The Clients feature allows you to view all the information about the clients of the banking solution. To better understand the information, it is presented in a well-structured table that includes the following columns - Client ID, Name, Account Type (Checking account, Savings account, Certificate of Deposit (CD), Money market account, Individual Retirement Account), Account Manager, Last Logged in, Status, Balance, Alerts, Actions.
The Account feature allows you to receive information about all accounts within the banking solution. Not only can you view account balances, but you can also navigate to the most important account activities such as pay bills, review transactions, access online statements, etc. Here you can see 3 tabs - All Accounts, Personal Accounts, Business Accounts and you can switch between them.
You can reach the Transactions feature from the corresponding option in your main menu. This feature allows you to view all the transactions made within the banking solution. All the information is displayed in the table that includes the following columns:
- Transaction #
- Batch #
- Batch Date
- Date Created
- Transaction Status
The Statements feature provides a summary of the account holder’s activity. Not only does it contain all charges, corresponding dates and payees, but it is also essential if you need to analyze the credit worthiness of the account holders. Generally, it includes information about the beginning and ending balances of the account, deposits in the form of income, cash deposits, withdrawals in the form of cash, cheques, any bank fees or charges for service, etc.
Accounts Payable Manager Module
Once you log in to the banking solution as an Accounts Payable Manager, you will land on the Dashboard page. To the left is the main menu - Cashflows, Bill Pay, Payments and Transfers.
The Cashflow feature allows you to manage the flow of money within the banking system. This helps you keep track of the cash flow in the banking app as you receive and pay out cash. It also allows you to define your bank’s cash position at the end of every month.
The Payments feature allows you to get information about all the payments made within the banking system. Not only does it help you gain insight into the entire payment process, but you can also control the flow and export the necessary information about the payments. On this page, you will find a table that includes the following columns: ID#, Date, Status, Payee, Recipient, Received, Fee, Actions.
The Transfers feature allows you to get information about the money transferred using the banking application. To clearly understand the process, you will find a table that includes the following columns: Transfers ID, Type, From, To, Created Date, Delivery Date, Amount, Currency (USD, Euro), Status (Delivered/Processing/Fail).
The messages feature allows you to chat with colleagues with a simple click. With this option, you can send and receive text messages, documents and voice messages. Not only does it help you better collaborate with colleagues, but it can also simplify the workflow and speed up the communication process.
Also, you can read about: How to create an investment platform
Key features of the mobile banking app
Highlighted below are the key features of the banking application.
- Multiple ways to log in: this feature provides users with the ability to log in using a fingerprint scan, a basic username and password or biometric authentication.
- Real-time alerts and notifications: with this feature, you are in the know about any activity that happens within your account such as deposit notification, password/profile change, bills coming due, etc.
- Advanced security: this feature provides security measures within the app and prevents data from being stolen or hijacked.
- Account management: with this feature, you can easily manage credit cards, debit cards and account statements. In addition to that, you can check your balances and make different money transfers.
- Advanced card controls: this feature helps you safely and securely manage your money by managing the usage of the cards across the web, POS and ATM touchpoints.
- Cardless withdrawal: with this feature, you can withdraw money from the ATMs without having a debit card on hand.
Benefits of the mobile banking app
- 24/7 availability: users can check their account balance, transfer money and pay bills online, etc.
- Move money between accounts: you can access all your accounts and transfer funds between them quickly and easily.
- Receive payments quickly: you can manage payments through the app and track expenses and payments on the go.
- Protected financial information: allows you to protect your privacy and identity information.
- Improve efficiency and productivity: mobile banking app removes geographical limitations and speeds up the payment process.
Bottom line: Ready to reap mobile banking app benefits?
The increasing popularity of mobile banking apps gains traction. Not only do they provide users with more targeted options, but these solutions aim to deliver a more sophisticated experience and meet the specific user needs. With that in mind, it’s imperative to concentrate on the online bank customers and their expectations to meet with success. We, at DDI Development, have great experience in fintech expertise and can develop and implement more secure and convenient banking applications for your business. Don’t hesitate! We can take your business to the next level.