Mobile Banking App Development

What mobile banking is

When cell phones came on the scene, banking service consumers wanted to conduct financial transactions using them, because they are always at hand. This is how mobile banking, originally known as SMS/text banking, began to crop up. Mobile banking systems appeared in Europe in the late 1990s when banks offered customer service via SMS/text. They have since become an integral part of the financial ecosystem.

Research conducted in the UK has shown that people check their bank accounts from a phone three times more often than they do from a computer. And with the evolution of phones to smartphones, as well as the advent of tablets, mobile banking has also changed.

Mobile banking is a modern technology that allows bank customers to use their services via smartphones and tablets. Financial transactions previously required a visit to a bank or the use of a computer. You no longer need to go somewhere and stand in a queue — now the bank is right in your pocket.

Mobile banking is an incredible tool that gives us freedom and control over our finances from anywhere. You can pay bills, transfer money, monitor funds, save, and even invest with it. It also provides a high level of security via authentication and encryption, which securely protect financial data. It makes financial management easy, convenient, and secure.

Types of mobile banking

Mobile banking comes in various forms and types, each providing unique features and capabilities to manage your finances via mobile devices. Here are the most popular types.

SMS/text banking

This is the simplest bank account management by sending an SMS/text to a special bank number. It’s available on any phone, even without an operating system and without an internet connection.

Although it may seem primitive, SMS/text banking allows you to make transactions from outlying places where there is no 3G, 4G, or Wi-Fi. Banks used this method to inform their customers for a long time, because they could quickly notify them about any actions concerning their accounts via a 2G connection.

Mobile online banking

This is bank account management through mini-browsers that were installed on phones before the advent of Android and iOS. The customer can use the web app or the mobile version of the bank’s website without having to install the mobile online banking app. In fact, this is the same online banking that is available on computers, just through the phone’s browser.

There may be limitations in this version due to the mobile layout markup entailing the simplification of the interface to adapt to small screens. And if the bank tries to provide full functionality, then the customer will have to plod through numerous links and submenus to take advantage of all the features provided.

Mobile banking apps

With the advent of Android, iOS, and Windows Phone, banks began developing native mobile apps that were installed on these operating systems. They had basic functions at first with bare-bones capabilities, allowing you to do the following:

• Check balance and transaction history
• Exchange currency
• Order debit, credit, and virtual cards
• Receive notifications about financial operations.

A majority of banks now provide both native and cross-platform mobile apps. With their help, customers can now:

• Transfer money to anyone
• Pay for any services by companies
• Open and close deposit accounts
• Manage savings and investments.

Generally speaking, people already do nearly everything that is typically available in bank branches through apps.

Mobile online investing

Not only banks, but also other financial institutions like brokerage firms and investment funds offer their own mobile apps. They also assist customers in increasing their capital, with their apps allowing you to:

• Analyse financial markets
• Trade any assets, such as stocks, bonds, currencies, and commodities
• Monitor an investment portfolio.

That’s to say, people already manage their finances in real time right from a smartphone or tablet.

Mobile banking functionality

A mobile banking app is a convenient tool to manage finances right from a smartphone or tablet. It may have many different functions, but we would like to highlight the 10 most essential items:

1. Viewing balance and transactions. A user needs to easily check account balances and view transaction history to track the movement of money, as well as monitor personal finances.
2. Transfers between accounts. A user needs to quickly transfer money between their accounts or to the accounts of other bank customers.
3. Paying bills and services. A user needs to regularly pay utility bills, for their mobile phone, internet, and other services.
4. Mobile payments. A user needs to conveniently pay in transportation, stores, and catering companies using contactless technologies such as NFC and QR.
5. Currency exchange. A user needs the ability to exchange their nation’s currency for a foreign one or vice versa.
6. Loan and credit management. A user needs to maintain a payment schedule, check how much they owe, and apply for new loans or credit.
7. Investing. A user needs to monitor their investment portfolio, as well as buy and sell available assets on time.
8. Budget management. A user needs financial planning tools that allow them to monitor costs, achieve financial goals, and increase savings.
9. Push notifications. A user needs the ability to set up notifications about transactions, changes in balance, and other events in their accounts.
10. Enhanced security. A user needs the ability to enable fingerprint, PIN, or other advanced authentication ensuring a high level of security.

Overall, a mobile banking app should provide convenience, accessibility, and functionality in terms of account management. It should help a bank’s customers effectively manage their money and improve their financial situation.

Popular mobile banking apps

Many apps are available on the market today, as each bank is trying to offer customers different levels of convenience in terms of managing their finances. Here are the top mobile banking apps popular in various regions in 2024:

This is far from being a complete list of striking examples. Here are only the undisputed leaders in their regions in terms of popularity, number of users, and other indicators that brought them to the top 3 rankings of mobile banking apps.

Mobile banking today

Thanks to smartphones, the internet is always at your fingertips. Along with communication, entertainment, and online purchases, banking services have also been transformed. If earlier people travelled to their local bank branch to get the right services, banks are now coming to them through smartphones to satisfy any and all of their financial needs.

The modernisation of banking apps has been influenced not only by the development of communication and increased productivity of devices, but also by the competition for new customers. After all, an entire generation of people has grown up who aren’t accustomed to going very far, don’t want to stand in long queues, and don’t use cash. They need convenience and easily accessible services.

A trend-following bank can provide such a solution. To do this, the bank simply needs a team of developers who can create an innovative app or modernise an existing one. This is where Polygant can be of assistance. We develop banking apps with both basic and advanced functions:

• Smart automatic payments
• Work with cards and accounts of other banks
• Support for electronic payment systems
• Connecting cashback, accumulated interest, and bonuses
• Investment account management
• Search for the nearest cash machines and branches
• Support for operations and services previously available only when visiting an office.

When introducing options, you should also take into account the convenience and intuitiveness of the interface, as well as app speed and bank response time. However, if you or your customers have already become bored with the current app, and at the same time, you need to stand out amongst the crowded field of competitors, then we need to come up with something special.

Mobile banking system of tomorrow

Banking is becoming more innovative and adapted to the needs of modern society in lockstep with the development of technology. Tomorrow promises to bring even further convenience, security, and functionality to the world of mobile finance. To maintain your position in the banking services market, you should offer your audience a one-of-a-kind service using the latest technologies around. Your customers will stay with you forever after having tried your innovative mobile banking system.

We are involved in both creating banking apps from scratch and adding new functions to finished customer products. The following functions are now in demand:

• Biometric authentication via voice, fingerprint, and facial geometry
• Payments by scanning barcodes and QR codes
• Transfers and payments via voice commands
• AI-based chatbots and voice assistants
• Finance and investment robo-advisers.

This isn’t even a complete list of all the things we can implement. The cost of services depends on the set of functions and the complexity of implementing them:

We will be able to clarify the cost during the development of terms of reference, including an in-depth analysis of the task at hand and what needs to be implemented.

Polygant has 10 years of experience with blockchains, artificial intelligence, and machine learning. We can add these technologies to your app or system. Send us any ideas you have, and we will turn them into reality!