Golang course with building a fintech banking app - Lesson 5: Bank transactions PART 2

This article was originally published at:
https://www.blog.duomly.com/golang-course-with-building-a-fintech-banking-app-lesson-5-bank-transactions-part-2/


Intro to Golang course Bank transactions

In Lesson 5 of the Golang course, we will continue with banking transactions.

In the previous episodes of the Course, we learned how to do migrations:
Golang course with building a fintech banking app – Lesson 1: Start the project

We learned how to do user login:
Golang course with building a fintech banking app – Lesson 2: Login and REST API

We learned how to do user registration:
Golang course with building a fintech banking app – Lesson 3: User registration

And we built user authentication, and started with transactions:
Golang Course With Building a Fintech Banking App – Lesson 4: User Authentication and Bank Transactions PART 1

As well you need to remember about Angular 9 course created by my friend Anna:
Angular Course with building a banking application with Tailwind CSS – Lesson 1: Start the project

Today, we will focus on the next part of the bank transactions.

We will build a new module named transactions that we will use to create transaction history, but not only!

Like the rest of today’s lesson, we will do a bit refactoring, create a logic of the making bank transfers, and handle new API endpoints.

Let’s start!

If you prefer video, here is the youtube version:

Create a transaction interface

As the first step, we need to prepare some interface of transactions that we will use for DB-related logic.

To do that, we need to go into the interfaces.go file, and create struct named “Transaction”.

That element should contain these props: gorm.Model, From as uint, To as uint and Amount as int.

Take a look at the example:

type Transaction struct {
  gorm.Model
  From uint
  To uint
  Amount int
}

Create function MigrateTransactions in migrations.go

In the next step, we should focus on implementing transactions inside the database.

To do that, we could update the function named “Migrate”, and even it is a better way of doing it.

But in this case, I will create a separate function not to mix your migrations with previous ones.

We need to go into the migrations.go file and create a function named “MigrateTransactions”.

Inside that function, we should create DB-migration logic, but related to interface named “Transactions”.

func MigrateTransactions() {
	Transactions := &interfaces.Transaction{}

	db := helpers.ConnectDB()
	db.AutoMigrate(&Transactions)
	defer db.Close()
}

Create function getAccount

The next logic that we will need is a function that will find an account by ID and return it.

To do that, as the first move, we need to go into the useraccounts.go and create a function named “getAccount”.

Inside the function, we need to connect with DB, find for the account by id, and return.

func getAccount(id uint) *interfaces.Account{
	db := helpers.ConnectDB()
	account := &interfaces.Account{}
	if db.Where("id = ? ", id).First(&account).RecordNotFound() {
		return nil
	}
	defer db.Close()
	return account
}

Create function Transaction

Next, we can go into the more exciting part of the lesson, the transaction.

To start working with that logic, we should stay in the same useraccounts.go file.

As the first step, we should create the function named “Transaction” with a few params, and response, as map[string]interface{}.

Params should be userId, from, and to, as uint, the amount should be int and jwt as a string.

func Transaction(userId uint, from uint, to uint, amount int, jwt string) map[string]interface{} {

}

Convert uint to string

The next part of the Transaction function should be an action that will convert userId from uint to string.

We do that only because ValidateToken takes userId as a string. We can refactor that later when we have more places that use validation and are not from the GET.

userIdString := fmt.Sprint(userId)

Validate jwt

As we did in the previous episode, we should validate the jwt token as well today.

Inside the function “Transaction” we need to create the same if/else statement with validation.

func Transaction(userId uint, from uint, to uint, amount int, jwt string) map[string]interface{} {
	userIdString := fmt.Sprint(userId)
	isValid := helpers.ValidateToken(userIdString, jwt)
	if isValid {

	} else {
		return map[string]interface{}{"message": "Not valid token"}
	}
}

Take sender and receiver

Next, we should take two accounts, both using the “getAccount” function that we created before.
The first one is the sender account assigned to the variable named “fromAccount”.

The second one is the receiver assigned to the “toAccount”.

fromAccount := getAccount(from)
toAccount := getAccount(to)

Handle errors

As the next part, we should look for a few mistakes and verify if everything is fine.

The first and very important point is to verify if both accounts exist.

The next one is to verify if we are the owner of the account.

The last one is to check if we have enough money to create the transfer.

if fromAccount == nil || toAccount == nil {
  return map[string]interface{}{"message": "Account not found"}
} else if fromAccount.UserID != userId {
  return map[string]interface{}{"message": "You are not owner of the account"}
} else if int(fromAccount.Balance) < amount {
  return map[string]interface{}{"message": "Account balance is too small"}
}

Update account

All the logic verified if our data is fine, and we can do the transfer.

Next, we can send money.

To save in DB, we’ve sent money, and the receiver has got that, we should update our bank accounts.

We need to update our account and deduct the money from our balance.

And we should do the same with the receivers account with one small difference, we should increase his balance.

updatedAccount := updateAccount(from, int(fromAccount.Balance) - amount)
updateAccount(to, int(toAccount.Balance) + amount)

Create transaction

When the transfer is done, we should save the info about that somewhere.

To have the info about a transfer in our history, we need to create a transaction by calling the function “CreateTransaction”.

We will create that function in the next steps, now, just add call.

transactions.CreateTransaction(from, to, amount)

Return response

As the last step in the function “Transaction” is to prepare a response, and return that.

var response = map[string]interface{}{"message": "all is fine"}
response["data"] = updatedAccount
return response

Update function updateAccount

Until we’ll move from the useraccounts.go, we need to update the function named “updateAccount”.

First, we need to refactor the way we update the account, so we will have an easier way to manipulate it with updated data later.

Next, we should add some logic that will prepare the response of the account, and return that.

func updateAccount(id uint, amount int) interfaces.ResponseAccount {
	db := helpers.ConnectDB()
	account := interfaces.Account{}
	responseAcc := interfaces.ResponseAccount{}

	db.Where("id = ? ", id).First(&account)
	account.Balance = uint(amount)
	db.Save(&account)
	
	responseAcc.ID = account.ID
	responseAcc.Name = account.Name
	responseAcc.Balance = int(account.Balance)
	defer db.Close()
	return responseAcc
}

Create module transactions

As we finished with useraccounts.go, we can go into the module “transactions”.

First, we need to create a directory named “transactions”.

Inside the directory, we need to create a file with the same name and declare a package named “transactions” inside.

package transactions

import (
	"duomly.com/go-bank-backend/helpers"
	"duomly.com/go-bank-backend/interfaces"
)

Create function CreateTransaction

Next, inside the file transactions.go, we should create a function named “CreateTransaction”.

Inside the function, we need to add logic that will be responsible for creating a new record in the database.

func CreateTransaction(From uint, To uint, Amount int) {
	db := helpers.ConnectDB()
	transaction := &interfaces.Transaction{From: From, To: To, Amount: Amount}
	db.Create(&transaction)

	defer db.Close()
}

Create interface TransactionBody in api.go

In this step, we can go into the api.go, that will be the last file, where we develop code.

As the first step in that file, we should create an interface named “TransactionBody”.

That interface will be responsible for the body of the transaction call.

type TransactionBody struct {
	UserId uint
	From uint
	To uint
	Amount int
}

Refactor apiResponse

Next, we need to do one small change inside our apiResponse.

We should return the whole call variable instead of “data”.

func apiResponse(call map[string]interface{}, w http.ResponseWriter) {
	if call["message"] == "all is fine" {
		resp := call
		json.NewEncoder(w).Encode(resp)
	} else {
		resp := call
		json.NewEncoder(w).Encode(resp)
	}
}

Create function transaction

In the last step of creating the logic, we need to handle the API call.

To do that, we should create a function named “transaction”.

Almost all of the logic will be similar to the rest of the API calls. Still, in this case, we need to remember about handle the auth and use the interface that we created before.

func transaction(w http.ResponseWriter, r *http.Request) {
	body := readBody(r)
	auth := r.Header.Get("Authorization")
	var formattedBody TransactionBody
	err := json.Unmarshal(body, &formattedBody)
	helpers.HandleErr(err)

	transaction := useraccounts.Transaction(formattedBody.UserId, formattedBody.From, formattedBody.To, formattedBody.Amount, auth)
	apiResponse(transaction, w)
}

Handle endpoint in a router

Now it left only to handle the “/transaction” endpoint in the routing.

Pass “transaction” function, and use the method “POST”.

func StartApi() {
	router := mux.NewRouter()
	router.Use(helpers.PanicHandler)
	router.HandleFunc("/login", login).Methods("POST")
	router.HandleFunc("/register", register).Methods("POST")
	router.HandleFunc("/transaction", transaction).Methods("POST")
	router.HandleFunc("/user/{id}", getUser).Methods("GET")
	fmt.Println("App is working on port :8888")
	log.Fatal(http.ListenAndServe(":8888", router))
}

Do migration

All the code is ready!

Now we can start migrating.

As we did in the first lesson, we need to go into the main.go and add call “MigrateTransactions” in the “main” function.

Don’t forget to comment „api.StartApi()”.

import "duomly.com/go-bank-backend/migrations"

func main() {
	migrations.MigrateTransactions()
	// api.StartApi()
}

Conclusion

Congratulations, you can do the first bank transfer now!

I’m super excited your project’s features are much more advanced now, and your project looks much more complete.

Here is the code repository for the current lesson:
https://github.com/Duomly/go-bank-backend/tree/Golang-course-Lesson-5

In the next episode, we will focus on performance optimization and database connections refactoring.

That will give us much better performance, eliminate some dangers like DB kills on overcall, and help us to make the application much more stable.

Stay updated, and follow us because I cannot wait to build more code with you!

Thanks for reading,
Radek from Duomly

#go #web-development #api #database #sql #postgresql

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Golang course with building a fintech banking app - Lesson 5: Bank transactions PART 2

Dang Quang

1593745596

In function Transaction (useraccounts/useraccounts.go) , I think that is updateAccount(to, int(toAccount.Balance)+amount).

Hey Dang,
thanks for watching for that, and, yes, there should be toAccount.Balance.

Fixing that ASAP :)

Kate Alexenko

1630082468

Well written, before that, I only read https://www.cleveroad.com/blog/how-to-create-a-banking-app

Shardul Bhatt

Shardul Bhatt

1616148183

What to Consider while Creating a Fintech App for Start-ups

Fintech is an umbrella term for any innovation that has something to do with funds. Everything from banking and blockchain stages to planning applications can be viewed as Fintech advancement for Fintech app ideas. Fintech is one of the quickest developing businesses on the planet, as monetary administrations and monetary organisations are receiving innovation to offer more prominent accommodation and security. 

Significant Features for Fintech Apps 

At the point when you conceptualise thoughts for your Finch application after checking out other Fintech app development companies, you should zero in on recognising and addressing a huge issue for your objective clients. Regardless of what extreme objective you set, there are highlights that every great Fin-tech application ought to incorporate. Here they are: 

  1. The sign-in stream ought to be straightforward yet secure. A mutually advantageous arrangement is to incorporate voice and face acknowledgement and finger impression verification alongside old-fashioned two-stage confirmation. 
  2. Your application should offer fundamental monetary activities pertinent to your Fintech branch. This may incorporate computerised instalments, cash moves, portable keeping, or equilibrium checking. 
  3. In the event that your application incorporates QR code and card number checking, the existence of your clients will be way simpler. Filtering a card for a card number rather than physically entering all of the digits is a huge benefit for your clients. 
  4. Custom warnings are an urgent element for drawing in client experience. With regards to the way of life, everybody likes personalization. Allow your clients to pick which data to get, be it normal exchanges or customized offers. You should then give an idea about Fintech app development cost
  5. Computer-based artificial intelligence-controlled chatbots assume a fundamental part in client commitment when creating Fintech arrangements. They can address a good load of inquiries that many clients have at the same time.  

Checkout How To Use Python for Fintech Applications

Steps for Fintech app development

How to make a Fintech application that will have the edge over contenders and address the issues of the most requesting customers? It may very well be tiresome to assemble your considerations and construct a bit by bit plan. Hence, we arranged the primary moves one should make to style a Fintech application that is extremely valuable.  

  • Pick a speciality: Prior to starting the interaction, you need to pick a speciality: regardless of whether it's an application for individual accounting, protection, exchanging, and so on. Attempt to zero in on more perplexing arrangements, produce some groundbreaking thoughts or concoct a few enhancements to the current advancements in Fintech application.  
  • Guarantee lawful necessities: Each nation has one of kind lawful prerequisites, and some of the time even states and districts inside one nation may contrast in lawful approaches. The occasions when Fintech had no guidelines and was an obvious objective for extortion passed some time in the past.  
  • Characterise a task vision: You need to have an unmistakable vision of the end-product before Fintech app development India gets justified by the business examiner and item chief. Solely after strong statistical surveying, your group will think of the last thought of a business case that will be serious and client arranged.  
  • Pick innovation stack: There are numerous dialects to create applications. But, in reality, the main language decision often directs the expense and time required for advancement. You can pick among local application advancement, cross-stage improvement, and advancement of PWA.  
  • Take a stab at the client's shoes: Fintech applications are intended to be easy to understand. In reality, that is the explanation they are intended for. Great UI/UX is the second most significant thing discussing Fintech application in banking after security. Ensure that all that your client may require is accessible on the dashboard without huge loads of pointless highlights.  
  • Build up an MVP: A base practical item targets testing of the application prior to dispatching it. It's an essential adaptation of the application that incorporates its central segments and highlights. 

That is sufficient for the clients to attempt it, and furthermore an opportunity to pull in new financial backers. Getting input from genuine clients will show you if there are any shortcomings. Furthermore, you'll effectively discover what highlights ought to be added straight away.

Source:  https://www.apsense.com/article/things-you-need-to-know-before-creating-a-fintech-app-for-startups.html

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Fredy  Larson

Fredy Larson

1595059664

How long does it take to develop/build an app?

With more of us using smartphones, the popularity of mobile applications has exploded. In the digital era, the number of people looking for products and services online is growing rapidly. Smartphone owners look for mobile applications that give them quick access to companies’ products and services. As a result, mobile apps provide customers with a lot of benefits in just one device.

Likewise, companies use mobile apps to increase customer loyalty and improve their services. Mobile Developers are in high demand as companies use apps not only to create brand awareness but also to gather information. For that reason, mobile apps are used as tools to collect valuable data from customers to help companies improve their offer.

There are many types of mobile applications, each with its own advantages. For example, native apps perform better, while web apps don’t need to be customized for the platform or operating system (OS). Likewise, hybrid apps provide users with comfortable user experience. However, you may be wondering how long it takes to develop an app.

To give you an idea of how long the app development process takes, here’s a short guide.

App Idea & Research

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_Average time spent: two to five weeks _

This is the initial stage and a crucial step in setting the project in the right direction. In this stage, you brainstorm ideas and select the best one. Apart from that, you’ll need to do some research to see if your idea is viable. Remember that coming up with an idea is easy; the hard part is to make it a reality.

All your ideas may seem viable, but you still have to run some tests to keep it as real as possible. For that reason, when Web Developers are building a web app, they analyze the available ideas to see which one is the best match for the targeted audience.

Targeting the right audience is crucial when you are developing an app. It saves time when shaping the app in the right direction as you have a clear set of objectives. Likewise, analyzing how the app affects the market is essential. During the research process, App Developers must gather information about potential competitors and threats. This helps the app owners develop strategies to tackle difficulties that come up after the launch.

The research process can take several weeks, but it determines how successful your app can be. For that reason, you must take your time to know all the weaknesses and strengths of the competitors, possible app strategies, and targeted audience.

The outcomes of this stage are app prototypes and the minimum feasible product.

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Carmen  Grimes

Carmen Grimes

1595491178

Best Electric Bikes and Scooters for Rental Business or Campus Facility

The electric scooter revolution has caught on super-fast taking many cities across the globe by storm. eScooters, a renovated version of old-school scooters now turned into electric vehicles are an environmentally friendly solution to current on-demand commute problems. They work on engines, like cars, enabling short traveling distances without hassle. The result is that these groundbreaking electric machines can now provide faster transport for less — cheaper than Uber and faster than Metro.

Since they are durable, fast, easy to operate and maintain, and are more convenient to park compared to four-wheelers, the eScooters trend has and continues to spike interest as a promising growth area. Several companies and universities are increasingly setting up shop to provide eScooter services realizing a would-be profitable business model and a ready customer base that is university students or residents in need of faster and cheap travel going about their business in school, town, and other surrounding areas.

Electric Scooters Trends and Statistics

In many countries including the U.S., Canada, Mexico, U.K., Germany, France, China, Japan, India, Brazil and Mexico and more, a growing number of eScooter users both locals and tourists can now be seen effortlessly passing lines of drivers stuck in the endless and unmoving traffic.

A recent report by McKinsey revealed that the E-Scooter industry will be worth― $200 billion to $300 billion in the United States, $100 billion to $150 billion in Europe, and $30 billion to $50 billion in China in 2030. The e-Scooter revenue model will also spike and is projected to rise by more than 20% amounting to approximately $5 billion.

And, with a necessity to move people away from high carbon prints, traffic and congestion issues brought about by car-centric transport systems in cities, more and more city planners are developing more bike/scooter lanes and adopting zero-emission plans. This is the force behind the booming electric scooter market and the numbers will only go higher and higher.

Companies that have taken advantage of the growing eScooter trend develop an appthat allows them to provide efficient eScooter services. Such an app enables them to be able to locate bike pick-up and drop points through fully integrated google maps.

List of Best Electric Bikes for Rental Business or Campus Facility 2020:

It’s clear that e scooters will increasingly become more common and the e-scooter business model will continue to grab the attention of manufacturers, investors, entrepreneurs. All this should go ahead with a quest to know what are some of the best electric bikes in the market especially for anyone who would want to get started in the electric bikes/scooters rental business.

We have done a comprehensive list of the best electric bikes! Each bike has been reviewed in depth and includes a full list of specs and a photo.

Billy eBike

mobile-best-electric-bikes-scooters https://www.kickstarter.com/projects/enkicycles/billy-were-redefining-joyrides

To start us off is the Billy eBike, a powerful go-anywhere urban electric bike that’s specially designed to offer an exciting ride like no other whether you want to ride to the grocery store, cafe, work or school. The Billy eBike comes in 4 color options – Billy Blue, Polished aluminium, Artic white, and Stealth black.

Price: $2490

Available countries

Available in the USA, Europe, Asia, South Africa and Australia.This item ships from the USA. Buyers are therefore responsible for any taxes and/or customs duties incurred once it arrives in your country.

Features

  • Control – Ride with confidence with our ultra-wide BMX bars and a hyper-responsive twist throttle.
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Specifications

  • Maximum speed: 20 mph (32 km/h)
  • Range per charge: 41 miles (66 km)
  • Maximum Power: 500W
  • Motor type: Fat Bike Motor: Bafang RM G060.500.DC
  • Load capacity: 300lbs (136kg)
  • Battery type: 13.6Ah Samsung lithium-ion,
  • Battery capacity: On/off-bike charging available
  • Weight: w/o batt. 48.5lbs (22kg), w/ batt. 54lbs (24.5kg)
  • Front Suspension: Fully adjustable air shock, preload/compression damping /lockout
  • Rear Suspension: spring, preload adjustment
  • Built-in GPS

Why Should You Buy This?

  • Riding fun and excitement
  • Better climbing ability and faster acceleration.
  • Ride with confidence
  • Billy folds for convenient storage and transportation.
  • Shorty levers connect to disc brakes ensuring you stop on a dime
  • belt drives are maintenance-free and clean (no oil or lubrication needed)

**Who Should Ride Billy? **

Both new and experienced riders

**Where to Buy? **Local distributors or ships from the USA.

Genze 200 series e-Bike

genze-best-electric-bikes-scooters https://www.genze.com/fleet/

Featuring a sleek and lightweight aluminum frame design, the 200-Series ebike takes your riding experience to greater heights. Available in both black and white this ebike comes with a connected app, which allows you to plan activities, map distances and routes while also allowing connections with fellow riders.

Price: $2099.00

Available countries

The Genze 200 series e-Bike is available at GenZe retail locations across the U.S or online via GenZe.com website. Customers from outside the US can ship the product while incurring the relevant charges.

Features

  • 2 Frame Options
  • 2 Sizes
  • Integrated/Removable Battery
  • Throttle and Pedal Assist Ride Modes
  • Integrated LCD Display
  • Connected App
  • 24 month warranty
  • GPS navigation
  • Bluetooth connectivity

Specifications

  • Maximum speed: 20 mph with throttle
  • Range per charge: 15-18 miles w/ throttle and 30-50 miles w/ pedal assist
  • Charging time: 3.5 hours
  • Motor type: Brushless Rear Hub Motor
  • Gears: Microshift Thumb Shifter
  • Battery type: Removable Samsung 36V, 9.6AH Li-Ion battery pack
  • Battery capacity: 36V and 350 Wh
  • Weight: 46 pounds
  • Derailleur: 8-speed Shimano
  • Brakes: Dual classic
  • Wheels: 26 x 20 inches
  • Frame: 16, and 18 inches
  • Operating Mode: Analog mode 5 levels of Pedal Assist Thrott­le Mode

Norco from eBikestore

norco-best-electric-bikes-scooters https://ebikestore.com/shop/norco-vlt-s2/

The Norco VLT S2 is a front suspension e-Bike with solid components alongside the reliable Bosch Performance Line Power systems that offer precise pedal assistance during any riding situation.

Price: $2,699.00

Available countries

This item is available via the various Norco bikes international distributors.

Features

  • VLT aluminum frame- for stiffness and wheel security.
  • Bosch e-bike system – for their reliability and performance.
  • E-bike components – for added durability.
  • Hydraulic disc brakes – offer riders more stopping power for safety and control at higher speeds.
  • Practical design features – to add convenience and versatility.

Specifications

  • Maximum speed: KMC X9 9spd
  • Motor type: Bosch Active Line
  • Gears: Shimano Altus RD-M2000, SGS, 9 Speed
  • Battery type: Power Pack 400
  • Battery capacity: 396Wh
  • Suspension: SR Suntour suspension fork
  • Frame: Norco VLT, Aluminum, 12x142mm TA Dropouts

Bodo EV

bodo-best-electric-bikes-scootershttp://www.bodoevs.com/bodoev/products_show.asp?product_id=13

Manufactured by Bodo Vehicle Group Limited, the Bodo EV is specially designed for strong power and extraordinary long service to facilitate super amazing rides. The Bodo Vehicle Company is a striking top in electric vehicles brand field in China and across the globe. Their Bodo EV will no doubt provide your riders with high-level riding satisfaction owing to its high-quality design, strength, breaking stability and speed.

Price: $799

Available countries

This item ships from China with buyers bearing the shipping costs and other variables prior to delivery.

Features

  • Reliable
  • Environment friendly
  • Comfortable riding
  • Fashionable
  • Economical
  • Durable – long service life
  • Braking stability
  • LED lighting technology

Specifications

  • Maximum speed: 45km/h
  • Range per charge: 50km per person
  • Charging time: 8 hours
  • Maximum Power: 3000W
  • Motor type: Brushless DC Motor
  • Load capacity: 100kg
  • Battery type: Lead-acid battery
  • Battery capacity: 60V 20AH
  • Weight: w/o battery 47kg

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Carmen  Grimes

Carmen Grimes

1595494844

How to start an electric scooter facility/fleet in a university campus/IT park

Are you leading an organization that has a large campus, e.g., a large university? You are probably thinking of introducing an electric scooter/bicycle fleet on the campus, and why wouldn’t you?

Introducing micro-mobility in your campus with the help of such a fleet would help the people on the campus significantly. People would save money since they don’t need to use a car for a short distance. Your campus will see a drastic reduction in congestion, moreover, its carbon footprint will reduce.

Micro-mobility is relatively new though and you would need help. You would need to select an appropriate fleet of vehicles. The people on your campus would need to find electric scooters or electric bikes for commuting, and you need to provide a solution for this.

To be more specific, you need a short-term electric bike rental app. With such an app, you will be able to easily offer micro-mobility to the people on the campus. We at Devathon have built Autorent exactly for this.

What does Autorent do and how can it help you? How does it enable you to introduce micro-mobility on your campus? We explain these in this article, however, we will touch upon a few basics first.

Micro-mobility: What it is

micro-mobility

You are probably thinking about micro-mobility relatively recently, aren’t you? A few relevant insights about it could help you to better appreciate its importance.

Micro-mobility is a new trend in transportation, and it uses vehicles that are considerably smaller than cars. Electric scooters (e-scooters) and electric bikes (e-bikes) are the most popular forms of micro-mobility, however, there are also e-unicycles and e-skateboards.

You might have already seen e-scooters, which are kick scooters that come with a motor. Thanks to its motor, an e-scooter can achieve a speed of up to 20 km/h. On the other hand, e-bikes are popular in China and Japan, and they come with a motor, and you can reach a speed of 40 km/h.

You obviously can’t use these vehicles for very long commutes, however, what if you need to travel a short distance? Even if you have a reasonable public transport facility in the city, it might not cover the route you need to take. Take the example of a large university campus. Such a campus is often at a considerable distance from the central business district of the city where it’s located. While public transport facilities may serve the central business district, they wouldn’t serve this large campus. Currently, many people drive their cars even for short distances.

As you know, that brings its own set of challenges. Vehicular traffic adds significantly to pollution, moreover, finding a parking spot can be hard in crowded urban districts.

Well, you can reduce your carbon footprint if you use an electric car. However, electric cars are still new, and many countries are still building the necessary infrastructure for them. Your large campus might not have the necessary infrastructure for them either. Presently, electric cars don’t represent a viable option in most geographies.

As a result, you need to buy and maintain a car even if your commute is short. In addition to dealing with parking problems, you need to spend significantly on your car.

All of these factors have combined to make people sit up and think seriously about cars. Many people are now seriously considering whether a car is really the best option even if they have to commute only a short distance.

This is where micro-mobility enters the picture. When you commute a short distance regularly, e-scooters or e-bikes are viable options. You limit your carbon footprints and you cut costs!

Businesses have seen this shift in thinking, and e-scooter companies like Lime and Bird have entered this field in a big way. They let you rent e-scooters by the minute. On the other hand, start-ups like Jump and Lyft have entered the e-bike market.

Think of your campus now! The people there might need to travel short distances within the campus, and e-scooters can really help them.

How micro-mobility can benefit you

benefits-micromobility

What advantages can you get from micro-mobility? Let’s take a deeper look into this question.

Micro-mobility can offer several advantages to the people on your campus, e.g.:

  • Affordability: Shared e-scooters are cheaper than other mass transportation options. Remember that the people on your campus will use them on a shared basis, and they will pay for their short commutes only. Well, depending on your operating model, you might even let them use shared e-scooters or e-bikes for free!
  • Convenience: Users don’t need to worry about finding parking spots for shared e-scooters since these are small. They can easily travel from point A to point B on your campus with the help of these e-scooters.
  • Environmentally sustainable: Shared e-scooters reduce the carbon footprint, moreover, they decongest the roads. Statistics from the pilot programs in cities like Portland and Denver showimpressive gains around this key aspect.
  • Safety: This one’s obvious, isn’t it? When people on your campus use small e-scooters or e-bikes instead of cars, the problem of overspeeding will disappear. you will see fewer accidents.

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Banking App Development Cost - 8 Hidden Factors

Since 1994, Digital banking has been here. It is a very long time, but digital banking through mobile devices is entirely new to the banking industry. It all started when Atom became the first digital-only bank in the UK.

Nowadays, Tech-savvy customers expect corporations to support their digital movement, and because of this, almost every industry has adopted technologies to stay relevant with these modern customers. Most of the newbies who plan to develop a banking app have two questions in mind: “What is the cost of developing a banking application” and “Which hidden factors affect the cost of developing a banking app?”

You can get all the answers to these questions here, because this article will take you through the cost of developing a banking app, the features of banking apps, and much other pertinent information. After reading this, you will be able to plan better for your mobile banking app development. But before directly jumping into the cost of mobile banking app development, let’s take a look at the global digital payment market size of mobile banking.

Global Digital Payment Market Size

According to GlobalNewsWire, by 2026, the Global Digital Payment Market size is estimated to reach $175.8 billion, rising at a market growth of 20% CAGR during the forecast period.

Around 23% of millennials use mobile banking apps daily.
Around 49.2% of total smartphone users use mobile banking apps.
41% of Americans said that mobile banking apps had minimized their concerns about managing finances.

Banking app development cost

Data Source: Statista

As you can see, the data clearly indicates that the percentage of smartphone users are increasing day-by-day. Therefore, by engaging in your own mobile banking app development currently, you will be able to take advantage of the growth in mobile users. But, the cost of developing a banking application depends on so many factors like the platform, features, technologies, and so on.

Mobile banking app development cost

Cost of developing a banking app depends on various factors. To give you a rough idea of the mobile banking application development cost, the total development time for a fully-featured app sums to 3760 hours. Considering hourly rate for fintech projects of $25, the cost of developing a feature-loaded banking app stands around $94k.

Banking Application Development Cost depends on different phases such as:

  • Research and Planning
  • UI/UX Design
  • Development
  • Testing
  • Maintenance and Support

8 Hidden Factors of Costs of Mobile Banking App Development

1. Push Notifications

It’s not easy to imagine an app that does not utilize this necessary mobile capability. Push notifications always increase your users’ engagement with your mobile banking app and encourage the desired action. Push notifications are of three types:

  1. Transactional notifications notify users about their account updates.

  2. The Application-based notifications indicate when the mobile banking app requires the user’s attention, whether related to the password change requests or document submissions.

  3. Promotional notifications are to grab the attention of customers to offer discounts and attractive deals.

2. Chatbot Integration

For most users, mobile banking has a steep learning curve, and due to that, the customer will require immediate assistance on various occasions. Hence, creating a chatbot for customer service is the best way for many institutions to improve their customer service availability. The chatbots will save you a lot of time and money, whilst providing customer support 24/7. But this feature has a separate development process, and therefore you have to pay separately for this.

3. Servers

Servers are where your mobile banking app will be hosted. If you are not with the largest enterprises, you will want to outsource hosting from Amazon, Azure, or Google, which will result in more costs.

4. Content Delivery Network

A CDN is a system that is used to deliver content to the app based on the origin of the content, the content delivery server, and the geographic location of the particular user. In simple words, if you have users across the globe, and they have to keep coming back to one far off location to access the content, then the app will not perform in a good way. So, if you want your mobile banking app to perform effectively, you should use a content delivery network, because it reduces the app loading time and also increases the responsiveness of the app.

5. Development Tools

If you want to use paid deployment tools like iBuildApp, Appy Pie, and IBM MobileFirst, to develop your mobile banking apps, you will need to subscribe to them over the lifespan of your app. This will also affect your banking app development cost.

6. Android and iOS Updates

As we all know, both platforms constantly release updates, and those updates require maintenance. Depending on the extent of maintenance required, the cost in the long-term can sometimes be significant.

7. APIs

Every mobile app usually has multiple third-party APIs that they interact with, especially at the enterprise level. If you make changes to any of these applications, they will require periodic maintenance of your APIs. For instance, Facebook updated their API version four times in 2016; now, what if you want to integrate with Facebook? You will need to update your app to accommodate those changes.

8. Bugs

As you know, every app has bugs, and not even a single developer can assure you that there will be no bugs in the future in your app. It’s just that sometimes they go undiscovered for months or even years. User communities are not kind to apps that are slow to address the issues that they have reported.

Conclusion

The cost of banking application development not only depend on the features of the banking application, but they are also heavily affected by the hidden factors I have mentioned. The primary issue with mobile banking app development cost is the amount of individual components that you need to gather. Each of them can cost thousands of dollars, and these costs will continue throughout the lifespan of your app. However, the rewards that come from a successful mobile banking app development project are huge.

Pro Tip: The cost of developing a banking application greatly depends on the hourly rates of programmers and the expertise of the team. FinTech experts are able to complete these projects much more efficiently.

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