The rise of digital devices has made everything easily accessible for us, even your bank. Today, there is no need to go to your bank branch to transfer cash or check your account status.
One can simply do this using a banking app on their smartphone.
To your surprise, these apps have gained a lot of popularity in the last ten years. As per Statista, there are around 57 million mobile banking users in the US.
Moreover, the primary use of mobile banking apps is done by users for checking the balance. Around 90% of the users use mobile banking apps to check balance and 79% use them to view their transactions.
All these stats prove that the idea of banking app development will be a goldmine for you in the coming time.
If you are in for this, then keep reading to know more!
A Quick Refresher
Here are some more stats that favor the idea of mobile banking application development:
The Allied Market Report suggests that the market of global mobile banking stood at $715.3 million in 2018. Plus, it is speculated to rise up to $1,824.7 million by the year 2026 at a CAGR of 12.2%.
People within the age group of 25-34 use banking apps most frequently. The usage rate is 21.6%, followed by those of 35-44 years and so on. People over 65 years of age have the lowest rate of banking app usage (8.5%).
In the current condition, where social distancing is a must, it has become inevitable for people to ignore the use of a banking app. So, developing a banking application is a great idea to implement.
There is a quick refresh of top 3 factors, why the market is interested in your own banking app development as a startup founder
How to Make a Banking Application?
The road to mobile banking application development is an easy one if you consider all the indispensable aspects and take one thing at a time.
So, before you jump into the development formalities of the banking application, you need to make sure if your application idea is viable or not.
Stage 0. Before the Development
To test the viability and other factors that affect the success rate of the application, you need to undertake the process of project discovery.
The project discovery stage is the foundational stage, not just for banking app development but for any other type of application.
It includes some of the necessary aspects such as:
Market research As 42% of businesses fail due to the lack of a market fit product, it is crucial for you to conduct thorough market research.
And if we talk about the banking sector, it needs apps like these for maintaining a streamlined workflow and retaining their valuable customers.
Competitor research There is always room for improvement. And you will get to know this by doing a competitor’s research. Download their banking app and check how its UI and UX work.
Find out what you can do to enhance it. Closely check the security, reliability, language, and convenience factors of the app.
Competitors are your best teachers when you are looking to do something unique. It is the best way to learn from their mistakes and innovate.
Cost analysis No matter how ingenious your idea is. Without enough money, you won’t be able to develop a robust banking app.
The discovery phase helps you estimate the banking app development cost. This will include everything from banking app developers fees, cost of hosting, adding features, making MVPs and prototypes, etc.
Business goal To excel at developing the best banking app, it is necessary to have a crystal clear idea of what you want from it.
As long as one is not focused on his or her business goal, they may end up in the 13% of the startups that fail due to losing their focus.
Identify target audience If you have undertaken the market research process well, then this will be a bit easy for you. But it doesn’t mean you can leave this.
After all, it’s the users that will be using your app. So, it is necessary to check if they need your app. And if they do, which users need it.
Gen X, Gen Z, and Millennials should be your primary target audience for a banking application.
What Are the Pros of the Discovery Phase?
If you are a founder and take up the discovery phase of your banking application seriously, you will surely get rewarded with the following:
Validates the idea: This phase will validate the viability of the idea. Thus, leading to the development of a market-fit product.
Assemble a team: With proper knowledge of the overall process requirements, you will be able to get the best team of banking app developers, designers, managers, marketers, etc.
Risk management: Every new thing poses a risk, but you can convert it into a calculated one. With an agile discovery method, you can estimate potential issues that you may face and plan ahead to counteract them if they happen. You can reduce banking app development costs, prevent missing deadlines, and can also foresee your target clearly.
Overall cost reduction: When you undertake the project discovery process, you get to know a lot about the application development process. Steps like documentation, MVP, core development, designing, prototyping, testing, distribution, and marketing can be planned ahead. This helps save a lot of cost as compared to when everything is done on the spot.
As a founder, the project discovery phase will help you produce the best banking application in the market with utmost efficiency.
The discovery phase of your future MVP will significantly decrease required banking app development cost to risk mitigation and in-depth timeline planning
Stage 1. Development
So, now we are at the core part of the app.
After you have a clear vision about your goal and have planned everything out from the start till the end, it is time to jump into the development stage.
The banking app development stage includes features that you need to add to your application to make it stand out.
There are many basic features that your application needs to have so that it can cater to the basic requirements of the customers.
List of Core Features of a Banking App MVP
Here are some core features that are a must-have for your banking app!
Account or profile creation If you have a banking app, you need to add the feature of account creation for the users. This will help them log in securely into the app with the account ID and password.
To enhance login security and speed, you can use biometric authentication or multi-factor authentication.
An excellent example of this is the Standard Chartered Bank mobile app. It allows the users to login into their accounts with their fingerprints.
Account management The account management aspect of the mobile banking application should allow the users to:
Check the balance
Review cards and their status
Verify transaction history
Get e-copies of the bank statements
It is also possible to add add-on account management features like setting saving goals, managing repeat payments, etc.
Branch locations and ATMs It will be tough to find ATMs for someone who has just started using the services of the bank.
To save them the hassle of searching the web, you can include the location of ATMs and bank branches in the app itself.
You can enhance this feature by providing information about the nearest ATMs. However, you will need location access from the user.
This feature is in most banking apps.
Secure payments and fund transfer Banking apps of today are not just limited to providing account details, transaction history, etc. They also allow their users to receive and send payments.
Hence, it is necessary to add this feature to the application.
Add this feature to the app while keeping the security of the transaction in mind. Use features like OTP authentication for funds transfer.
Moreover, allow the users to scan a QR code for making payments for services like movies, groceries, goods, etc.
It is one of the most popular & safe methods of paying. In 2019, 10.44 million households in the US scanned a QR for paying.
Google Pay, which is not exactly a banking app but a payments application allows the users to pay via scanning a QR code.
We at SpdLoad also developed a QR code payment application, Smartpolka. React, React Native, and Laravel was the technologies used in it.
Push Notifications and Alerts This is one critical feature of a banking application. You need to assure that your users are communicated about every little thing that happens with their account.
With push notifications, you can keep your users aware of every financial transaction that happens in their accounts.
Moreover, with notifications, you can also keep them aware of your new plans and policies.
However, you need to ensure that these notifications are not unwelcoming for the users.
Create a communication strategy for this first!
Customer Support (Human & AI) If you have an application, it will never be perfect; you have to keep making efforts to make it better.
But, how will you know what’s wrong?
Yes, your customers will be your key source for this information, and the customer service feature will connect you to them.
With the customer support feature in the app, you can know about the issues faced by the customers. It may also enlighten you with app issues if any.
Based on this, you can make improvements to your banking application. You should know that a customer support executive will not be available 24×7.
Hence, it is critical to have a backup.
A chatbot will be an innovative addition to your app. It can help in handling customer queries in the inactive hours.
American Express is the banking app that leverages the power of a chatbot to serve its customers.
Offline access You can add this feature to your app to make it available to users if their internet connection is weak or completely disconnected.
To serve the users, these features are enough. However, if you want to retain the users for a long and want to level up to the competition in the market, you need to integrate some out-of-the-box features in the banking app development process.
One of the key factor choosing banking app developers is expertise to offer the proper features list
Read more about mobile banking application development here.
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.
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.
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.
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:
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:
Transactional notifications notify users about their account updates.
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.
Promotional notifications are to grab the attention of customers to offer discounts and attractive deals.
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.
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.
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.
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.
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.
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.
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.
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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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.
_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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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.
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.
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.:
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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.
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.
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.
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.
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.
Why Should You Buy This?
**Who Should Ride Billy? **
Both new and experienced riders
**Where to Buy? **Local distributors or ships from the USA.
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.
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.
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.
This item is available via the various Norco bikes international distributors.
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.
This item ships from China with buyers bearing the shipping costs and other variables prior to delivery.
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Now, it’s time to know some exciting cum essential features that you must add to a budget app like Mint. These features will make your app worth using and comfortable to use. So let’s go through with this.
Read more here: Personal finance app development features
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