Financial and Banking App Development: Challenges and Features

Tasks That Mobile Banking Application Development Solve

Tasks That Mobile Banking Application Development Solve

Controlling personal finances, organizing payments, lending instruments, investment platforms, security systems, financial data analysis are just a few areas of finance software development. Each of them has its own goals and objectives. But it is important to understand what FinTech applications do for businesses and clients.

Benefits of creating an application for banks:

  • reducing the cost of business, in particular, on the number of personnel, office rent;
  • reduction of the paper workflow;
  • reduction of accidental errors;
  • a significant increase in the speed of processing operations, automation of business processes;
  • decrease in the processing time of customer requests;
  • increased efficiency, since the financial accounting program does not require days off and holidays, and works around the clock;
  • optimization of work processes based on processing a large amount of data, reducing the cost of organizing activities, marketing;
  • continuous improvement of the quality of service, as artificial intelligence is trained;
  • introduction of new unique tools that increase customer loyalty, improve the quality of services provided;
  • creation of new technologies that help to implement modern approaches in the work of financial institutions.

This is just a part of the benefits for banks and financial institutions that open up when implementing FinTech technologies. Finance applications allow to enter the digital space and take a confident position in it.

Benefits of applications for users:

  • convenient use of money;
  • the ability to control financial income, expenses, keep overall records;
  • formation of a plan and calculations of income;
  • the ability to build a model of interaction with finances in advance;
  • no need to directly contact banks
  • convenient interaction between financial institutions and clients;
  • access to information and functions around the clock;
  • automation of flow financial processes, for example, payment of utility bills, payments on loans, and others;
  • customization of the application personally according to your needs;
  • binding of bank cards, comfortable and fast payments.

Financial apps help the business and the customer to communicate quickly and complete tasks for each side.

Mobile Banking App Features

Mobile Banking App Features

For financial institutions, branded mobile apps have gone from rare to customer expectations. To remain in demand in the market, you need to be customer-oriented. Application development is the best solution in this situation.

Many people install a mobile finance app to follow their earnings and expenses on day to day basis. It is always easy both to check the status and pay on the internet or in the stores without using cash. Besides, everything is on the tip of the fingers so it is always user-friendly and intuitive.

Banks can create applications that are designed to conduct payments for various services. There are additional extras that users find helpful like:

  • Currency converters.
  • Accounting software.
  • Applications for working with virtual wallets.

It is also possible to develop products for insurance companies and banks that meet the highest standards in the industry. Powerful financial analysis tools will be provided and the applications will be available on both iOS and Android. Employees and users will be able to use the databases.

Mobile Banking Development

Mobile Banking Development

We offer financial application development services. We carefully analyze the needs of your customers, identify the necessary tools and implement them. We manage to implement even the most complex projects with the help of modern technologies.

What we do:

  • we use a stack of modern technologies, which ensures the speed of the service, a high level of functionality, security;
  • we discuss each stage in detail and keep records, no hidden fees or unexpected changes;
  • our resources allow us to develop individual tools for a business, and analysts draw up a detailed promotion strategy, thanks to which the effectiveness of the application increases already at the stage of creation;
  • we have a large staff of employees, specialists are selected according to the level of the project, and due to the well-established communication within the company, the work is carried out quickly, the probability of errors and corrections is reduced;
  • we strictly follow the compiled task, which helps to reduce the number of edits to a minimum, and if changes are made during the development of the project, we will promptly implement them;
  • we use Python, ReactJS, Kubernetes, Django, NestJs, PostgreSQL, WebSockets: Swift, Java, Kotlin.

Our goal is to create high-quality a mobile financial app that will bring profit to the business and provide our clients with tools for comfortable interaction with the company.

Mobile Finance App Development

Mobile Finance App Development

The first step is that we discuss your project, set tasks, define goals. It is important to understand what role the finance application will play at this stage and what tools should be implemented.

Analysts collect data, study the target audience, study competitors, and business specifics. Then we set the technical assignment.

Then we create a design and develop a mobile finance app prototype. The application should be lightweight, understandable, and accessible to everyone.

The designer starts drawing the elements according to the corporate identity. We create interface design and develop UX. After the design is approved, the developers begin to work on the coding part.

We use a stack of modern technologies to create the program. Financial applications are being developed for Android, for iPhone, if necessary, a cross-browser version is made. Our professionals implement all the necessary tools to create the best possible product. And after thorough testing, we release mobile banking software. Our task is to create an effective service that will bring profit to your company.

Final Thoughs

The development of financial applications is essential for both businesses and customers. This is a great way for a company to interact with its customers, providing unique opportunities and tools, and optimizing budget control. This is an excellent investment in the future of the company.

As a mobile app development firm, we understand the competition for customer loyalty. Attention is growing every day. The mobile application will help you to get closer to the client. Make it easy for your client to work with financial products to gain trust and recognition.

Banks use their ​​mobile banking features to share their latest news, advertise financial products to an interested audience, and demonstrate their value through convenient automated tools and app features.

Our experience has shown how important it is to have multiple communication channels with clients and always stay in touch. During the pandemic, digital customer service companies were better positioned to maintain and grow their turnover. Banks have relied on the development of online channels, and digital services have introduced new functions. Of course, we cannot predict events, but we can make your business flexible and customer-friendly.

Financial application software is much better at handling repetitive tasks than humans. The introduction of automation technologies allows you to avoid the factor of human error and significantly save on the training and maintenance of employees. Process automation helps you identify obsolete and ineffective features and work steps in order to modernize them.

Developing bespoke financial applications is a challenging task. When creating them, it is important to take into account the wishes of the customer and current market trends in order to make a successful product that will meet all business needs and will be convenient for end-users. We have accumulated a great deal of expertise in the development of financial technology applications. Check out the mobile app development portfolio to find out how we developed mobile banking apps or services. And find out more about the financial software development we create.

For each task, we assemble an internal team of experienced specialists. We conduct analytical work and test the most popular applications: transfer money, issue invoices, and pay for services. We study user reviews, collect the best and find solutions specifically for your task. We care about each project so that you do not have to worry about it.

Talk to us and get your project start!
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[email protected]

- Vitaliy, CEO

Harju maakond, Tallinn, Kesklinna linnaosa, Vesivärava tn 50-201, 10152, Estonia

- Head/Development Office

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