How to Make a Banking App like Monzo or Revolut

Online banking allows us to do everything with only a couple of taps. Most people can’t imagine their lives without online banking — it saves time and requires much less effort than regular banks.

Curious about how to create an online banking app now? Let’s find out!

🎁 Benefits of Making a Banking App

Before we crack on with the design and implementation of a mobile banking app, let’s briefly go through the benefits it can bring.

Expand your clientele 📈

With a banking app, you can stand out and reach a much wider audience. An app can cover your corporate clients’ pain points and offer a great fintech solution to your new ones right from the start.

By developing a mobile-only banking app (which would imply that every financial transaction can be done via the app), you free yourself from being dependent on location.

In addition, it would be a great idea to implement gamification and encourage customers to use your app services even more. That can be:

• Achievements (“Spend $100”, “Pay for taxi 5 times”, etc.).
• Bonuses for regular use.
• Customized profile avatars.
• Leaderboards.

Build your digital brand and use it for marketing purposes 💻

The brand recognition of a bank is of high importance. Being well-known makes an impression of a trustworthy service that people talk about and use. Nowadays, it’s also quite hard to draw attention to your service.

That’s because today people hardly pay attention to advertisements. Many use ad blockers or just close ads without even reading or watching them first. However, an app is something most people can and will use. Thus, creating an online banking app is one of the most effective ways to be that one bank everybody knows and uses.

Speaking of, mobile banking development can help you attract digital-first customers. The availability of well-structured online banking will make your company look modern and high-tech. Keep in mind that the availability of online banking apps becomes more significant every day.

Read also our guide on how to develop a banking website.

✅ Top 3 Things Worth Attention When Creating An Online Banking App

User-friendly Design 👈

One of the most crucial parts of starting an internet banking app is a simple and user-friendly design. An app that’s difficult to use can be repulsive for users. User-friendly here means:

• Based on navigation patterns that are familiar to your users. All features are accessible with the click of just a couple of buttons.
• Personalization and customization options (theme color, customized avatar, etc.).

Let’s review some monobank examples one more time. They encourage clients to use their cards more often through the system of achievements and stars: after completing an achievement, you receive a star. After collecting N stars, you can exchange them for branded merch (e.g., hoodies, T-shirts, and other stuff with monobank’s logo on it).

This way, they don’t only encourage their clients to use the monobank app more often but also get free promotion, as people walk around in their branded clothes.

Finally, most mobile banking apps use more or less similar features. Thus, it’s quite hard to get their attention without standing out. However, with these emotionally valuable features, you can definitely make your brand unique. More importantly, you can give users one more reason to prefer your services to any other online banking apps or mobile banking solutions.

🏦 Banking Infrastructure, BackEnd & API for Mobile Banking Development

Before we dive into the must-have features of a Banking App, we’d like to point out that in this article we will mostly focus on the FrontEnd part. That means that BackEnd development won’t be the highlight of this article, since each case is highly individual.

📱 Top Features of an Online Banking App

In this section, we’ll go through the basic as well as extra features of a mobile banking app. Nevertheless, creativity is always a good thing, and if you want to stand out, you could add some unique features to your app.

# 1: Sign Up & Profiles + Settings 🔐

This part is extremely important for mobile banking development. It’s because this is where you implement security features for authentication (password, biometric scanning, additional questions, etc.).

While we normally recommend not to request too much info at the “Sign Up” phase, here things are different. You have to make sure that your clients’ profiles will be under strong protection.

So, you have to ensure that your customers use complex passwords, correctly link their phone numbers or emails, set personal security questions they will remember, and that customers are acquainted with your Confidentiality Policy and accept any other banking terms by creating a profile. Note that all of this should be done while signing up!

🔐 How to Make a Mobile Banking App Fully Secure?

Statista indicated that 72.7% of Americans consider security and data privacy as their main concern when it comses to a mobile app development for a banking sphere. That’s why the security of your app has to be on top.

Security Features🔒

So, let’s get to the point. How can you make your app truly secure for your customers?

Check out the list of security features that could come in handy while making a banking app.

# 1: Multi-factor Authentication

Creating a complex password is of course necessary, yet not enough in today's reality. To develop a secure mobile banking app, mobile banking app owners should use multi-factor authentication to ensure data is under a layered defense. If the fraudster breaks one layer, then, he has to break through at least one more, which significantly reduces the risks of being hacked.

💰 How Much Does Mobile Banking Application Development Cost?

Here, we will cover the average costs for the process of mobile banking development. Bear in mind, they may vary depending on your personal preferences about the app’s structure, design, different technologies, and integrations.

Besides, the hourly rate of your development team impacts your expenditures as well. Our estimations are based on the average rate for Eastern Europe (40$ per hour). Take a look:

Once again, this isn’t the final estimation. The number and complexity of features, technologies, and integrations as well as your development team’s hourly rate can change your costs.

💡 Takeaways

Now you better understand how rapidly the importance of accessibility of an online banking app for any banking institution grows. Quick transactions, no geographical limits, the variety of payments (utilities, streaming services, mobile, etc.), beneficial commissions, and satisfied customers — all of these can be reached by making an online banking app.

Of course, the process of developing is labor-intensive and time-consuming, but the benefits you can get from it outweigh the costs.

Once again, we draw your attention to the security of your mobile app — it has to be on top not just for your customers but for you as well.

Looks like you’re all set and ready for your mobile banking app development journey. If you need an experienced Tech Partner to accompany you during your journey feel free to contact us and we’ll find a way to help you!