Mobile banking app development services
We all use mobile banking, but are we truly satisfied with our apps? We make the experience different.
Vention eliminates your headaches with top-notch security, flawless integration, performance optimization, data analytics, and lightning-fast transactions. Bank on our mobile banking development solutions and enjoy the peace of mind of getting it done right the first time.
Mobile banking apps in a nutshell
Mobile banking apps are revolutionizing money management, putting the bank in your pocket. These solutions enable you to check balances, transfer funds, pay bills, and deposit checks — all from your mobile device.
But mobile application development for banking goes beyond just convenience. With advanced features like biometric logins, two-factor authentication, and real-time fraud detection, these apps secure your finances while offering tools like budgeting aids, spending insights, and savings goals to help you make smarter decisions.
Designed for seamless, secure access, mobile banking apps enable customers to manage their finances without the hassle of visiting a branch. Transaction notifications, budget tracking, and integrated support further increase accessibility and streamline operations for both individuals and businesses.
It’s no surprise that the global mobile banking market is booming. According to Dimension Marketing Research, it is projected to reach $2.2 billion by the end of 2024 and $11.2 billion by 2033. This rapid growth, with a staggering 20 percent CAGR, is driven by the rising demand for secure, efficient banking solutions.
Mobile banking market size
Mobile banking market size
Projected mobile banking market size
Projected mobile banking market size
Types of mobile banking applications
Retail banking apps
Retail banking apps simplify everyday banking, from checking balances and transferring funds to paying bills and depositing checks with a quick snap of your phone camera. These apps are perfect for anyone seeking easy and convenient access to their accounts and financial services.
Corporate banking apps
Corporate banking apps are the ultimate tool for businesses. Packed with features like bulk transactions, payroll management, corporate account oversight, and trade finance services, they streamline operations for both small startups and large corporations.
Investment banking apps
Investment banking apps provide investors with a powerful toolkit for managing portfolios and executing trades with confidence. From tracking the stock market to diving into research reports and receiving expert advice, these apps guide both individual and institutional investors through the complexities of stocks, mutual funds, and bonds.
Digital wallets
Digital wallet apps simplify sending and receiving money with features like peer-to-peer transfers, contactless payments, and QR code scanning. Plus, they deliver unmatched convenience and lightning-fast transactions, seamlessly integrating with bank accounts and cards.
Personal finance management apps
Personal finance management apps act as your financial guide, assisting with budgeting, tracking expenses, and planning for future goals. Users can categorize spending, set budgets and savings targets, and receive personalized financial insights.
Peer-to-peer (P2P) lending apps
P2P lending apps open a direct path to borrowing and lending — no banks required. With streamlined loan applications, investor dashboards, interest rate calculators, and automated lending decisions, everything can be handled in one seamless platform.
Features that make your mobile banking app a true moneymaker
These game-changing features make mobile banking effortless, enabling customers to skip those long lunch-hour trips to the bank and enjoy their lunch instead.
Account management
-
Get instant updates on your checking, savings, and credit card accounts in real-time
-
Track your spending with a detailed transaction history
-
Easily download your monthly or quarterly account statements
Fund transfers and payments
-
Transfer your money between accounts within the same bank or to different banks with ease
-
Pay utility, credit card, and other bills directly from an app, so you never have to worry about late fees again
-
Take a picture of a check with your phone and watch it deposit instantly
Customer support and services
-
Questions? Chat live or message customer service reps from the app
-
Access an all-inclusive self-service hub with information and troubleshooting guides
-
Schedule in-branch appointments directly through the app
Security and fraud prevention
-
Biometric login allows you to unlock your app with a fingerprint, facial recognition, or retinal scan
-
Two-factor authentication adds an extra layer of security beyond just a password — double the protection, double the peace of mind
-
Stay in the know with real-time, customizable alerts for transactions, low balances, and potential fraud
Financial planning and management
-
Take control of your finances by creating and tracking budgets, categorizing expenses, and setting up spending limits
-
Set personal savings goals and monitor your progress along the way
-
Get personalized insights tailored to your spending habits and account activity
Loan management
-
Apply for loans directly through the app
-
Monitor balances, make payments, and view your payment history in one place
Investment services
-
View all of your stocks, portfolios, and assets
-
Buy and sell stocks, bonds, and other securities with a few clicks
-
Stay in the loop with the latest investment news
Contactless payments
-
Use your phone for quick, contactless NFC payments at POS terminals
-
Make payments effortlessly by scanning QR codes, whether you're at stores or splitting the bill with friends and family
Benefits of mobile apps for banks and clients
For banks, mobile apps are a goldmine — they boost customer engagement, cut costs, and offer rich data insights. And clients? They get to enjoy convenient access to services, secure transactions, and personalized financial tools, plus instant notifications for real-time account updates.
Benefits for banks
Increased customer engagement
Direct access to personalized services and communication channels fosters higher satisfaction and loyalty.
Operational efficiency
Automation minimizes manual tasks, cutting costs and allowing staff to focus on more complex responsibilities.
Data analytics and insights
Banks can leverage usage data to better understand customer behaviors, guiding mobile banking product development and marketing strategies.
Enhanced security
Cutting-edge security measures lower fraud risks and build trust in banking services.
Market expansion
Banks can extend their services to broader audiences, including remote areas and younger demographics, enhancing their market presence.
Innovative services
Ability to quickly introduce new features and services, meeting evolving customer expectations and staying competitive.
Benefits for clients
Convenience
Customers can conduct banking transactions anytime, anywhere, eliminating the need for branch visits.
Real-time banking
Instant access to account details and transaction options enables better client financial management.
Personalized experience
Tailored services, recommendations, and alerts based on individual banking behavior enhance satisfaction.
Financial management
Budgeting, expense tracking, and savings goal features help clients manage their finances more effectively.
Reduced costs
Digital transactions and paperless statements reduce the fees associated with traditional banking.
Security and control
Security features like biometric authentication and instant alerts provide peace of mind and greater account control.
Quick problem resolution
Live chat support and comprehensive FAQs offer convenient solutions to problems and easy access to information.
Mobile banking application development strategy
Building a mobile banking app is a major challenge — especially with countless mobile banking application development companies competing for your attention. From understanding customer needs to guaranteeing top-notch security, there's a lot to manage.
Here’s a quick guide to creating a solution with fewer bumps on the road to market excellence.
Market and customer research
Start by thoroughly understanding your target market's needs, preferences, and behaviors. Conduct surveys, organize focus groups, and analyze competitor offerings to identify market gaps and opportunities for innovation.
Defining the value proposition
Next, clearly articulate what makes your company’s mobile banking app unique and valuable to users based on research. Define the key features and services to differentiate your app from the competition.
Choosing the right features
Select features that align with customer needs and your value proposition. Prioritize features based on demand, feasibility, and positive customer impact. Include essential banking features like security measures, along with innovative functionalities that enhance the user experience.
Technology and platform decisions
Choose the appropriate technology stack and platforms (iOS, Android, or both) for app development. Weigh the pros and cons of native, hybrid, and cross-platform development options, considering factors such as performance, development time, and the target audience's device preferences.
Compliance and security
Ensure your app complies with regulatory standards and incorporates robust security measures. Implement encryption, two-factor authentication, and other best practices. Also, keep up-to-date with compliance requirements in all regions where your app will be available.
Mobile banking development and testing
Develop and rigorously test your app for functionality, security, and performance. Follow agile development practices to accommodate changes or improvements and conduct comprehensive testing, including unit, integration, security, and usability tests.
Launch and marketing plan
Once your app is ready, launch it and effectively reach your target audience. Develop a marketing plan that includes app store optimization (ASO), promotional campaigns, and strategic partnerships. Don’t forget to set up support and feedback channels to ensure a smooth user experience post-launch.
Interested in developing a mobile banking app, but unsure where to start?
Technical stack for finance mobile apps
Here’s a breakdown of the essential components that make up a robust mobile banking app development stack, tailored to meet the financial industry's needs.
Frontend
Swift
Kotlin
React Native
Flutter
Xamarin
Adobe XD
Sketch
Figma
Backend
Python (Django/Flask)
Java (Spring Boot)
Node.js
PostgreSQL
MySQL
MongoDB
AWS
Google Cloud
Azure Cloud
Application programming interfaces
Stripe
PayPal
Square APIs
Plaid
Yodlee
Trulioo
Onfido
Security
TLS/SSL
AES encryption
OAuth2
JSON Web Tokens
Development and DevOps
Jenkins
Travis CI
CircleCI
Docker
Kubernetes
Analytics and monitoring
New Relic
AppDynamics
Datadog
Google Analytics
Firebase
Mixpanel
Mobile banking app development cost
The cost and timeline for a mobile banking app depend on factors like complexity, tech stack, and team setup. The table below offers a quick snapshot of how these details can shape your project’s budget.
Description
Cost range (USD)
Time frame
App complexity
Description
-
Basic: fundamental features like account balance checks, transaction history
-
Intermediate: advanced features like bill payments, interbank transfers
-
Advanced: investment tracking, financial planning tools
Cost range (USD)
Basic: $20,000-$50,000
Intermediate: $50,000-$150,000
Advanced: $150,000-$250,00
Time frame
Basic: 2-5 months
Intermediate: 5-8 months
Advanced: 8+ months
Platform
Description
-
Choice between iOS, Android, or both affects costs
-
iOS development may be pricier initially; Android may require more testing due to device diversity
-
Cross-platform development can be cost-effective
Cost range (USD)
Varies depending on choice
Time frame
Depends on your development approach
Type of mobile banking apps
Description
-
Types include virtual banking, AI banking, crypto banking, and neobank apps
-
Costs vary based on the type due to different technology and security requirements
Cost range (USD)
Depends on app type
Time frame
Varies
Team structure
Description
-
Options include in-house development or outsourcing
-
In-house may be preferable for larger budgets; outsourcing for tighter budgets
-
Required roles: project manager, designer, developers, QA, DevOps
Cost range (USD)
Depends on team choice
Time frame
Varies
Technology & tools
Description
-
Project management, hosting, development software, testing tools, prototyping tools, backend development frameworks, third-party integrations
-
Choice of tools affects overall development cost
Cost range (USD)
Varies with technology choice
Time frame
Depends on app requirements
Overall development cost
Description
-
The cost varies widely based on app complexity, platform, type, team structure, and technology used
-
Basic to advanced app features and functionality significantly influence the final cost
Cost range (USD)
$20,000-$300,000
Time frame
Depends on complexity and features
Our mobile banking software development services
Why choose Vention for your finance and mobile banking app development solutions? It’s simple: We’ve provided top-tier mobile banking services for fintechs, banks, and everything in between. As your partner at every step, we’re positioned to anticipate and overcome challenges while advising and executing on strategic, high-ROI products.
Vention offers custom mobile banking app development, including wallet app integration with various providers, ensuring high performance. We offer secure cryptocurrency payment gateways, adhere to PCI DSS protocols for enhanced security, and deliver continuous support and maintenance for smooth operation.
Vention delivers comprehensive payment gateway and processing development services across all stages of the software lifecycle. Our team builds custom gateways for multiple payment types, develops EMV-compliant apps, enhances security with AML and KYC protocols, and creates mPOS systems compatible with contactless payments.
We provide comprehensive open banking development — think full-scale implementations, strategic consulting, seamless API integrations, and custom app development. With our expertise, you’ll get scalable, secure solutions perfectly tailored to your needs.
Vention engineers assist with every aspect of DeFi development — from project scoping and roadmap creation to app development for decentralized solutions, smart contract creation, DeFi token development, and API integrations.
Mobile banking app development services that make your every penny count
Years of experience developing custom solutions
Fintech projects leveraged our mobile banking development services
Delivery on time, on budget, and on scope
Expertise in all stacks used today, as well as innovative techs such as VR, IoT, and blockchain
Guidance on selecting stacks that reduce both initial and ongoing maintenance costs
Tailored apps for every platform, device, and user
Weeks from contact to kickoff
An ISO 27001-certified company
Hear from our expert
Ivan Pilnikau
Global Delivery Manager
Hear from our expert
Developing a mobile banking app involves a strategic approach to ensure both performance and security.
We start with a robust architectural design and use microservices to optimize individual components. Leveraging cloud infrastructure like AWS or Azure, we ensure your app can handle fluctuating user demands efficiently.
Comprehensive load testing allows us to pinpoint and address potential performance issues. We enhance app speed and reliability through database optimization, CDN integration, and caching mechanisms.
To meet vital PSD2 regulations, we incorporate encryption, secure storage, and multi-factor authentication. Regular audits and thorough documentation keep your mobile banking app secure and compliant."
Proof we’re the partner you need
We’ve crafted, optimized, and supported apps for hundreds of fintech players. Check out our Clutch reviews to see why we’re the go-to mobile banking application development company for both startups and enterprises.
Head of Developer Experience, Upvest
“We enable businesses to build great investment experiences for their end customers — seamless, secure, and across international borders. . .We have used Vention employees to help us with the development of our services, treating them as equals to our internal employees.
The most impressive thing is the way we work together. Vention engineers are fully integrated within Upvest and contribute to many aspects of our product. They have challenged ideas, demonstrated a product mindset, and not only executed tasks but also shown an understanding of the product's impact. They developed functionality with consideration of the domain requirements and user experience.”
CTO, Remotiv
“We specialize in retirement readiness and financial wellness services. . .The project was to deliver a new mobile application for iOS and Android in React Native. This included an API layer in C# and a backend administrative portal in React, deployed using CI/CD on AWS and our existing SQL Server database infrastructure.
Based on our requirements a detailed specification was written by our Vention analyst resource, the designer developed a prototype in Figma and the developer resources were off and running after the sprints were defined. Our relationship evolved to enhancing our existing platform on the same tech stack as described above.”
Our fintech app projects
Curve
Curve, an app-based credit card consolidation platform, partnered with seven Vention team members over 16 months to enhance their app’s core payment mechanisms. This collaboration led to a complete backend system overhaul, increased brand value, and better positioning for future opportunities.
The newly added features enabled Curve to raise £9.4M through a Crowdcube campaign, contributing to a total of £998.5M raised across seven funding rounds.
Unlimint
Unlimint, a top provider of next-gen financial interfaces, chose our mobile banking app development services to address communication issues and organizational silos. Vention facilitated a Salesforce rollout, centralizing Unlimint's operations and improving efficiency. Key achievements include speeding up merchant onboarding, automating marketing reports with Pardot, and developing a client risk calculator.
These improvements enabled Unlimint to transition to remote operations seamlessly during the pandemic.
Upvest
Berlin-based Upvest empowers businesses to offer tailored investment opportunities. Over the course of two years, they worked with Vention to improve infrastructure security, monitoring, and elasticity, which resulted in improved deployments and customer experience. The added API functionality has helped Upvest process $100M+ in transactions to date.
All cases
