Mobile Banking App Development: A Step-by-Step Guide 2024

Mobile Banking App Development

Post-Covid-19, the world has experienced a 34% surge in mobile banking. With the convenience of handling transactions on the go, people rely on mobile banking apps for instant money transfers, checking balances, and their status irrespective of location. In this simple guide, explore the mobile banking app development process, features, cost, and tips to safeguard your and your customer’s data with integrity.

Top Mobile Banking App Development Trends in 2024

Do you know that mobile banking is expected to hit $8.94 trillion globally by 2027?

Technology has evolved, offering solutions to ease every manual effort. The same goes for the development of mobile apps for the banking industry. 

Several trends are surfacing not only to improve customer experience but also to streamline banking operations in 2024. Let’s see what trends can transform mobile app development.

1. Surge of AI in Banking

Today, banking and finance are not just about transactions, it is about how customers interact with their bank in real-time while securing transactions.

Surge of AI in Banking

  • Gen AI, AI-powered chatbots, and virtual assistants are improving the banking customer experience by focusing on hyper-personalization. Personalized recommendations have boosted customer experience by 20%.
  • Managing finances comes with constant risk, but AI has helped banks identify frauds, detect anomalies, and mitigate them in real-time. 93% of financial organizations will invest in AI-based fraud detection.

Build AI-powered chatbots for seamless customer support.

2. Open banking and Embedded Finance

Open banking is reshaping the banking industry by fostering transparency and healthy competition. It lets you integrate mobile banking apps with third-party financial services efficiently. Customers can link their accounts to other apps, such as tracking tools, and budgeting platforms. 

One popular example is Cred. These emerging trends make banking more accessible, personalized, and efficient for everyone. They are not only transforming how we bank; they are making financial services more inclusive.

3. Integration with IoT Devices

With the high adoption of smart devices, such as wearable devices, customers can enjoy cardless payments. Customers have to link their bank details with their smart devices to use them for banking purposes, such as making NFC payments, receiving notifications about changes to their bank account, checking other banking information, and more. This integration has reduced the financial inclusion gap.

4. Blockchain and Cryptocurrencies 

Blockchain and cryptocurrencies are powerful trends bringing new perspectives to traditional banking processes, offering advanced banking solutions. 

  • Blockchain fosters transparency and secured transactions. 
  • Cryptocurrencies are gaining their presence as digital assets in the banking sector. It has changed our perspective on how we view and make banking transactions. This trend is providing a different option to the usual money systems. 

Mobile banking apps equipped with blockchain and cryptocurrencies offer new opportunities for financial innovations. 

5. Cloud-based Banking

Moving apps and businesses to the cloud brings scalability, flexibility, and ease of use. The same goes for the mobile banking apps. Cloud-based banking is a faster, easier, and more cost-efficient solution to modern banking to cater to modern-age customer needs.

benefits of Cloud-based Banking

  • It identifies customer needs and changing market trends
  • It bolsters disaster recovery and availability
  • Automate mundane banking tasks with efficiency

Get ready to move to the cloud with OnGraph’s cost-effective cloud migration services in 2024.

6. Cybersecurity: trust in the banking landscape

With the rapid advancement in digital banking and AI adoption, cybercrime and digital threats are the topmost concerns. Financial institutions are developing mobile banking apps integrated with robust security practices. 

  • Biometric authentication
  • Multi-factor authentication (MFA)
  • Tokenization 
  • Advanced encryption techniques like AES (Advanced Encryption Standard) 

The average global cost of a data breach hit $4.45 million in 2023. Thus it is necessary to focus more on cybersecurity to maintain integrity and reputation. 

Types of Mobile Banking Apps

When we talk about mobile banking apps, the first question that comes to mind is what type of mobile banking app you want to develop. What audience do you want to target?

Below are the types of mobile banking apps.

Types of Mobile Banking Apps

After deciding what type of mobile banking app you will develop, assess must-have features to make it more useful and intuitive.

Fortunately, at OnGraph you will get all mobile banking app development services.

Must-have Mobile Banking App Features

Consider the following features for scaling mobile banking apps.

Must-have Mobile Banking App Features

1. Authentication and authorization

Security is the most important aspect of finance-related apps. Users entrust you with their personal and crucial information, you must take responsive measures to protect their identity and assets. Some robust methods are-

  • Multi-factor authentication (MFA)
  • Encryption
  • Secure third-party API integration
  • Regular security checks
  • Educate users with security practices

2. Account management

Managing an account on the go requires real-time updates on account information. Your mobile banking app must allow users to manage their account details with a great interface and perform critical banking operations.

You must integrate-

  • Real-time account balances
  • Transaction history
  • Flexible account statements
  • Transaction filters
  • Instant fund transfer
  • Account settings

With such features, customers can efficiently control their finances.

3. Spending tracker

Every customer mostly focuses on their expenses and how they can manage them with all-in-one features. It lets users to

  • Categorize expenses
  • Track budgets
  • Visual reports
  • Expense trends

It will help customers manage their finances in a controlled way and have a comprehensive view of their expenses.

4. Push notifications

To connect customers in real-time with the right information at the right time, this push notification will help banks ensure that. It keeps customers up-to-date with relevant information, such as

  • Account activity alerts
  • Bill reminders
  • Automate bill transactions
  • Promotional offers

5. Flexible transaction processing

Digitization has simply brought every individual closer. It is perfect in terms of sending money and making different transactions across the globe. These features have helped customers to make international instant transfers. Offering the below features will bring more customers.

  • Mobile wallet integration
  • Peer-to-peer payments
  • International payments
  • Scheduled payments
  • Secured and verified transactions
  • UPI (recognizing globally)

After finalizing the must-have features for your mobile banking app, it’s time to move forward with the development. Hire a mobile banking app development company for effective results. 

How to Create a Mobile Banking App: A Step-to-Step Guide 

Each mobile banking app is unique catering to different customer segments, thus it requires a different approach to build different mobile banking app solutions.

Here is a simple step-by-step guide to start the process of mobile banking app development.

Step 1- Conduct research

First, make sure you understand what type of mobile banking app you want to develop. Understand the target audience and their needs. We at OnGraph conduct detailed research to understand your requirements and then act. We majorly focus on-

  • Research the mobile banking app market
  • Align our strategies with your business goal
  • Understand target audience
  • Analyze foremost competitors for potential gains
  • Propose a solid development plan

Step 2- Setting a development team

You must choose the right development team with the right expertise to integrate efficiency with security. At OnGraph, we strictly follow security guidelines and follow the latest trends to make significant differences in the market.

Choose OnGraph’s full-time dedicated mobile banking app developers. We offer

  • Expertise and skill set
  • Experience and support
  • Great communication
  • Transparency 

Step 3- Design UI/UX

When it comes to mobile banking apps, they must be equipped with an easy interface to understand the finances easily. A well-designed and intuitive interface helps in simplifying complex transactions and financial tasks. 

Developers at OnGraph are experts in various CMS development services for seamless customer experience. 

Step 4- Develop a prototype

Before jumping to full-scale mobile banking app development, we create a prototype. It helps in validating concepts, understand navigation, and gather valuable feedback for potential changes.

With our expertise in implementing DevOps and agile approaches, we can develop mobile banking apps within the shortest time possible depending on your requirements and app complexity. We have rolled out various mobile apps with great efficiency.

Step 5- Testing and deploying

Testing every functionality is required to ensure high quality and reliability. Make sure your mobile banking app passes all tests before you launch it in the market, as a single failure can damage your reputation and lose your customer’s trust instantly.

OnGraph’s dedicated testing team has successfully reduced iteration time for our significant customers.

Tech-Stack for Mobile Banking App Development

Selecting the right tech stack will decide your mobile banking app’s reach and development resources. Below are the tech stack required to develop a cross-platform and secured mobile banking app.

Tech-Stack for Mobile Banking App Development

How Much Does it Cost to Develop a Mobile Banking App?

Developing a mobile banking app usually costs between $8,000 to $20,000, but this can vary based on factors like features, technology used, and location.

How Much Does it Cost to Develop a Mobile Banking App?

Build a Mobile Banking App with OnGraph

The increasing prevalence of mobile devices has driven the adoption of specialized apps, including mobile banking applications, which offer users access to different financial services. These apps have gained global popularity for their efficiency and security in handling various financial transactions.

OnGraph, with its expertise in mobile app development, can assist in building and enhancing mobile banking applications. With a team of experienced developers and a focus on cutting-edge technologies


Q. What features can I expect in my mobile banking app?

We can include features depending on your business requirements and target audience. From essential features (account management, secure login options, fund transfers, bill payments, transaction history, and customizable alerts) to advanced AI/ML integrations for improved user experience.

Q. How do you ensure the security of data and transactions within the app?

We strictly follow and implement industry-best security practices like encryption, multi-factor authentication, and regular security audits to protect your data and transactions from potential threats.

Q. Which technologies will you use to develop my mobile banking app?

Our development team is highly expert in native development with Swift for iOS and Kotlin for Android to ensure optimal performance and platform-specific capabilities. Also, robust backend solutions like Node.js or Django for secure data management and integration with banking APIs.

Q. What regulatory standards do you comply with?

We ensure your mobile banking app will adhere to the latest regulatory standards, including GDPR, and other industry-leading compliance. 

Q. How will you incorporate emerging technologies to enhance my mobile banking app?

We have expert AI, ML, Blockchain, and IoT developers and services. Integrating them to streamline customer support, fraud detection, and predictive analytics for personalized financial insights and help you deliver a better user experience for your mobile banking app.