Mobile banking apps have made our lives far more easier. With just a few taps on the screen, we can do any banking activity in seconds. Whether checking the account balance or transferring money to friends and family sitting miles apart, a mobile banking app can do all these tasks in the blink of an eye.
Mobile banking apps like Bank of America have eliminated the need to visit bank branches to get things done. We use mobile banking apps to access banking services on our smart devices and save time.
Moreover, apps built with high-end technologies, such as Blockchain provide us with security, and transparency for all banking activities.
Considering the ease mobile banking applications have provided, many leading banks, such as Bank of America, CitiBank, Wells Fargo Bank, and others, have developed custom mobile banking apps to provide end-to-end banking experience to their customers.
Therefore, if you are looking forward to building a mobile banking app, this guide is worth a read. In this blog, we have covered a detailed process to develop a mobile banking app like Bank of America in this blog. So, let’s get started!
Latest Statistics Related to Mobile Banking Applications
The following are the current numbers of the mobile banking app market.
Source: Vantage
- The global mobile banking app market will reach a valuation of $1.87 billion by 2030, growing at a CAGR of 11.70%.
- According to the latest survey, 48% of bank customers use applications to manage their accounts.
- The rise of digital banking has corresponded with a fall in the presence of traditional banks. Almost 2,500 branches have been closed in 2023 in the United States.
- The United States of America will have approximately 216.8 million digital banking users by 2025.
- The Bank of America app currently has 57 million verified digital users, with 35 million+ opting to receive alerts via push notifications.
The numbers show the scope of growth in the mobile banking app development market.
Overview of Bank of America Mobile Banking App
The BOA Mobile Banking App is a dedicated mobile app of the Bank of America, providing end-to-end banking services, all in one place. The mobile application is available for Android, iOS, and other platforms.
The Bank of America mobile banking app has several features that simplify digital banking. The features include:
- Manage Accounts: It helps users manage their bank accounts by checking balances, depositing checks, viewing statements, and more.
- Pay and Transfer: It helps users to pay bills and transfer money to different bank accounts.
- Budget and Track: The Spending and Budgeting tool helps users track and monitor their expenses and prepare budgets.
- High-End Security: It has numerous high-end security features, such as fingerprint sign-in, lock-unlock debit cards, passcode updations, and more.
- Help Guides: It has step-by-step guides to instruct users how to use different services in the app. Moreover, the application has an AI-powered chatbot, Erica, to address users’ queries.
Hence, it is the Bank of America Mobile Banking App’s brief overview. Now, let’s move forward to the development guide for mobile banking apps.
How to Develop a Mobile Banking App Like Bank of America?
Below is the comprehensive development process to build a mobile banking app similar to Bank of America.
- Planning and Ideation
The first step to developing a mobile banking app like Bank of America is thoroughly researching the market and brainstorming different ideas for your app development.
You must evaluate the existing mobile banking apps and understand their functionalities, features, and value proposition. Based on your findings, plan the further development process.
Moreover, the fintech apps are compliant with various rules and regulations. Thus, it is mandatory to understand various regulations and implement them in your mobile banking app.
- Build Your Development Team
To develop a banking application for Android and iOS platforms, you will require a deep understanding of fintech app development, the latest trends and technologies, tools, frameworks, regulations, policies, and more.
Thus, we recommend you hire dedicated mobile app developers from India with experience in the fintech industry. Moreover, you can also collaborate with a leading fintech mobile app development company to develop a Bank of America-like mobile banking app.
- Design the Wireframe
With your app development team, design the wireframe of the mobile banking app. Create an intuitive UI design, having an engaging brand logo, icons, and easy-to-navigate screen design.
Remember to keep the screen decluttered to enhance the overall user experience. Keep the crucial elements and eliminate others.
- Develop the Mobile Banking App
Once your designs are ready, begin developing the mobile banking application. You can decide on the type of app you want to develop – native or cross-platform app development.
With the help of top full-stack developers, start building the backend and frontend of the app. For backend development, you can leverage the best backend development frameworks like Ruby on Rails, Lavarel, and Django, whereas, for frontend development, you can refer to top frontend development frameworks, such as React.JS, Node.JS, and Angular.
Also, integrate third-party APIs to empower the mobile banking app with advanced features and functionalities. Moreover, implement high-end security measures, such as Blockchain technology, end-to-end encryptions, KYC verification, and biometric authentication to protect user data from cyber-attack threats.
- Testing and Quality Assurance
Post-development, test the mobile banking app rigorously on different platforms and devices. Ensure that everything is working fine as per the expectations.
In addition, you can also release a Beta version of the app to test it and gather user feedback. Based on the feedback, make necessary changes in the mobile baking app, if required, and move on to the next step.
- Deploy the App
Once you test the app, deploy your mobile banking app on Playstore and App Store. You must market the application using various strategies, such as app store optimization, SEO, influencer marketing, ads, and more, to educate people about the new mobile banking app like Bank of America.
- Post-Release Maintenance
Fintech apps, such as, mobile banking apps, require regular maintenance to function seamlessly. Hence, we recommend you keep a tight eye on the app’s performance and maintain it frequently.
You can check whether the codes, features, functionalities, and security walls function well. If you see any gap, fix it immediately with the help of app developers.
Hence, we hope you find this mobile banking app development guide useful. Using this development process, you can also develop a custom mobile banking app like Bank of America for the users.
Best Features of a Mobile Banking Application
The features enhance the potential of a mobile banking app. Thus, it becomes mandatory to integrate cutting-edge features in a mobile banking app to improve user experience and ensure its success in the market.
Here are some of the basic features you must add to a Bank of America-like mobile banking app:
- Easy Profile Creation
- Account Management
- Check Balance and Statement
- Peer-to-Peer (P2P) Payments
- Cross-Border Money Transfer
- Digital Wallet with QR Scanner
- Nearest ATM and Branch Locator
- Bill Payments
- Loan Apply
- Card Management and more
Apart from these, you must add advanced features to the fintech app to enhance its potential. A few cutting-edge features include:
- Voice Payments
Users can make payments using voice commands using the ‘Voice Payments’ feature.
- Check Deposits
This feature has eliminated the need to visit bank branches to deposit checks. Users can deposit checks by clicking the picture of the front and back side of the check and providing the necessary details, such as account number, check number, date, and more.
- Cardless Withdrawals
This feature allows users to withdraw cash from ATMs using a code sent to mobile devices via text, eliminating the need for ATM cards.
- AI-powered Verification
Mobile banking apps are vulnerable to numerous unauthorized access threats. Hence, the ‘AI-powered verification’ feature utilizes artificial intelligence and machine learning algorithms to understand, authenticate, and validate user activities in the mobile banking app.
- Blockchain Security
The Blockchain security feature in a mobile banking app like Bank of America leverages decentralized encryption and consensus mechanisms, ensuring tamper-proof transaction records.
It also enhances data integrity and protects the user’s data against unauthorized access.
- Instant KYC Verification
The government has made KYC verification compulsory to tackle black money mobilization. Thus, using an instant KYC verification feature, users can take the Know Your Customer (KYC) process and verify their identity instantly.
- Push Notifications
Notifications are crucial in keeping users updated regarding transactions, offers, policies, etc. You can provide users with personalized alerts, promotions, and information via push notifications.
- AI-Enabled Chatbot
The Bank of America has a virtual chatbot, Erica, that addresses users’ queries instantly. Similarly, you must integrate an AI-enabled chatbot that can understand the context of queries and offer accurate responses instantly around the clock.
Thus, these are the best features to integrate into a mobile banking app like Bank of America.
Latest Trends to Develop a Mobile Banking Application
In this section, let’s discuss the latest trends in mobile banking app development:
- AI and Machine Learning
The foremost trend in mobile banking app development is the use of artificial intelligence and machine learning in developing robust banking apps like Bank of America.
The top AI developers are leveraging AI and machine learning in mobile banking apps to provide users with personalized experience, fraud detection, analysis of customer financial background, and automated customer support.
In mobile banking applications, AI is used to analyze user behavior, and by understanding the user’s behavior and preferences, it offers tailored financial advice, offers, services, and more. AI also detects unusual activities and alerts users regarding cyber-attack threats.
Moreover, machine learning is used to analyze and optimize processes, such as credit scoring and loan approval. It enhances the banking services provided by mobile banking apps, ultimately improving user experience.
- Blockchain and Cryptocurrency
In these times of growing cases of cyber-attacks, banks are approaching Blockchain app development companies to enhance app security.
In mobile banking apps, Blockchain ensures secure and transparent transactions. Data is stored in blocks at different nodes, and it is transparent and hard to tamper, thus making it an ideal choice for high security for mobile banking apps like Bank of America.
Also, cryptocurrencies, such as Bitcoin, Ethereum, and Dogecoin, offer swift, cheaper, and borderless payments, providing users with additional payment options.
- Internet of Things (IoT) Integration
The Internet of Things (IoT) integration involves connecting multiple devices to the same network, allowing them to communicate and share data seamlessly.
Popular mobile banking apps, such as Bank of America, Citi, and Capital One, are leveraging IoT in their apps to provide users with seamless payments and transaction experiences.
For instance, users can pay to drive-in restaurants, gas stations, or toll booths without stopping the car, thanks to IoT-integrated mobile banking apps. The sensors detect the device automatically and deduct the amount after the user’s one-tap approval.
- Focus on Cybersecurity
Mobile app developers focus more on cybersecurity to safeguard user data and financial transactions. They are implementing various technologies and measures to protect mobile banking apps at any cost.
You can find numerous high-end technologies and security measures, such as advanced encryption protocols, multi-level authentication, biometric authentications, and real-time fraud detection algorithms.
As cyber-attacks and hacking threats evolve, app developers also focus on regular security updates and collaboration with cybersecurity experts to ensure robust protection against emerging risks.
- Open Banking API
The Open Banking API trend is gaining momentum exponentially in the fintech sector. But what is Open Banking API?
Open Banking API refers to sharing customer financial data securely through Application Programming Interfaces (APIs). It enables third-party developers to create innovative financial services and products.
The HSBC, for instance, embraced this trend by opening up its APIs, allowing developers to access customer data (with consent) and build new financial solutions. This approach fosters competition, drives innovation, and enhances customer experiences by offering tailored services and insights derived from their financial data.
- Voice Banking Facility
Many banks have already implemented ‘Voice Banking’ in their apps. The feature allows users to carry out various banking processes using voice commands.
Whether it is checking the bank account balance or transferring money to a friend, say it and it’s done. The voice banking feature is similar to the personal voice assistant, like Siri or Alexa.
With voice banking, people do not need to enter details, for instance, to know their account balance. They simply say,” Hey, what is the total balance of my Bank of America savings account?”, and the balance will be available on the screen as well as voice results from the app.
- Gamification
Last but not least, gamification is another trend banks are following these days. They are integrating game-like elements into their mobile banking apps to enhance user engagement and motivate them to use the app frequently.
Adding features like point systems for successful transactions, and badges for completing tasks, users are given incentives in the form of reward points or badges, to motivate them to interact more frequently with the app. It leads to improved financial literacy and users develop better money management habits.
Gamification also fosters a sense of accomplishment, making banking activities more enjoyable and memorable for users. Ultimately, gamification drives customer retention and loyalty.
So, these are the top trends in the mobile banking app development. Now let’s move forward and explore the benefits of developing a mobile banking app like Bank of America.
Benefits of Developing a Mobile Banking App
The benefits of developing a mobile banking app similar to Bank of America are:
- Additional Source of Revenue
By developing a mobile banking app like Bank of America, you can generate additional revenue in terms of transaction fees, interest on loans, selling banking products, such as credit cards, brand collaborations, and more.
- Wider Customer Base
With a mobile banking app, you can reach more customers worldwide and offer your services, ultimately resulting in your business growth and success.
- Enhanced Communication with Customers
A mobile banking app can help you communicate with your customers seamlessly through personalized messages, offers, and deals, and even gather feedback from them to improve your services.
- Strengthened Brand Image
When more people use your mobile banking app similar to Bank of America, it will strengthen your brand image in the industry.
- Competitive Advantage
With a strong brand identity, you gain a competitive advantage in the market, thanks to mobile banking app development.
Therefore, these are the top benefits of developing a mobile banking application.
Top Mobile Banking Apps
The following are the top mobile banking applications in the market.
- Bank of America
The Bank of America Mobile Banking app is the leading mobile banking application with more than 10M+ downloads. The app improves the banking experience with features, such as managing accounts, transferring money and paying bills, checking deposits, high-end security, and Erica, the virtual chatbot assistant.
- Capital One
Capital One is another leading mobile banking app, providing an easy and secure banking experience, at a single place. Users can check balances and export statements, pay bills, manage loans, activate debit/credit cards, send and receive money, and more, using the Capital One mobile banking app.
- Chase Mobile
The Chase Mobile app, by JPMorgan Chase, is a top mobile banking application with 10M+ downloads. Users get all the banking services they need in a single app.
Moreover, the app has Connect with Chase, which helps users find the nearest Chase branches and ATMs, speak with a representative 24/7, and schedule a meeting with a banker.
- Citi Mobile
Citi Mobile is the official mobile banking app of Citi Bank, providing banking services to users around the clock. They can manage their bank accounts, deposit checks, find the nearest ATMs, order and replace cards, and more, using the Citi Mobile app.
- U.S. Bank
With 5M+ downloads, the U.S. Bank mobile banking app offers end-to-end banking solutions to users 24/7. Besides all the basic banking services and facilities, the application has a smart voice assistant that works on voice commands.
Therefore, these are the top mobile banking apps available in the market.
Challenges in Mobile Banking App Development and How Quytech Tackles Them!
Mobile banking app development is not as easy as it looks. There will be various challenges you may face during the development process. Hence, you will need the expertise of a leading fintech app development company like Quytech to develop your app.
Read further to learn more about the challenges you face and how Quytech can help you in tackling them.
Challenge #1. Data Protection and Security Breaching
Solution: Quytech implements high-end security measures, such as biometric authentication and end-to-end encryption, and technologies, such as AI and Blockchain, to protect user’s data from potential cyberattacks.
Challenge #2. System Downtimes
Solution: System downtimes usually occur when systems fail to function properly and data storage is not enough to store data. Hence, app developers leverage Cloud infrastructure to store user data that can be accessed anytime, from anywhere.
Challenge #3. User Experience Inconsistency
Solution: Quytech’s development team uses cross-platform development frameworks, such as React Native and Flutter, to develop robust mobile banking apps providing consistent UX.
Challenge #4. Regulatory Compliance
Solution: Quytech develops custom mobile banking apps and software that adhere to various regulations, such as data protection laws (GDPR or CCPA), financial regulations (KYC, AML, and PSD2), and security standards ( PCI DSS), thus meeting all legal requirements.
Challenge #5. Substandard Customer Support
Solution: The fintech app developers at Quytech design and develop custom chatbots powered by Generative AI, providing personalized instant responses around the clock.
So, these are the few common challenges you may face during mobile banking app development and solutions provided by Quytech.
Concluding Thoughts
With the right approach, developing a mobile banking app like Bank of America is a smooth and easy process. This development guide has covered all the major factors and points you need to consider while developing your mobile banking app.
If you want more information or professional development assistance, you may reach out to us. We will be glad to assist you in every way possible. For more details, visit: www.quytech.com