Banking apps have made banking super convenient for users. People do not need to visit banks physically for bank-related tasks, such as sending money to their friends, applying for a home loan, or depositing their salary checks.
Instead, they use banking apps to access various banking services. As convenience and security are the top priorities, more people have started using banking apps. You can understand this by analyzing the growth in the number of banking app users.
According to Statista, the number of digital banking users in the United States is predicted to increase year after year between 2021 and 2025. Beginning with approximately 197 million users in March 2021, the number of digital banking users in the country is expected to grow to over 217 million by 2025.
Source: Statista
Among the leading banking apps, Chime has a significant market share. It is one of the best banking apps, offering all the major banking services in one place.
Thus, if you are an entrepreneur interested in developing a banking app similar to Chime, read this blog till the end.
A Brief Introduction to the Chime App
Chime is one of the best neobanking apps that offers comprehensive banking services all in one place. Users can check their account balances, transfer money, deposit a check, and transfer funds between their Chime Checking and Chime Savings Accounts.
The Chime app is a cross-platform mobile banking app, available for both Android and iOS devices. Here are some of the best features of the Chime app:
- User-friendly User Interface
- Easy Logins
- Secured P2P Payments
- Identity Authentication
- Digital Wallet
- Push Notifications
- Transaction Monitoring
- Check Deposits, and more.
The Chime app has ratings of 4.6 and 10M+ downloads on the Google Play Store and ratings of 4.8 on the App Store.
Now that you know what is a Chime app, read further to learn how to develop a banking app like Chime.
How to Develop an App Like Chime
Here is the step-by-step guide to developing an app similar to Chime:
Step#1. Determine the Requirements
The first step for developing an app like Chime is to determine the requirements. Plan the complete journey effectively for a smooth app development. Identify your target audience, features, and functionalities you want to integrate into your app, APIs, and other various requirements.
Step#2. Set Up the Development Team
The next step is setting up the development team to build a banking app like Chime. Fintech app development requires deep knowledge and expertise in finance and mobile app development.
Thus, it will be beneficial to hire mobile app developers or outsource the project to a leading fintech app development company that has years of experience and expertise in developing banking apps.
Step#3. Design the UI/UX
Once, your development team is set up, start designing the user interface of the banking app similar to Chime while keeping an enhanced user experience in mind.
Create a frontend with well-organized icons with easy navigation, and avoid tiny texts. Also, keep the frontend de-cluttered to enhance the user experience and retain them for a long time.
Step#4. Develop the Backend
After designing the frontend, begin with developing the backend infrastructure of the banking app like Chime. It is suggested to build an MVP (minimum viable product) and then approach the final app development.
Integrate the third-party APIs to enhance the functionalities of your banking app. You can also add cutting-edge technologies like Generative AI and Blockchain to your app to improve its functionalities and offer your users a next-level experience.
Step#5. Testing and Quality Assurance
Post-development, test the banking app like Chime on various platforms (iOS and Android), and devices (smartphones, tabs, and desktops) to ensure that it is functioning properly.
Identify and fix the bugs and also ensure that it is offering a consistent user experience on different devices and platforms.
Step#6. Launch the App
Once the app is tested and bug-free, launch it for public use. Publish on the Google Play Store and App Store and use various marketing strategies to educate people about the app.
You can use strategies like app store optimization, influencer marketing, blogs, SEO, ads, and more to market the banking app to your target audience.
Step#7. Maintenance and Updates
The job doesn’t finish with the launch of the app. You need to monitor the performance of a banking app like Chime and update it frequently to ensure its smooth functioning and that it aligns with the current user’s demand.
With this, you can ensure that your banking app like Chime stays relevant in the market for a long time.
Therefore, this is the roadmap for developing an app like Chime. Now, let’s explore the top features to integrate into a banking app similar to Chime.
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Top Features of Banking App Similar to Chime
In this section, we have listed the best features you must integrate into a neobanking bank like Chime:
- Easy Sign-Up and Login
You must provide users with a hassle-free and simple sign-up and login process in your banking app like Chime. You can set up login through PIN, password, or biometrics.
Moreover, to make your app secure, you can implement blockchain-based identity verification in your neobanking app.
- Intuitive Dashboard
To engage and retain users, you must provide an intuitive dashboard with easy navigation to access various banking services. If your users find it difficult to access services on the app’s dashboard, they will abandon the app, resulting in a high user abandonment rate.
- Fast and Secure P2P Payments
Secure and fast peer-to-peer (P2P) payments are another feature that you must add to an app similar to Chime. Your app’s payment system should be fast and secure to allow users to send and receive payments.
- Smart Financial Feed
By integrating smart financial feed powered by artificial intelligence, you can provide your users with finance-related news, guides, information, and more, tailored to their preferences.
- Advanced Card Management
With this feature, you can allow your users to manage their credit and debit cards in a single place. They can pay their credit card bills, access transaction history, set limits, change debit card PINs, etc, using this feature.
- Check Depositing
The check depositing feature in a neobanking app allows users to deposit checks into their accounts without having to visit the bank physically.
All they need to do is click pictures of a check from front and back and upload it with necessary details such as account number, holder’s name, check number, date, etc.
- ATM Locator
The ATM Locator feature allows users to find the nearest ATM available in a particular area. It uses geolocation technology to track the users’ real-time location and suggest nearby ATMs. Moreover, users also use this feature to find ATMs in other cities or places.
- Notification and Alerts
Users get updates and new information regarding account balances, new interest rates, minimum balance alerts, etc, through the push notifications feature in banking apps like Chime.
- 24/7 Customer Support
To address customer queries, you must integrate a 24/7 customer support feature in a banking app similar to Chime. You can also leverage generative AI to empower the customer support chatbot to understand the context of customers’ queries and provide a tailored solution in real-time.
Therefore, these are the top features you must integrate into an app like Chime. Now, read further to know what technologies you will require to develop an app like Chime.
Technology Stack to Build a Chime-Like Banking App
The following is the technology stack required to develop an app similar to Chime.
| Category | Technology |
| Front-end | React Native, Flutter |
| Back-end | Node.js, Python (Django or Flask), Java (Spring Boot) |
| Database | PostgreSQL, MongoDB |
| Cloud Services | AWS, Google Cloud, Microsoft Azure |
| Authentication | OAuth, JWT, Firebase Authentication |
| APIs | RESTful API, GraphQL |
| Payment Gateway | Stripe, PayPal, Plaid |
| DevOps | Docker, Kubernetes, Jenkins |
| Monitoring & Logging | Prometheus, Grafana, ELK Stack (Elasticsearch, Logstash, Kibana) |
| Security | SSL/TLS, Encryption (AES-256), Two-Factor Authentication (2FA) |
| Push Notifications | Apple Push Notification Service (APNs), Firebase Cloud Messaging (FCM) |
| Analytics | Google Analytics, Mixpanel, Amplitude |
| CI/CD | GitHub Actions, CircleCI |
| Testing | Jest, Mocha, Selenium, Appium |
| Crash Reporting | Sentry, Firebase Crashlytics |
| Compliance | GDPR, PCI DSS |
So, this is the basic technology stack you will require to build a neobanking app similar to Chime. Please note that it is a recommendation only; you can use other technologies to create an app that aligns with your specific needs.
Benefits of Developing an App Like Chime
Developing a Chime-like neobanking app offers numerous benefits to users and businesses alike. The following are the top benefits of building an app like Chime:
Benefits For Users
- Banking on the Go
With an app like Chime, users can access banking services 24/7 without visiting the bank physically.
- Banking Services in One Place
You can offer various banking services all in one place by developing an app similar to Chime.
- Lower Fees
Using a neobanking app similar to Chime, users can access banking services at lower fees compared to traditional banking mobile apps.
- Speed
The Chime-like banking apps offer instant money deposits and peer-to-peer money transfers, which are typically faster than traditional banking systems.
- Enhanced Security
The apps similar to Chime offer advanced security through biometric login, two-factor authentication, and AI-based real-time fraud monitoring, providing enhanced security for banking.
Therefore, users get these benefits using a Chime-like neobanking app. Now, let’s explore what benefits businesses get by building the app.
Benefits for Businesses
- Wider Customer Base
You can reach more customers beyond geographical boundaries and grow your business by developing an app like Chime.
- Cost Efficient
Another benefit of developing an app like Chime is that it is a cost-efficient solution to provide banking services to users. You do not pay rent, utilities bills, and in-staff salaries, as it is operated digitally.
- Data Insights
You can gather crucial data insights into the user’s preferences and financial behavior and offer them tailored services, such as low-interest loans or a no-fee credit card.
- New Revenue Streams
By developing a banking app like Chime, businesses can generate additional revenue in the form of loan interest, selling insurance, or penalties for late payments.
- Competitive Advantage
Last but not least, Chime-like mobile app development with high-end features and functionalities, offers a competitive advantage in a rapidly evolving financial market.
Hence, these are the top benefits businesses get by developing an app like Chime.
Monetization Strategies for Chime-Like Mobile App
From a business perspective, one must generate an ideal ROI (return on investment) after developing an app like Chime to ensure a successful business.
Hence, we have provided the top monetization strategies to generate revenue from an app similar to Chime.
- Transaction Fees
This is the best monetization strategy for generating revenue from an app like Chime. You can charge fees whenever a user transfers money both locally and internationally. However, remember to keep fees reasonable as per the market standards.
- Premium Features
It is another proven strategy to monetize Chime-like mobile applications. You can provide basic features for free and offer premium features for a subscription. Users buy a subscription plan to access the premium features of the banking app.
- Partnerships
Last but not least, partnerships are one of the best ways to generate revenue from an app similar to Chime. You can collaborate with banking partners and related businesses to offer their services in your app and charge a commission from them.
Therefore, these are the proven monetization strategies you can use to generate revenue from a Chime-like mobile app.
Few Popular Banking Mobile Applications
The following are the popular mobile apps similar to the Chime app:
- Venmo
Venmo is a popular finance mobile app that allows users to pay and receive money. It also them manage their money. Users can also invest in cryptocurrencies using the Venmo app. Moreover, users get a Venmo Debit Card that can be used to withdraw money, shopping, and more.
Downloads: 50M+
Ratings: 4.2
- Cash App
Another popular neobanking app is the Cash App. It allows users to send and receive money at no cost. It also allows them to file taxes at no cost. The Cash App also enables users to trade stocks and cryptocurrencies.
Moreover, it also enables users to receive check deposits two days earlier than most banks.
Downloads: 100M+
Ratings: 4.6
- Zelle
Zelle is one of the leading mobile apps that allows users to send and receive money in a fast, reliable, and secure way. The Zelle has partnered with the leading banks and credit unions across the USA to streamline money transfers.
Downloads: 10M+
Ratings: 3.9
- Varo Bank
Varo Bank is one of the best mobile apps used by people to send and receive money. The app is also used for money management purposes. It has an intuitive user interface that attracts users and allows them to do banking hassle-free.
Downloads: 5M+
Ratings: 4.7
- Utoppia
Last but not least, Utoppia is one of the top neobanking apps that allow users to send and receive money beyond boundaries. Users can use the app to pay bills worldwide. Moreover, users can earn interest on the amount kept in their Utoppian account.
Downloads: 50K+
Ratings: 4.2
Hence, these are the best apps similar to the Chime app.
Conclusion
With this, we have completed our guide on developing an app like Chime. The guide explains the development process, top features, technology stack, and benefits of developing an app similar to Chime.
Moreover, we have also explained how you can generate revenue from the Chime-like mobile application. If you are interested in developing an app similar to Chime, reach out to team Quytech.
Quytech is a leading fintech app development company that has years of experience and expertise in developing finance mobile applications tailored to clients’ requirements. For more details, you can visit our website and check out our portfolio page.