How do I Create a Mobile Banking Application like Chime?

What is a Mobile Banking App?

Mobile banking apps are software applications that allow bank customers to perform transactions and access account information using their smartphones or tablets. These apps include features like account balance inquiries and fund transfers.

Some applications let customers deposit checks simply by taking a photo of them. The mobile banking app Chime is a convenient and easy way for customers to manage their bank account information and conduct financial transactions. Businesses can hire banking application developers to create custom-made applications that meet their requirements.

What are the Different Types of Mobile Banking Apps?

Previously, four types of mobile banking apps, like Chime, helped businesses make huge profits while providing users with the best mobile banking services.

Near-Field Communication :The latest trend in banking apps allows users to make payments using mobile devices.

• Internet Payments

  Mobile Banking applications are linked with online Internet payment systems like PayPal and Stripe, which allow users to pay with a single tap.

• Digital Wallets

  Digital wallets store the user's bank card details, eliminating the need for physical copies. NFC is often incorporated into their solutions.

• Mobile Transaction Management

  The virtual banking app allows users to control all transactions made with their bank cards. The user does not need to visit the bank in this case.

  There are many different banking and FinTech mobile applications available for businesses.

A Short Description of the Mobile Banking Application Named Chime

Chime is not a real bank but a company specialising in financial technology. Millions of users trust it to initiate instant transactions. The app lets users check their balances with just a few taps. The app does not charge hidden fees and is available at 60K+ fee-free machines in Walgreens, 7-Eleven, CVS, etc.

This is about the mobile banking application Chime Now.

Let's Look At The Benefits Of Developing a Mobile Application

Digitizing banking will result in a reduction in manual work. The banks and financial institutions that operate can then focus on more important tasks, increasing the company's sales. The higher the sales, the more likely the company is to retain its customers.

After a withdrawal or payment, users no longer need to wait days or even hours to see their balance. The transaction is reflected in seconds, increasing transparency and trustworthiness.

• Protects the user from fraudulent activity:

  Hackers are constantly threatening online banking. A secured banking app, however, will include two-factor authentication and other security extensions to protect accounts from unauthorised attempts and access.

• Speedier processes:

  Each transaction could be performed with the touch of a finger. No more queues to initiate transactions, withdrawals, or other banking activities.

  Online processing will make the process easier and faster.

What is the Time Required to Develop a Mobile Banking Application like Chime?

If we were to estimate the time it would take to develop a mobile app, this process could take between 4 and 5 months. This includes brainstorming the project idea, creating a detailed plan, prototyping and quality assurance, developing an MVP, and releasing the final product.

How much does it cost to create a mobile banking application?

This is a unique thing that may vary depending on different factors.

PerfectionGeeks Technologies estimates the cost of developing a mobile banking application at between $20,000 and $25,000.

It is best to talk about these commercials with us in person so we can understand your needs and provide you with a plan. Cost variations can affect final pricing.

Features and Functions

Third-party APIs

Security Features

Location for app development partners

Hourly charges

UI/UX designing

Technology stack selection

Platform selection

As you can see from the table, it is a very cost-effective solution that won't break your budget. If you're interested in booking mobile app development, contact us ASAP.

Now let's Look At All The Features of your Mobile Banking App

You can expect a lot from your target audience, especially if you are developing a banking application. The name of the app can be put at risk by the smallest mistake. Feature selection is a crucial part of the mobile app development process. You can create a mobile app that is customised by selecting features. Some of the features that are essential for a mobile banking application include:

• Balance sheet and transactions:

  It should be possible to display recent transactions in the mobile app instantly. This is a primary requirement for developing a mobile app. It is important to help users identify the type of transaction they initiated using the app.

• Initiate payments:

  We all love to pay our phone, electricity, and other bills from the comfort of our couches. These are all possible if your mobile banking app allows you to transfer money from one provider to another.

• Helping customers deposit checks

  You should also include check-depositing features in your mobile app. Users can upload and capture two-sided photos of the check they wish to deposit.

• Message alerts:

  The application should alert the user via notifications or messages whenever an activity occurs in the account. They should also be informed of the balance and any scheduled transactions or deposits.

• Expense tracking:

  Apps for mobile banking should help users keep track of their daily expenses. They should be able to categorise expenses by type, such as food, grocery, entertainment, etc.

• Card management:

  Users today use multiple debit and credit cards. They can manage their cards with the mobile app. They can assign cards to various accounts, manage PINs, etc.

• Bio authentication:

  Biometric authentication is the primary requirement for mobile banking applications. The enhanced security feature must support fingerprint authentication, Face ID sign-in, 2-way authentication, and other biometric authentication methods.

• Voice assistance and chatbots:

  Chatbots and voice assistants can be integrated into your mobile banking application. You can automate customer service with chatbots and voice assistants and free up your time.

Parting Words

The development of our mobile banking application is now complete. We hope we've answered some of the most important questions from the dozens. Please contact us for any additional information. Stay focused and contact our team directly. We understand that you have a lot on your mind.