Are you a Financial Service Provider, Start-Up, SMB, or, Entrepreneur, looking for a mobile app development idea? Your search for that ‘idea’ ends here. In this blog, you will come to know a complete guide on Mobile Banking App Development that’s trending in 2021. As per Statista’s recent forecast, in the current year 2021, a huge number of 196 billion mobile apps are projected to be downloaded by consumers from the mere Google Play Store. And as per DataReportal, there are around 5.22 billion unique mobile users the world over, which justifies your decision to go for a mobile banking app development for your business. The mobile banking app takes care of all the internal banking processes and operations meant for banks’ varied client-base scattered across the globe.

Let’s discuss in detail mobile banking app development, and various benefits, features, about the app itself, top banking apps, and a complete guide on the topic!

Why Mobile Banking App?

For instance, if you have an account in Standard Chartered bank, what message you see? “New-age banking experience for your financial freedom”. Further, it encourages you to download the SC app on the iOS platform, says, “Take control of your Standard Chartered bank account in a quick, simple & convenient way using our SC Mobile app.”

So, if you are a financial service provider specializing in banking services, the two-fold benefits are there:

• Your mobile banking app is a free tool for clients who can use it at convenience.
• One-time investment and lifelong benefits. You will have a huge cost reduction and effectiveness of your banking services.

Major Benefits are:

• User-specific control – Clients can keep the tab of their expenses, transactions, deposits, overall management of personal finances becomes a convenient and efficient process.
• 24*7 availability – Clients don’t have to visit bank or ATM personally rather opt for app-based services that are easily available online mode 24hours and located anywhere in the world.
• Security protocols – If you are developing for top banks (or just any bank irrespective of the stature), you have to take care of their credibility factor that comes from their unparalleled services. So, you need to include stringent security protocols, customer privacy, information integrity, encoding software in that way.
• Track loans, deposits –  A mobile banking app allows app-users/clients to perform varied banking operations like tracking of loans, check deposits, payroll- services, etc.
• Digital records:  The mobile banking application records all the sensitive data of clients, banks, data related to several financial dealings are stored in the digital format. Paperless, digital records are used by banking institutions, by interacting with clients By using mobile banking development wisely, a banking institution can interact with their clients and even can manage legal issues without the need of revelation of sensitive information on paper
• Saves time: Your clients don’t have to go to physical locations and stand in a queue for availing of services like cash withdrawal, deposits, updating an account, etc. All are done upon few clicks on a mobile phone, your app guides you through the process.
• Reduced costs for any customer service: Customer Service costs are hugely cut down up to 70% with the arrival of a digital model of banking via mobile app.

Market Trend

Just in the United States, as per Statista report,90% of the total mobile banking app users do check their balance in bank accounts.

NOTE: So, before going ahead with the development of  a mobile banking app, you should  be capable to find the answer to one basic question – “Why do your customers need or require a mobile banking app?”

Notable Mobile Banking Apps

1. Chime
2. HSBC
3. Wells Fargo
4. JP Morgan Chase
5. CapitalOne
6. Bank of America
7. Standard Chartered

Significant Features of Mobile Banking App

• Creating & Managing Account
• 24*7 Customer-Support
• Push- Notifications
• Personalized- Offers
• Cashback services
• Trackers to check spending level
• Secured- Payments &Transactions
• Sharing finance allowing bill- splitting among multiple users

Mobile Banking App Development – Stages & Costs

Two-steps Processes which include-

1. Discovery Stage – It includes deliverables like the final version of application-concept, prototypes and UX/UI design, architecture plan of the project, product backlog, focused analysis of market & competitors.
2. Development Stage- A typical cross-functional team of engineers for quality assurance, front-end developers, back-end developers, project managers, delivery managers.

Methods of Mobile Banking App Development

There are two methods –

1. Splitting the full banking software into app versions. As a result, you can release your app more quickly. Moreover, you can test all your mobile banking unique features with a real-time, actual user. Normally, this method of mobile banking app development takes approximately 3 to 6 months. The estimated cost incurred could be around from 50kUSD up to 80kUSD per platform. Thereafter, you can go for developing further app versions. Yes, before moving to this step, you see the feedback that comes from the market.
2. Another method is to plan and then develop an application with full-fledged features of mobile banking. Under this method, the entire process of mobile banking application development takes more time. Also, the budget is more as the scope of work increases a bit.

Cost Estimation

As per Clutch’s estimation, the cost for the development of a mobile banking application might range from $200k to $500k.

Factors that determine cost estimation are-

• Development basis like mobile web, hybrid, native, etc.
• Type, location of the vendor.
• The number of features & app complexity.
• UI/UX design complexity.
• Infrastructure at the back-end , connected APIs.
• Special GUI, visual elements.
• Types of platforms-(Android, iOS, cross-platform, web, etc.)

Bottomline

Financial dealings and transactions feature among the topmost priorities everywhere, all industries. Banking services are unparalleled. And when banking institutions are available on the apps of every user’s mobile phone, the seamless experience is guaranteed for the reasons mentioned throughout the blog. It’s the ripe time for you to go ahead with your exclusive mobile banking app development to create that satisfying, convenient platform for all the users. Reach out to the best mobile application development company in your area and seek adequate guidance for the application development meeting desired business goals.

 Wish to own an exclusive mobile banking app for your company? We can help you with a banking app that provides a customer-centric experience that is convenient and engaging for your customers. Feel free to ask for a demo.

Are you a regular shopper on BigBasket? Do you enjoy ordering online for food and grocery- items via your mobile app? Personal grocery shopping has become so easy and seamless that you get your things at your doorstep. Well, BigBasket is India’s largest online food and grocery store and its catalog proudly displays over 18,000 products and more than 1000 brands. Amazing indeed! Its credibility, the brand quotient is obvious from the fact when during the lockdown, BigBasket happened to be the only on-demand grocery-service provider who delivered basic food items across the country. As per Financial Express, BigBasket recorded an impressive 84% rise in new customers in the pandemic. And If you are planning to develop a similar kind of mobile application, just like the BigBasket app, you need to evaluate the cost factor. We’ll be discussing several factors that will determine how much it’d cost to build an app like the Bigbasket one.

First Thing First – Benefits from an App like BigBasket

The benefits are manifold, both for customers, as well as for the grocery business or the app owners.

Benefits for Customers

• Saves time. Just order online.
• So convenient. From the comfort of your home, you order your grocery-items.
• You buy what you need, no over-shopping the way you get tempted when buying in a shopping mall/physical store.
• Money-saving affairs. You keep getting offers, discounts, schemes, loyalty programs, etc. due to online purchasing via the app.
• E-Wallet. GooglePay, PhonePe, PayTM, card payment enables you to pay online. Here also you get reward benefits.

 Benefits for App-Owners

• Customer-loyalty.
• Instant Online payment.
• Option for a direct marketing channel.
• Scope of building a broader customer base.
• 24*7/round-the-clock store presence.
• Increase in sales.
• Cost-saving. You don’t need to hire people for store-assistance.

Significant Features of the App

You have four specific features in an app like the BigBasket. These are rather the four layers of apps within the main app.

• Customer-App
• Store-Manager App
• Admin-Panel
• Driver- App

1. Customer-App or the End-User App

• Sign-Up and Sign-In –  Your customer gets a unique email id and password or verified phone number to avail of the app service.
• Choose from the catalog /Add to cart– Select items , add them to the cart for future buying or for comparing costs.
• Location- Mention – Specifying a particular delivery location with a complete address.
• E-Wallet – Online payment, option to track the balance amount available or recharge the wallet.
• Return or canceling order – If not satisfied, can return the ordered products or replace them.
• Delivery-scheduling – As per convenience can schedule timing for delivery.
• Tracking order delivery-status- Your customer can track the order and delivery status.
• Record of delivery orders – Can maintain the summary of previous orders and delivery date-wise.
• Ratings and Reviews – Can rate the products and give reviews.
• Wishlist for products – Can secure and collect products for future buying.
• Chatting or messaging option – Can chat with delivery person to inquire about the delivery timing, etc.
• Push- Notifications- settings –  Your customer gets regular updates about orders, promotional offers, and schemes, etc.
• Social Media Sharing feature – Yes, your customer is your brand ambassador, too!

The development of this feature involves costs around – $4K to $5K.

2. Store-Manager App

•  Login-Process – Needs to log in as per unique ID or verified Phone number.
• Order-Management option (store locator and store-Pick-Up) – Store-Manager gets notified about all orders and suggestions for managing them relevant to the nearest stores.
• Inventory-Management option –  Helps in stock management.
• Accepting or rejecting orders – The app accepts and rejects orders depending upon the product-availability.
• Receiving of the payments – Once the delivery status shows delivered, payment is received automatically.
• Logistic Integrations options – Arrangement of transports as per convenience.
• Help & Support Option  – depends upon his requirements where variations can help out.
• Viewing of reviews and ratings – This feature allows a manager to view order- reviews or ratings of the customers.

The development of this feature involves costs around – $4K to $5K.

3. Admin- Panel

• Login Process – Login credential is unique.
• Dashboard  Analytics– Managing orders from customers from this platform.
• Managing of inventory – Managing a huge stock of products in all categories.
• Order-assignments – Depending upon the location and order, store managers assign tasks to delivery people.
• Real-Time Analytics & reports – It enables keeping track records of all the customers and extracting important data on the requirement. Can add, remove or block users.

The development of this feature involves costs around – $2K to $4K.

4. Driver – APP

• Login Process – Login process using email id or verified mobile number.
• Dashboard – Delivery drivers get complete detail about ongoing and completed orders.
• Delivery status – On and off status feature.
• Order-request detail – Displays order request and delivery time allocated. Drivers can either accept the order or reject it.
• GPS Navigating feature –  It gives directions to customer-locations as well as grocery shops.
• Chatting or messaging option – Can chat with customers about a query regarding delivery timing, address, etc.
• Payment –  Tells about the mode of payment and summary.
• E-Wallet – To check payment received from delivered order and withdrawing the same.
• Order records – It records the history of the past deliveries completed, with user transaction detail.
• Push-Notifications- For any changes to the order and all other statuses.

The development of this feature involves costs around – $3k.

On-Demand Grocery App, A Leap Towards Lucrative Business!

The world is shifting towards online mode of operations on a rapid scale. Be it eCommerce or any selling-purchasing deals, online businesses are flourishing in every nook and corner irrespective of geographical boundaries. Don’t you think this is the ripest time for you to start developing your online grocery application, just like the Big Basket app? You got to see an average estimated cost for developing the app based on several features. These features are the factors that amount to determining the overall cost of developing an app like the Big Basket. Of-course, depending upon the platforms you choose, i.e. Android, iOS, or Cross-Platform, price-range varies. Approximately, $16 k to $17k you can expect, and that’s quite a reasonable rate if you want to gain something big in return. Worth investing, no doubt!

The scope of an online grocery app is increasing day by day as customers are almost purchasing groceries online only. To develop an app like BigBasket, you need to evaluate market, geographical assessment and other business factors. Checkout how we helped a startup Freshly  in a similar grocery market to establish their presence and how they achieved 20% growth in their sales.

The current pandemic triggered by coronavirus is something that the whole world is talking about, the trendy topic that is resonating the unanimous reactions by people across boundaries, across the social media channels. Isn’t it intriguing how come a tiny virus ( you need a microscope to see how it looks and only if you dare) can give those goosebumps deadlier than a real spooky moment? However,  the pandemic is also creating an opportunity for startups and entrepreneurs to come out with innovative ideas for their businesses to start over! A blessing in disguise, indeed! Also, if you are considering the pandemic as the ‘New Normal’, then the time is ripe for you to think and act on those Mobile Apps that the world is depending upon. After all, remote living & online businesses are all relying on good and apt mobile application matching specific requirements across industries!

Let’s discuss some probable, and, profitable mobile app ideas for your businesses or start-ups –

1. Android- Mobile Apps

Do you know the new normal is rather calling for mobile-based business? It’s because you just cannot afford to take a chance (a risk )for setting up or reviving ( if already you have one) a physical mode of business enterprise in case you are thinking so. Not demotivating, but a practical idea, as CONTACTLESS is the keyword today. People are not willing to go out of their houses for work, shopping, or traveling (unless urgent). All they want is the services that can be availed of on mobile-based apps. Moreover, almost everyone owns a personal Android-based Mobile set and installing specific apps catering to their day to day and business requirements. Think of starting a business where you can deliver your service to customers via a dedicated mobile application!

How about consulting a reputed mobile app development company to frame your business plan regarding which application business will be suitable for you?

2. E-Learning Mobile App

How’s the education sector is working nowadays, online mode, right?

Educational institutions the world over are working online and the pandemic has compelled them to adopt digital technologies to their system. It is the mobile application or web application that is donning the role of the online version of the institutes concerned.

How does an e-learning app work?

How it’d be an ideal idea for your start-up?

Well, you create an interface between different stakeholders! If you are an entrepreneur, your focus would be to create an e-learning app that can fetch you achieve your business goals, i.e. profit. And the idea is about leveraging the maximum capabilities of digital technologies such as AI, ML, NLP, and many more. These technologies work via your mobile application catering to users defined and who have installed your apps, subscribed to your appealing offers that might benefit them in their learning process!

Your e-learning app will have features exclusively created for specific stakeholders. Teachers, students, Principals, Admin, and others, will have their unique login credentials and features. Heard about BYJU’S, Vedantu, Grammarly, Coding app like WhiteHat Jr., all are creating waves in the learning app segments. And, mobile is the preferred device across places.

So, this could be a good idea to go for an e-learning mobile app.

3. Telemedicine Mobile App

What a paradox!

The pandemic itself is creating a platform for you to offer an emergency medical service to those who are diagnosed to be corona positive?

Or, people suffering from chronic illness, seasonal flu, or expecting mothers or infants needing mandatory vaccination, all are homebound now due to the ongoing pandemic. But, they need urgent medical attention.

How will you help leverage this situation to your business goals? Of-course, get one telemedicine app exclusively designed for virtually connecting doctors to patients, bringing home- treatment possible by connecting nurses, physicians, and elderly patients, the needy ones, on-demand basis.

It’s about providing telemedicine service via mobile applications downloaded and installed on the mobiles of the users. The latter, who may be the doctors, patients, healthcare service providers in general,  will download your healthcare based exclusive telemedicine app on to their mobiles and avail of the benefits. The idea is to connect all of them to one platform and give them the required medical services on time. In medical care, TIMING is important as every second does count for a patient’s survival.

4. On –Demand Delivery Apps

People want to stay safe, stay home. They want their day to day chores taken care of on mobile itself. This means, if they want to fix their water taps at home, they want to consult a related app-based service on mobile. They will browse and locate their required home-based service app that will send a verified plumber from their area itself, on time.

Similarly, you can think of building an app that caters to home food delivery. Or, you can think of an idea where you can build features of grocery shopping, a service that is so easy to avail of just via a dedicated mobile grocery application. The idea is to provide convenient and touchless services to the users and the public at large.

Even you can think of apps catering to on-demand taxi bookings, courier service, caretakers, etc.

You might have heard about Zomato, Portea, Dunzo, Bigbasket, and so on. All are the dedicated on-demand kind of mobile applications based businesses that are seeing more ROI in the present scenario.

5. E-Wallet Mobile APP

When you are doing home deliveries under On-demand mobile apps based services, then obviously you have to go for some online payment version only in the entire ecosystem!

Thus, the idea of building an e-wallet mobile app is one of the perfect ones where you can think of getting the maximum ROI. You are going to deliver a secure and convenient payment service to the stakeholders who will be doing financial transactions like payment of bills, paying school or college fees, paying for groceries, home deliveries, and various business to business or business consumers based services.

E-wallets like Paytm, google pay, PhonePay are some perfect examples that you can take the leaf from.

So, are you ready to take off your dream mobile app business?

Pandemic and post-pandemic, going for a mobile application based business or integrating the same to your existing startup, the motto is the same – businesses that bring profits. In the present scenario, safety, and convenience are the key deciding factors that make customers download your apps and avail of the seamless experience. Being touchless is another reason, too. However, which mobile app will suit your system or set-up, you should consult a  reputed Mobile app development company who will not only guide you with the idea but also develop sound and business-centric mobile apps for you.

Not sure how mobile applications can drive new demand gen in your industry? Unlock your new idea of a mobile app with us today!

Apple’s iPhone is set to overtake Research In Motion’s BlackBerry in the global smart phone market by next year, according to Forbes online.

Currently, BlackBerry enjoys about three percent of the world’s mobile phone market, while Apple’s has about two percent share of the market. But BlackBerry’s lead over iPhone is shrinking and Apple will overtake RIM by early next year, Forbes said Friday.

“We expect Apple’s market share to overtake that of RIM by 2011, and for Apple and RIM to have 11 % and 8% market share, respectively, by the end of Trefis forecast period,” the online issue said.

Trefis has been defined as a new financial platform to know how a company’s products impact its stock.

“We believe sales of the iPhone will eventually outpace BlackBerry sales,” Forbes said.

Giving its reasons, Forbes online said, “Apple’s ecosystem of consumer products (Macs, iPad, Apple TV) and services (iTunes, iPhones apps) make the iPhone a more attractive phone for many consumers compared to the BlackBerry.”

“End of AT&T exclusivity will give Apple’s iPhone wider distribution in the US (comparable to BlackBerry distribution).

“iPhone is making inroads with business customers that have traditionally preferred the BlackBerry.”

Both the wireless giants have made big gains since 2007, with iPhone increasing its market share from 0.3 percent to 2 percent, and BlackBerry going up from one percent to about three percent.

The Canadian icon BlackBerry captured the world’s corporate market because of secure messaging.

However, with Apple’s sleek iPhone gaining the consumer market, the numbers game is slowly slipping away from the BlackBerry.

Given Apple’s marketing muscle, online reach and multiple cutting-edge products with synergy, analysts say it is only a matter of time before the iPhone overtakes the BlackBerry in the global smart phone market.

Bureau Report
Resource: http://www.zeenews.com/news609037.html