Mobile banking apps are becoming increasingly popular in recent years due to the steady and increasing demand for Neobanking solutions – which incorporate exclusively online mobile banking solutions to traditional, legacy banking. When seeking the answer to how to make a mobile banking app, fintech start-ups must consider the three main stages that a Neobanking mobile app is created. The following article will discuss these three major stages that are relevant to the mobile app design process when associated with creating a Neobank mobile app.
Mobile banking apps are made in three major stages:1) Conceptualization, 2) Stakeholder management, and finally 3) Development.
Conceptualization
In this stage of development, the idea for a mobile banking app is conceptualized. The idea for the mobile banking app was created ideally by the founder of a Neobanking start-up and designed according to what needs are required from it. Questions that will be answered in this stage are as follows: What features does the app need? What type of services will it offer? How will the data be stored and managed? What are the desired outcomes for this product? Once the start-up has conceptualized these ideas, they can progress onto the further stages to identify how to make a mobile banking app to solve the issue they are trying to resolve in traditional banking.
Stakeholder management
In this stage of development, the founder of a Neobanking start-up must define their target market. This can be done by recognizing who they want to use their app and how they want to use it. It’s important to also discuss what type of competition exists in the industry and how your app actually competes with existing products on the market. Alternatively, the company can select a business model, such as those associated with Neobanks, that will be relevant to the stakeholder management stage. Different business models will work for different stakeholders, so it is important to understand the business model that is most relevant to the intended user base when creating a Neobank mobile app.
Development stage
The next stage of development is when the app is actually being developed. While this is still in its early stages, it’s important to understand how the app will function as a whole and what all functions will be included. It’s also important to understand how many functions are being planned on the app, as well as how they are planned to be prioritized and designed. It can also be useful at this stage of the planning process for start-ups to also decide on the design architecture of their mobile banking app and to choose which engine, platform, or programming language the app will be developed in. Popular banking app solutions that are often used for mobile banking apps are creating the app in Kotlin, React Native, Flutter, or Swift. These are mobile-app development frameworks that are highly compatible with mobile banking apps and can be used to provide multi-platform applications that can be used by Neobanks to create their mobile banking app.
Check out: Make Your Money Work For You with Offshore Banking in the UK
