How to Make mobile banking app? Major factors to consider | Punnaka

How to Make a mobile banking app in 2023: increasing digital financial freedom

Mobile banking has revolutionized the banking sector, allowing customers to make transactions using the tip of their fingers. These apps have been around for almost a decade, and many major players are already in the market.

This blog enlists details on building a mobile banking app allowing digital financial freedom to be readily available. Let's talk about the whole process (based on Topflight experience).

Mobile Banking Apps- Market Size and Overview

Mobile banking apps have been on rise globally over the past few years, enabling users to manage finances from their mobile phones. Let's recap the statistics.

According to the analytics, the global mobile banking app market was valued at 3.4 Billion USD in 2020. This figure is expected to reach 12.7 Billion USD by 2027, with a CAGR of 20.4 during the forecast period (2021-27).

A report conducted by Federal Reserve in 2020 stated that more than 60% of American users access their bank accounts from mobile apps, up from 43% back in 2015. 

Regarding Europe, ING 2020 report found that 84% of users use mobile apps. This figure was laying around 73% in 2018. 

Significant players like Wells Fargo, JPMorgan Chase & Co., Bank of America, and Bank of America already leverage mobile banking apps. This situation has arisen because the apps provide state-of-the-art features.

If you start building a banking application, this is a fantastic time because the industry is growing exponentially, and more users are coming toward this solution.

Should You Make A Banking App- Factors To Consider

Whether or not to make a mobile banking app depends on several factors, including business goals, target users, and resources. This section details what to consider while creating your mobile banking app. 

Business Goals

Before learning how to make a banking app, it is crucial to consider why you are doing it. Is it for profits, or do you want to help the Fintech industry?

Developing a mobile banking app is a significant investment of resources, time, and money. So, it is essential to determine if creating a financial app aligns with your business and objectives. 

Target Audience

So, who will use the banking app? Is it the existing customers of renowned banks? Or will you create a new banking service and target a new audience?

If your customers are already familiar with banking apps, it may be beneficial to create a new one to cater to their needs. If they are not users of bank apps, it may not be worth the investment. It is essential to understand this aspect because it will help strengthen the roots of this whole business idea. 


Obviously, you will need resources if you want to build a banking app. Resources include graphic designers, coders, writers, developers, and testers.

Plus, resources also include investments and tech stack. Consider how you will arrange these resources. Creating a high-quality mobile banking app may be challenging if you need more resources. 


JP Morgan, Bank Of America, and Ally Financial Inc. are already controlling the monopoly of banking apps and have defined the bar of quality. If you can surpass that bar, good; if not, there is no point in building a bank application.

The market is already competitive, so it is essential to research the competitors and see if there is any opportunity to stand out.


Building a banking app comes with responsibilities around security and privacy. With such apps, you will need a lot of regulatory and compliance certificates. That is hectic. However, if done right, they are easy-peasy.

Make sure you are arranging these up-front when starting a banking app. 

Build a Mobile Banking App

Building a Prototype

What programming language is best for the app, What architecture to use, it is a microservice or SOA app are some of the questions that come to mind. 

Yes, these are essential questions. However, it would be great to start by focusing on what customers are looking for. What type of solution are you providing? Will the customers like it? Questions like these would help you understand how to make a banking app.

The response to these questions is making an MVP (Minimum Viable Product) and introducing it to a set of users. The best part about MVP is it requires 15x fewer resources to build than a full-fledged app. It would help you in making informed decisions about this whole startup. 

Incorporate the feedback from the users and iterate the app. This will ensure you are ready with market-proven products without wasting significant resources. 

Paving it the Secureway

Whether you are a national bank or a new startup in the fintech industry, customers will expect top-notch security from the app. They trust you with their money, so they want a secure platform. 

The reports of Positive Technologies stated that,

With 13 out of 14 apps, hackers can access data from the client side.

76% of vulnerabilities can be exploited without needing a physical device. 

You need to secure your app from the server side and tell users about the best security practices to save the client side. To develop a mobile banking app, leverage 256-bit encryption and SSL.

Tell your developers to remove classes and methods from the source code. Apart from that, perform source code obfuscation to prevent app decompilation. 

Do add features like biometric authentication, short pin codes, a reminder to change pins, two-factor authentication, and push notifications to prevent leakage. 

The Code

Programming such apps is the hair-pulling step. This is where the developers will take your prototype and change it into a live app. While the development step will significantly depend on the project's features, here are some general recommendations. 

- Use Native programming languages ( Swift for iOS, Kotlin for Android)

- Setting up the app development by using agility

- Implementing the app by keeping the DevOps environment in mind

- Prevent the use of Open-Source code

- Testing the app using QA services

Releasing the Monster

This is most exciting part of the whole development process. Seeing something you developed coming to life. Gather with someone familiar with Apple and Google store review process.

Lastly, upload the app to the stores and introduce it to the defined audience. 

Building a mobile banking app is a lengthy process. Remember that the mobile banking app market is growing, and is the right time to enter it. Just be patient & go with the flow.

Local Business Listing

Get a Page

Promote your business to local customers.

app In Software

what is gamification

Added On (2023-06-14 18:25)

how to choose desk booking software

Added On (2023-05-28 00:55)

how to make mobile banking app

Added On (2023-05-15 01:38)

best iot developers in dubai uae

Added On (2023-04-23 22:07)

Our Services

* Denotes required fields

Web Design
Web Development
Web Application
Mobile Development
Digital Marketing
Content Writing

Comments :

View all Comments (0)

Leave Your Comment

Top Local Business

manarat al hamra car maintenance workshop



Bldg 7684, AbdulRazzaq Al Najjar Street, Secondary No - 4862 Oraifi Industrial District, Al Jubail 35526, Saudi Arabia

business facility transportation corporation


Al Jubail

حي صناعية العريفي, ENDA4827، 7691, Al Jubail 35526, Saudi Arabia

national blue corporation for computer network


Al Jubail

3940-7734, King Fahad Street, Omar Bin Abdul Aziz، Al Dana District، Al Jubail 35514, Saudi Arabia

gs jj


Los Angeles

20829 Valley Blvd. Walnut, Los Angeles, CA 91789