Banking is becoming more and more tech-savvy with digital transformation. Customers are evolving with cashless and voice payment transactions, cardless ATM withdrawals, online saving trends, and budgeting assistance. When we are talking about budgeting assistance, we, at Space- O Technologies, have noticed a new mobile banking trend in the form of money lending apps like Dave and Earnin. These are transforming the banking and finance sector by becoming neo banks for users. Herein we have rounded up 4 essential ingredients of Dave, online cash advance same day app, which you as a finance startup should consider for your own banking app development.
Have you ever heard of an instant cash loan approval from the bank? Probably, not.
In this fast-moving app world, no one is ready to invest time in collecting a bunch of documents and visit the bank for loan approval. With changing times, we are getting everything at our fingertips. ‘Get paid today apps’ are trending in the app world because of the evolving online purchase revolution.
Gen Z purchases anything from grocery to smart TV online. Now, in this instant buying phenomenon, we can miss some important electricity, gas, card bills, and are left with a handful of money in our bank accounts.
What if there’s an app that loans you money instantly? Of course, millennials will be engaged to it as they are addicted to the online purchasing market. Your online neo bank can lend money to the people on a no-interest basis, and your business gets it back on their next payday.
Online Banking Solutions Market Trends
- The neo and challenger bank market is growing at a potential growth worldwide. According to the new research, it is growing at an annual growth of 45.8% over the period of 2017-2025.
- Share of population using digital banking in the U.S. from 2018 to 2022 has increased subsequently. In 2018, almost 75% of millennials in the U.S. used digital banking, it is said to rise to 77.6 percent by 2022.
- The Mercator Advisory Group’s most recent Insight Summary Report found that 28% of people open digital accounts by hesitation, but the satisfaction of digital account opening success is very high, approximately 85%.
These on demand banking statistics show the emerging interest and scope of the digital banking genre. Being a banking and finance startup, if you want to make a change in the app world the same as the Uber app goliath, the development of a personal loan app, money lending app, paycheck advance app can give your financial business a whole new perception.
According to a report from Business Insider, Dave app (best pay advance app) has raised $110 million in June 2019. Another app named Earnin has also raised $25 million as of December 2018 as reported by TechCrunch.
For a successful banking app development, you should study the important ingredients that the apps like Dave and Earnin are offering in the form of online banking solutions.
4 Ingredients of Dave App (Best Pay Advance App) to Create a Successful Mobile Banking App
#1 Instant payday loans up to $100
Being in the banking app business, you need to be more convenient than traditional banking schemes. A user should have access to payday loans with easy signup and login procedure.
Keep your user’s convenience in mind, charging interest rate or a flat fee will make you equivalent to the traditional banking system. Through your online pay advance app, you can allow your users to connect directly with their bank account to borrow money fast and view the balance.
Image Credit: Dave
For instance, Dave app provides its 4million online users with loans up to $100 and they are able to save an average of $500 a year. Being a financial startup, you should promote ‘no overdraft’ solution to leverage your app and be among the best banking solutions.
Tip: With the help of blockchain technology, you can enable data transparency and fraud reduction. Your app will never have fake signup or unnecessary transaction from a user’s account. For secure banking app development, you should definitely integrate a blockchain solution to your loan app.
#2 Budget tracking and predictive alerts
The millennials are all about planning their own expenses and incomes. Thus, keeping this fact in your head, you can design an ingredient in the form of a budget tracker that allows tracking of their rent, phone bills, electricity bills, restaurant bills, and other expenses.
Image Credit: Dave
With predictive push notification alerts, you can easily retain your users as they will easily get to know their income-expense status. It will work as a simulation of a bank balance sheet. Such budgeting tools will help your users to save more, and your mobile banking will get online goodwill and brand recognition.
#3 Promote the gig economy trend
Being in the banking and financial business, it is your utmost responsibility to show your users with a financial earning solution. With the advent of Uber and Uber-like apps, the gig economy has brought in new job opportunities. Give them a way to meet the side hustle without diving into endless searches through your banking app development.
Your app must have such tie-ups with startups who are up for freelancers or part-time jobs. An advertisement of available gigs will bring more traffic to your app. Other freelancers and investors will show interest in your banking app.
For a successful Android app development for your banking app, you will need a team, who has strong command over trending app world technology. Our app developers have a good grip over Kotlin, Java, C, C++ HTML, and CSS to develop high-end Android apps for smartphones, tablets, wearable devices, and Android TVs. So far we have developed over 2000 Android apps that have over 10 million downloads.
#4 Automatic repayment of the lent money
The lent money amount is automatically debited from the user account after his paycheck is transferred into his account. It becomes easy for users to keep track of the repayment. An app like Earnin also provides the option to repay the amount earlier than required which helps the user to clear off his debt faster. In fact, even if the user needs extra time to make the payment, he just needs to make a request for the same. This ingredient will make your banking app development stand out from the rest.
Traditional banks take a long time to sanction even the smallest personal loan. The same happens with money lenders as they lend money at a higher rate of interest. After studying these ingredients, you can easily figure out the ease, a customer can have, just a tap away. For a successful enterprise mobility app solution you can assist us.
If you are planning to dive into the ever-changing banking app world with an idea like Dave or Earnin, then we are available at your disposal. We have successfully developed apps like BillGenius, ftCash which are doing extremely well in the banking app world.
In case, if you have any query or confusion on mobile banking app development cost, how to develop a finance app, Indian app developer’s cost, how to make money with free apps, then you can get in touch with us through our contact us form. One of our sales representatives will revert to you as soon as possible. The consultation is absolutely free of cost.