If you are a bank’s CEO or if you have an idea for a virtual bank app, then this blog is for you. Here, we will discuss how to make a banking app like Monzo, a leading virtual bank mobile application. With mobile banking, you can help change the way your customers make payments or deposit money into their accounts. As a bonus, we have also added the benefits of a mobile app like Monzo – keep reading if you are planning to invest in banking app development.
If you have a bank account, chances are that you have a mobile banking app on your phone. The ease of online banking and payments have lured many people to sign up in the mobile apps of their banks. It also helps people save time and energy, and helps the bank to satisfy their customers with quality and quick services.
But that was about traditional banks that released a mobile app. There are also other online payment apps or online wallets that are used by people around the world. One such app is Monzo banking app, which is a virtual bank that runs from the mobile app itself. Let’s take a look at it, shall we?
What is Monzo Banking App?
Monzo is a digital, mobile-only bank. It operates solely through a mobile banking application and a prepaid debit card. It is based in the United Kingdom and was one of the earliest new app-based challenger banks in the UK. They also provide current accounts since the UK banking license restrictions were lifted in April 2017.
Source: Monzo App
Banks like Monzo are also known as direct banks or banks without any branch network, offering their services via online and telephone banking. These types of banks also offer access via ATMs, mails or mobiles. This model of banks helps reduce costs significantly because they don’t have to maintain an entire branch network. There are also some other benefits to such direct or virtual bank apps, let’s take a look at them to understand them better.
Being an owner of the bank or any other finance business, if you have decided to create a banking app like Monzo to help customers perform transactions, go through these steps that will help to make a successful bank app.
Banking App Development: Step-by-step Guide to Make an App Like Monzo
When choosing a partner for your mobile banking app development, you should select someone who follows a standard app development process. This will help you ensure that the quality of your online banking and payments app remains exceptional. Moreover, security is also an important part of your app especially because you will be dealing with people’s money payments. And good quality apps tend to be more secure than most.
After you have chosen a good mobile app development partner, you can get started with the step by step development process mentioned here.
1. Target audience
Before you dive headfirst into the banking app development process, we suggest that you figure out your target audience first. It is important to know and understand who your target audience is.
When you are thinking about banking with a mobile, the target audience is not just the gadget-loving teenager. There are many millennials who are earning well and prefer to use banking apps rather than standing in line for hours. Focusing on these people could be the deciding factor for your mobile banking app.
When it comes to money, everybody wants to ensure that they are putting their hard-earned dollars somewhere safe. To assure your bank’s account holders about the safety and security of their money, you can take a leaflet out of Monzo banking app’s book. All the accounts in their bank are protected by the Financial Services Compensation Scheme. This means that even if something happens to the bank, people will be compensated for the same. You can also find and register with such a scheme in your country to build a trust factor with your bank’s account holders.
Other than this, since your bank will run on an application, it is important to make your bank’s mobile app secure too. For that, you will need to find the right finance mobile app development company. Here are some things that you should keep in mind while getting your app developed:
- It is mandatory to implement the latest technology and features in your banking app to ensure maximum security.
- You should integrate end-to-end encryption in order to prevent hackers from entering unprotected data premises.
- Develop the right kind of tool to check the strength and intensity of the passwords created by users to ensure optimum safety and security.
There are several other steps that can be taken to ensure the enhanced security of your users’ data. You can continuously remind your customers to not provide sensitive bank information to anyone and also keep strict vigilance on how the mobile app is being operated on the network.
Now that you’ve taken care of the security and the users, you need to understand what your users or target audience will be expecting from your online bank app. This will help you determine which features you could integrate into the app. With functional and useful key features, your virtual bank could be a definite success.
This is also the section when you could think about the type of services you want to provide to the customers. What will be the interest rates? Will you provide a debit card and ATM options? What should a user do if they lose access to their phones? What kind of offline support do they get? These are some of the questions you can ask yourself to decide the features of banking app easily. If you need to, then you can also consider taking a look at the features in Chime banking app or Monzo.
4. Simple UI
The more users you want to attract to your app, the simpler it should look. Intuitive navigation with minimalistic design can help users understand and use your online wallet and mobile banking solution.
You have to understand that not everyone who uses your app will be well-educated or tech-savvy. And you have to ensure that everyone who downloads the app is able to use it with ease. Hence, focusing on the simple is the best way to go with your mobile banking app design.
5. People to people payments
Direct payments is one of the key benefits of apps like Monzo. Millennials see this as a huge value and it can help you retain customer loyalty, helping your app to skyrocket more easily. When transferring directly to an individual’s bank account, one has to enter a number of details such as bank account number, routing code, the account holder’s name and others.
But most people to people payments apps work directly through phone numbers or email addresses, which makes it easier. For example, PayPal and Paytm (Indian). This hassle-free way of transferring money can help you attract more customers and skyrocket your growth.
6. Better customer service
Do you feel like crying at the thought of going to the bank? All of us do. Banks are open only on weekdays and usually, have long waiting for lines to get anything done. Often, people have to take the day off from their office to go to banks. It could become a hindrance and a major waste of time.
With your online banking app like Monzo, you could solve this issue of your customers easily. Chatbots can be used to solve issues at any time of the day and you can provide the option to raise tickets directly from the app. Since you will be offering everything with just a mobile app, it will really make your customers’ lives easier and reduce the time they waste over issues with their bank and banking related concerns.
Moving ahead and let’s discuss the benefits of direct banking app like Monzo and Chime that are widely used by people worldwide.
Benefits of Direct Banking Apps Like Monzo
Every time a user takes or sends money to his Monzo app, the transaction takes place quickly and the balance gets updated within seconds. Users are able to see how much they have spent and check their goals. This helps maintain a certain kind of transparency between the user and the online bank systems.
#2 Fraud protection
Since the entire bank would online-only, it is possible for hackers to focus on it. However, because of this reason, the bank will need to provide extra security and protection from fraud or unethical hackers. This will ensure that the user’s accounts are safe and secure from all kinds of hacking and fraud attempts.
#3 Easy signup
What is the process of opening a bank account? It includes paperwork, long lines, traveling to the bank, paperwork, in-person verification… and did I mention paperwork? But how do you open a bank account in a digital bank? It takes 10 minutes, scanned copies of some of your documents and voila! The easy signup and simplicity play a big role, especially for people who don’t have enough time to go to the bank or cannot go for some reason.
#4 Keep it free
With physical banks, the overhead costs keep increasing. There are bills to be paid, new branches to be constructed in every city, salaries every month and so much more. But with a digital bank, you can have just one large office and carry out all the functions from there itself. With the savings, you will be able to offer free services and 0% commission on all transactions made by the users.
#5 Speedier processes
With the traditional methods of processing or banking, it takes longer to process everything. With manual errors, reworking is another thing that takes up a majority of the time caused in delays. However, with digital banks, most processes are online and helps improve accuracy as well as speed.
Ready to Take Your Mobile Banking App Development Idea Into Reality?
It’s high time that people get the online banking services that they deserve. You can provide it to them with your unique and full-featured mobile banking app for Android and iOS platforms. With better customer service and more options than a normal, traditional bank, your mobile bank app is bound to get great success in a digital world. You will also get better reach without having to create a new branch in every city. This will enable you to maximize your profits and offer better services both at the same time.
In this blog, we have explained all the steps for how to create a mobile banking app like Monzo. We understand that there will be challenges or problems in various stages such as research or marketing the app, but we assure you to do our best in the mobile banking app development.
We hope that this was helpful to you and would love to assist you further in the process. We, at Space-O, have an experienced team of iOS and Android developers, you can hire Android app developers or iOS developers as per your project requirements.
Stop thinking, just get in touch with us right away! Our sales representative will contact you within 48 hours and book your 30-minute free consultation with our banking and finance app experts. Your consultation will be completely confidential and we will provide you with a free estimation and timeline for your mobile app development.