If you are a fin-tech or banking startups and want to automate managing consumer records and account information, you are landed at the right place. Herein we have curated 4 features of Chime, the U.S. based mobile banking app that has changed the way people do banking. Consider these 4 unique features of Chime during banking app development.
Are you a fintech startup and facing problems in managing consumer records and account information? Want to automate your customer’s savings and give them financial sanity with easy money management?
A banking and finance app can manage all these functions with just a few taps. The new technological advancements in the mobile banking app segment like the Internet of Things, Blockchain Technology, and Cryptocurrencies have escalated the banking app genre. Mobile app solutions are becoming real assets for financial services.
Recently, we came across the latest news of N26 which helps customers manage their bank accounts through smartphones. The Berlin-based mobile banking app development upstart announced that it has raised $170million, extending its Series D round. The total funding of the company is said to be over $680million in combined USD and Euro-denominated VC backing.
We at Space-O Technologies have provided an effective enterprise mobility solution for finance industry with different functionalities which are faster and unhackable. We have a result-oriented approach when it comes to making an app. One of the finance app Paynow for Stripe has over 50,000 users and stands 3rd in the top innovative apps in Australia. It is also featured in Mike Gingerich, AppAdvice and Business News. Now, let’s talk about another money management finance app named Chime, which has changed the way people are doing banking.
The Chime app is a mobile-only bank, which allows users to manage their spendings and savings account with no hidden transaction fees. The multiple automatic saving options and large free ATM networking makes it the most convenient mobile app for banking.
Offerings of Chime App:
1. Chime visa Debit card
2. Spending account
3. Optional savings account
As a fintech startup, if you are planning to invest in the idea of mobile banking app like Chime, then go through the following features of Chime app that you can consider during personal finance app development.
4 Features of Chime App to Create a Successful Mobile Banking App Development
#1 Deposit directly to the account and get paid early
The Chime app is not similar to get paid early apps. The app facilitates a user to fund his Chime spending account and get automatically eligible to get paid early. The app provides its users with a pre-filled direct deposit form that he can hand over to his employer. Thus, he gets paid 2 days earlier than other employees through the Chime bank account.
Image Credit: Chime
What if your customers have to pay car or house installments on the 10th of every month, but his monthly salary arrives on the 12th of every month. Being a fin-tech startup, do not make your customers wait, and the money sits in some electronic limbo as traditional banking methods will not help you out. The digital mobile app solutions can improve efficiency and will leverage business by providing such functionalities through a mobile banking app development.
#2 No hidden fees or monthly fees
Chime app is known as a challenger app. It has set its new banking norms and provided users with “no hidden fees” accounts. According to a survey conducted by the app, the top 5 largest banks in the U.S. made over $34 Billion in overdraft fees alone in 2017. The average Americans pay about $329 a year as bank fees, most of the times they are not aware of which fees are they charged for.
Image Credit: Chime
The finance app solution promotes a simple idea of “no fees to use your own money.” By providing such a feature, it generates goodwill for the business. Chime app gives a visa debit card for free without any fees which can be used wherever debit cards are accepted. The users can use the debit card across 38,000 fee-free MoneyPass and Visa Plus Alliance ATMs and over 30,000+ cash back locations.
The following fees are eliminated if a user has an account in the app.
- Foreign transaction fees
- Overdraft fees
- Monthly service charges
- ATM fees
The app also provides with ATM GPS tracking map for easy money availability.
According to a report from Omnichannel and Branch Banking, more than 7 in 10 customers actively try to avoid paying a fee when they withdraw money from an ATM. One-third of users use an ATM for cash withdrawals only. If you are planning to develop a banking finance app, make sure you analyze the customer pain points like transaction fees and maintenance charges of the bank.
The user can also send money to friends, relatives, or family with a free-fee mobile payment. With the online banking app, there is no transaction fees or monthly fees for sending payments. Thus a very convenient source of fund transfer.
Image Credit: Chime
#3 Deposit instant checks
The traditional banking method of depositing a check is to stand in a line, wait for slip, or sending checks via email. What if someone has an urgent requirement of depositing and spending money both at the same time? The Chime app has an apt solution in the app.
The user can get a quick photo of the check within the mobile app. The app makes a transaction of the said amount into the user’s account. Thus, the app allows mobile check deposit from anywhere.
#4 Supports mobile payment apps
The Chime app has an inbuilt payment option which includes Apple Pay, Google Pay, and Samsung Pay. This allows users to leave their wallets at home and pay through the finance app. The app keeps a track of the spendings which instantly notifies the exact account balance anywhere, anytime.
Being a banking startup, you need to provide your users with a safe and secure payment gateway integrations or a mobile payment app. Such a feature can allow direct access to their spendings, savings, and a transactional statement from the app.
After going through these core features of mobile banking app, Chime, we hope that we help you to build a better mobile banking app development. The engagement of users in a banking app also depends on the security model of the app. In the case of Chime, it is FDIC insured up to $2,50,000 through the Bancorp Bank; Member FDIC.
At Space-O Technologies, one of our Android app developers has done some research on fintech and banking startups. In this fast accelerating digital space, mobile banking has a long way to go. Have a look at these opportunistic growth statistics.
- According to a report from statista.com, the number of mobile banking app development users in the U.S.A is 57million. In 2018 almost 75% of millennials use digital banking which is expected to grow by 77.6% in 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%.
If you want to dive into the finance category with an app idea based on Chime or to create an online banking application, then you can cross-verify your app idea with us. We have developed over 3500 mobile applications in diverse app genres. Among these apps, there are banking apps like ftCash, Bill Genius that are successfully developed by us.
In case, if you still 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 an app idea, 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.
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