Savings Pots: They allow account holders to save money towards goals without mixing funds with everyday spending.
TopNotch Security: Monzo's app includes biometric login, two-factor authentication, and encryption to keep data safe.
If you are a newbie developer or mobile banking app development expert, being familiar with these features will help you build something users will love and trust.
Market Research
When getting started with mobile banking app development, market research matters the most. You must be fully aware of existing competition, identify what makes them successful, and understand the market's needs.
Target Audience: Who will use your app? Define your audience, whether it's tech savvy millennials, small business owners, or everyday users looking for convenience.
Competitor Analysis: Search for similar solutions in the market, like Revolut or N26. Find gaps in their offerings and turn those gaps into opportunities for yourself.
Compliance Requirements: For an online banking app, it is crucial to meet regulatory standards based on the country, such as Know Your Customer (KYC) and AntiMoney Laundering (AML), and other regional regulations.
Choosing the Right Tech Stack
There is no standard set of technology for developing an online banking app; all keep changing based on the stakeholder's requirements. Here is a suggested tech stack:Â
