How to Develop Online Banking App Like Monozo?

How great does it sound when you don't have to wait in long queues to visit the bank or scramble to keep track of your spending with just a few screen taps? Isn't that great? We know it is. 

Mobile banking apps have entirely changed the way we use to perform fintech tasks; apps like Monzo are a standout example of this. Users can perform different financial transactions by just sitting on a couch from their home. 

So, if you are looking for a  mobile banking app development company  for an online banking app solutions, it's the right time to do this and tap into a growing market. Here in this guide, we will share a few actionable steps and considerations involved in the process. 

Seven Proven Steps to Create an App Like a Monzo

Get to Know the Core Features of Monzo

Before getting started with mobile banking app development for an app like Monzo, you need to understand what makes it a go to choice for developers, what could further value think will be able to add to an app like this?

A driving factor behind Monzo's success in the market is its simple to operate interface that targets an audience of all ages. Here are its other best features:

• Notifications: Account holders are instantly notified of every transaction so they can stay on top of their finances.

• Budgeting Tools: The Monzo app has a set of tools to track spending, categorize expenses, and set goals.

• Payment Convenience: Users can send money, split bills, or schedule payments all within an app.

• Freeze/Unfreeze Cards: If users lose their cards, they will be able to freeze and unfreeze them whenever necessary.

• 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: 

• Frontend: React Native or Flutter

• Backend: Node.js or Django

• Database: PostgreSQL or MySQL 

• Security Protocols: Implement TLS (Transport Layer Security) for secure communication and OAuth 2.0 for authorization.

Building Essential Features   

For being real, an app is always admired based on how much a number of features it includes that value users most. Once you have outlined a feature, it's time to create all those matters to get the most out of your online banking app.

Easy Onboarding

A straightforward and secure onboarding will help you succeed. Ensure that app users can easily sign up and verify their identity without any hurdles.

Budgeting and Spending Insights

Incorporate features that can categorize expenses, track spending, and provide insights into users' financial habits.

In-App Payments

Your app should allow users to send money, split bills, or securely pay with gateways like Stripe or PayPal.

Security First

For a financial business, security is a do or die thing. While mobile banking app development ensures that your app has a stringent security measure that protects users from cyber attacks and saves sensitive data from breaches. 

• Biometric login

• Two-factor authentication

• Encryption 

These are a few important messages you can go to let users feel confident that their financial data is protected at all times.

Prioritize a Great User Experience

A well-designed app can make all the difference in keeping users engaged and satisfied. With a simple yet appealing interface, it becomes easy for app users to check balances, transfer funds, or track spending without any confusion. while app responsiveness equally matters, check whether your app can smoothly operate on different devices and sizes. Last but not least, users love when they are in the know with every transaction they do, setting spending limits or personalizing notifications to fit their needs.

App QA & Testing

Before rolling out your app product in the market, don't forget to consult with an SQA expert and testers to verify that it performs the intended purpose and security for use. During this step, they conduct:

• Security Testing: Ensure no vulnerabilities could lead to data breaches.

• Load Testing: Make sure your app can handle multiple users without slowing down.

• User Acceptance Testing (UAT): Gather feedback from a group of real users to catch any last minute usability issues.

Launch and Grow Your App

Here comes the final step, which seems easy but could be backbreaking for those without the right resources and knowledge. Once you have a high quality banking app in your hands it's time to live it. To make your app product profitable, create a strong marketing strategy in place to create hype and hold user interest.

Use social media, partnerships, and influencer marketing to spread awareness of your app product. As the number of user base grows, get feedback based on real user experiences and refine accordingly. 

Conclusion

Developing an app like a Monzo might seem challenging, but it's yet a rewarding process for the fintech market. With the right strategy, tech stack, and attention to user needs, you can build a banking app that offers a modern and secure banking experience to all. Hire a reliable mobile banking app development company now to execute your unique app idea into a disruptive reality.