Cost To Create An App Like Bank Of America in 2024

Our lives are so much easier now that we have mobile banking apps. We can quickly do any banking task with a few screen taps. A mobile banking app can quickly do many functions, such as monitoring account balances and sending money to friends and relatives that live far away.

There is no longer a need to visit bank offices to complete tasks thanks to mobile banking apps like Bank of America. To reduce time and access financial services on our smart devices, we use mobile banking apps.

Additionally, apps developed with cutting-edge technologies—like Blockchain—offer us transparency and security for all of our banking needs.

Many of the top banks, including Bank of America, CitiBank, Wells Fargo Bank, and others, have created specialized mobile banking apps in response to the convenience that these apps have brought to their clients. These apps offer a complete banking experience from start to finish.

Thus, this guide is worth reading if you’re interested in developing a mobile banking app. We have discussed in-depth how to create a mobile banking app similar to Bank of America in this article. Now let’s get going!

• Latest Statistics Related To Mobile Banking Applications 
• An overview of the mobile banking app for Bank of America
• How Can I Create a Bank of America-Style Mobile Banking App?
• Best Features of a Mobile Banking Application  
• Current Development Trends for Mobile Banking Apps
• Benefits of Developing a Mobile Banking App
• Top Mobile Banking Apps 

Latest Statistics Related To Mobile Banking Applications 

The market share figures for mobile banking apps are as follows.

By 2030, the market for mobile banking apps worldwide is expected to be valued at $1.87 billion, with a compound annual growth rate of 11.70%.

48% of bank clients manage their accounts via applications, per the results of the most recent poll.

Traditional banks are becoming less prevalent in tandem with the growth of digital banking. In the US, almost 2,500 branches were shut down in 2023.

By 2025, there will be roughly 216.8 million digital bank customers in the US.

Currently, 57 million verified digital users of the Bank of America app have chosen to receive alerts through push notifications, with over 35 million of them doing so.

The data demonstrates the potential for expansion in the industry for mobile banking app development.

An overview of the mobile banking app for Bank of America

The Bank of America’s specialized mobile app, called BOA Mobile Banking, offers comprehensive banking services in one location. There are versions of the mobile application for iOS, Android, and other platforms.

Numerous features in the Bank of America mobile banking app make digital banking easier. Among the attributes are:

• Manage Accounts: By reading statements, depositing checks, checking balances, and other features, it assists users in managing their bank accounts.
• Pay and Transfer: It facilitates the payment of bills and the transfer of funds between bank accounts.
• Budget and Track: Users can create budgets and keep track of their spending with the aid of the Spending and Budgeting feature.
• High-End Security: It boasts a plethora of high-end security features, including passcode updates, lock-and-unlock debit cards, and fingerprint sign-in.
• Help Guides: It provides users with detailed instructions on how to utilize the many features available in the app. Additionally, the app features Erica, an AI-powered chatbot, to answer users’ questions.

Thus, this is a quick synopsis of the Bank of America Mobile Banking App. Let’s go to the mobile banking app development guide now. 

How Can I Create a Bank of America-Style Mobile Banking App?

The detailed steps involved in creating a mobile banking app that is comparable to Bank of America are listed below.

Organizing and Coming Up with Ideas

To create a mobile banking app similar to Bank of America, you should first do in-depth market research and generate a variety of app development concepts.

It is imperative that you assess the current mobile banking applications and comprehend their features, functions, and value proposition. Plan the next steps in the development process based on your results.

Additionally, the fintech apps adhere to a number of laws and guidelines. As a result, it is essential to comprehend and include different requirements into your mobile banking app.

Establish Your Development Group

You will need a thorough understanding of fintech app development, the newest trends and technologies, tools, frameworks, laws, policies, and more in order to create a banking application for the Android and iOS platforms.

Therefore, we advise you to work with committed Indian mobile app developers who have prior finance industry experience. Additionally, you can work with a top fintech mobile app development company to create a mobile banking app that is comparable to Bank of America.

Create the Wireframe

Work with your app development team to create the mobile banking app’s wireframe. Design an intuitive user interface (UI) with a captivating brand logo, eye-catching iconography, and a user-friendly screen layout.

To improve the user experience overall, keep the screen uncluttered. Retain the essential components and remove the rest.

Create the Banking App for Mobile Devices

When your designs are complete, start working on the mobile banking app. You have the freedom to choose between developing native apps and cross-platform apps.

Assist leading full-stack engineers in developing the app’s front end and back end. The greatest frontend development frameworks include React.JS, Node.JS, and Angular; for backend development, you can choose Ruby on Rails, Lavarel, and Django.

Incorporate third-party APIs as well to give the mobile banking app more sophisticated features and capabilities. Additionally, to safeguard user data from cyberattack risks, put advanced security measures in place such Blockchain technology, end-to-end encryptions, KYC verification, and biometric authentication.

Quality Control and Testing

After development, thoroughly test the mobile banking app across a range of devices and platforms. Make sure everything is operating as planned and functioning well.

To test the software and get user input, you can also make it available as a beta version. Proceed to the next phase by making any necessary modifications to the mobile baking app based on the feedback.

Launch the Application

Launch your mobile banking app on the Play Store and App Store after testing it. To inform consumers about the new mobile banking app similar to Bank of America, you need to market the application using a variety of techniques, including influencer marketing, SEO, app store optimization, advertisements, and more.

Maintenance After Release

Fintech software, like mobile banking apps, need to be maintained on a regular basis in order to work properly. Therefore, we advise you to monitor the app’s functioning closely and to maintain it often.

You may verify that the security walls, features, codes, and functionalities are operating properly. If you find any gaps, get app developers to assist you repair them right away.

We therefore hope that this guidance on developing mobile banking apps will be helpful to you. You can also create a unique mobile banking app for users, akin to Bank of America, by using this development approach.

Best Features of a Mobile Banking Application  

A mobile banking app’s potential is increased by the features. Therefore, incorporating state-of-the-art features into a mobile banking app is essential to enhancing user experience and guaranteeing the app’s commercial success.

The following are some essential elements that any mobile banking app that resembles Bank of America ought to have:

• Simple Account Management and Profile Creation
• Verify the Statement and Balance.
• P2P (peer-to-peer) Payments
• Digital Wallet for Cross-Border Money Transfer with QR Scanner

Locator for the closest ATM and branch, bill payment, loan Use card management among other things.

In addition, you need to give the fintech app more sophisticated capabilities in order to fully realize its potential. Several innovative characteristics are as follows:

Paying by Voice

With the use of the “Voice Payments” feature, users can make payments with voice commands.

Deposit Checks

Check deposits no longer need to be made in person at bank branches thanks to this feature. By selecting the image of the check’s front and back and entering the required information, including the account number, check number, date, and more, users can deposit checks.

Withdrawals without a card

ATM cards are no longer necessary thanks to this innovation, which enables users to withdraw cash from ATMs using a code texted to mobile devices.

AI-driven Confirmation

There are several ways for illegal access to compromise mobile banking applications. Therefore, in order to comprehend, authenticate, and validate user activities within the mobile banking app, artificial intelligence and machine learning algorithms are employed in the “AI-powered verification” function.

Blockchain Protection

To ensure tamper-proof transaction records, a mobile banking app such as Bank of America uses consensus methods and decentralized encryption in conjunction with Blockchain technology.

Additionally, it strengthens data integrity and guards user data from illegal access.

Quick KYC Verification

In an effort to combat the mobilization of black money, the government has mandated KYC verification. Therefore, consumers can complete the Know Your Customer (KYC) process and promptly verify their identity by using an instant KYC verification option.

Push Alerts

Users must get notifications in order to be informed about transactions, offers, policies, etc. Push notifications allow you to send users information, promotions, and customized alerts.

Chatbot Powered by AI

Erica, a virtual chatbot from Bank of America, responds to consumer inquiries right away. In a similar vein, you need to incorporate an AI-powered chatbot that can comprehend the context of inquiries and provide prompt, accurate responses whenever needed.

Therefore, these are the ideal features to include in a Bank of America-like mobile banking app.

Current Development Trends for Mobile Banking Apps

Let’s talk about the most recent developments in the creation of mobile banking apps in this section:

Artificial Intelligence and Machine Learning

Using AI and machine learning to create powerful banking apps, such as Bank of America, is the newest trend in mobile app development.

The best artificial intelligence developers are using AI and machine learning in mobile banking apps to give users automated customer service, fraud detection, tailored experiences, and financial background analysis.

Artificial intelligence (AI) is utilized in mobile banking apps to monitor user activity. Based on the user’s behavior and preferences, the application provides customized financial advice, offers, services, and more. AI also recognizes anomalous activity and notifies users of potential cyberattack risks.

Additionally, credit scoring and loan approval are two procedures that machine learning is used to assess and optimize. It improves the customer experience by enhancing the banking services offered by mobile banking apps.

Blockchain Technology and Digital Currency

In order to improve app security in light of the rising number of cyberattacks, banks are reaching out to Blockchain app development companies.

Blockchain ensures safe and transparent transactions in mobile banking apps. Block-based storage across several nodes, transparency, and immutability make data an excellent option for high security in mobile banking apps, such as Bank of America.

Additionally, consumers have more payment alternatives because to cryptocurrencies like Dogecoin, Ethereum, and Bitcoin, which provide quick, affordable, and international payments.

Integration of the Internet of Things (IoT)

By joining numerous devices to a single network, the Internet of Things (IoT) can be integrated, facilitating smooth data sharing and communication between them.

IoT is being used by well-known mobile banking apps, like Capital One, Citi, and Bank of America, to give users seamless transaction and payment experiences.

For example, IoT-integrated mobile banking apps allow users to pay at drive-in restaurants, petrol stations, or toll booths without having to get out of their vehicle. With a single tap from the user, the sensors identify the device automatically and deduct the appropriate amount.

Put Cybersecurity First

Mobile app developers put more of an emphasis on cybersecurity to protect user information and money transfers. To safeguard mobile banking apps at all costs, they are putting in place a number of technologies and safeguards.

Many sophisticated encryption protocols, multi-level authentication, biometric authentication, and real-time fraud detection algorithms are among the many high-end technology and security measures available.

App developers also prioritize regular security upgrades and working with cybersecurity specialists to ensure strong protection against emerging dangers as cyber-attacks and hacking threats change.

API for Open Banking

In the financial industry, the Open Banking API movement is rapidly gaining traction. What is Open Banking API, though?

The term “open banking API” describes the safe exchange of client financial data via Application Programming Interfaces (APIs). It makes it possible for independent developers to produce cutting-edge financial goods and services.

For example, HSBC welcomed this trend by making its APIs available, enabling developers to create new financial products and access client data (with permission). This strategy, which provides individualized services and insights based on customers’ financial data, encourages competition, stimulates innovation, and improves customer experiences.

Voice Banking Capability

“Voice Banking” has already been integrated by numerous banks into their apps. This tool lets users utilize voice commands to complete a variety of banking tasks.

Saying something and getting it done is as simple as checking your bank account balance or sending money to a buddy. The personal voice assistant, such as Siri or Alexa, and the voice banking capability are comparable.

People can know their account balance, for example, without entering any information while using voice banking. They just inquire, “Hey, what’s the total balance of my Bank of America savings account?” and the voice results and total from the app show up on the screen.

Gamification

Not to mention, gamification is another current trend that banks are adopting. To increase user engagement and encourage regular usage of the app, they are incorporating game-like aspects into their mobile banking applications.

By including features like badges for finishing tasks and point systems for successful transactions, users are rewarded with reward points or badges, which encourages them to use the app more frequently. Users get more financial literacy and form better money management practices as a result.

Additionally, gamification increases customers’ feelings of achievement, which makes banking tasks more pleasurable and memorable. In the end, gamification promotes client loyalty and retention.

Thus, these represent the leading trends in the creation of mobile banking apps. Let’s continue and investigate the advantages of creating a mobile banking app similar to Bank of America. 

Benefits of Developing a Mobile Banking App

The following are some advantages of creating a Bank of America-style mobile banking app:

An Extra Revenue Source

You can make more money by creating a mobile banking app similar to Bank of America, which may be sold for credit card commissions, transaction fees, loan interest, brand partnerships, and other things.

Expanded Clientele

You may contact more clients globally and provide your services using a mobile banking app, which will ultimately lead to the expansion and success of your company.

Improved Interaction with Clients

With the use of tailored messaging, offers, and deals, a mobile banking app may help you interact with your clients more effectively. You can even use it to get their opinion on how you can enhance your offerings.

Enhanced Reputation

Increased usage of your mobile banking app, which is akin to Bank of America’s, will improve your company’s reputation in the marketplace.

An edge over competitors

Thanks to mobile banking app development, you have a competitive edge in the market with a strong brand identification.

Thus, these are the main advantages of creating a mobile banking app. 

Top Mobile Banking Apps 

The most popular mobile banking apps available are listed below.

American Bank

With over 10 million downloads, the Bank of America mobile banking app is the most popular. With features including account management, bill payment and transfer, deposit checking, advanced security, and Erica, the virtual chatbot assistant, the app enhances the banking experience.

Capital One Capital One is another well-known mobile banking app that offers a convenient and safe financial environment all in one location. The Capital One mobile banking software allows users to send and receive money, pay bills, manage loans, activate debit and credit cards, and check balances and export statements, among other features.

Chase Cellular

With over 10 million downloads, JPMorgan Chase’s Chase Mobile app is one of the most popular mobile banking apps. With just one app, users may get all the banking services they require.

Additionally, the app offers Connect with Chase, which enables users to book a meeting with a banker, talk with a representative around-the-clock, and locate the closest Chase branches and ATMs.

Citi Mobile

The official mobile banking app for Citi Bank, Citi Mobile offers 24/7 banking services to its consumers. With the Citi Mobile app, they can order and replace cards, locate the closest ATMs, deposit checks, manage their bank accounts, and much more.

American Bank

The U.S. Bank mobile banking app, which has over 5 million downloads, provides users with 24/7 end-to-end banking options. In addition to all the standard banking features and services, the app includes a speech-activated smart voice assistant.

Conclusion