Are you making the most of mobile banking to transform your financial organization? Well, more than 76% of residents in the USA have utilized a mobile banking app like Chime to streamline their financial tasks. These applications possess more than just transactional abilities, thus, they play a key role in creating financial habits and security. If you are looking to develop a mobile banking app as a financial institution owner, it is necessary to grasp the nuances of the process. This blog will guide you through the entire process to create mobile banking apps that will not only emulate the success of brands, like Chime but also help you explore what else is possible in the digital banking ecosystem. Let’s start:
What is Chime?
Chime is a famous mobile banking application in the USA, widely known for its fee-free banking services and user-oriented functionalities. It provides a number of financial services, including but not limited to checking accounts, savings accounts, and debit cards. This particular mobile app has gained ground among users because of its attention on offering a smooth and convenient banking experience.
Just to let you know, the mobile banking market is growing at a CAGR of 12.2%, estimated to touch the $1.82 billion mark by 2025. That means, if you want to mint money in the financial market as soon as possible, you must not delay hiring a top software development company to build a mobile banking application like Chime.
How to Develop an App Like Chime?
Creating a mobile banking app like Chime needs an all-inclusive and well-planned approach to ensure its success. Below you can take an in-depth look at the development process:
#1 Market Research and Planning
Before commencing the development process, it’s necessary to carry out thorough market research to grasp user needs, preferences, and the competitive ecosystem. Recognize the key features and functions that will make your app stand out in the market. Define your target audience and build user personas to guide the design and development of your banking app like Chime.
#2 Design and Prototyping
The next thing you need to do is build wireframes and mockups of your application’s UI. Concentrate on designing a simple, user-friendly, and aesthetically appealing UI that improves the user experience of your mobile banking app like Chime. Take into account certain factors, like ease of navigation, clarity of information, and accessibility functionalities. Leverage some prototyping tools to develop interactive prototypes in order to check the user flow and collect feedback from stakeholders.
#3 Development
1. Frontend Development
- Select the correct tech stack for your application (for example, Swift for iOS, Java, or Kotlin for Android)
- Create the UI depending on the design and prototype, making sure it is responsive and user-centric.
- Introduce features, like account login, transaction history, balance display, and bill payment in your app similar to Chime.
2. Backend Development
- Create a secure backend infrastructure to manage user authentication, transactions, and data storage.
- Implement a bunch of security measures, like secure API integration, encryption, and regular security audits to safeguard user data and transactions.
- Incorporate third-party services into your app like Chime, like KYC verification, payment gateways, and analytics tools to improve the functionality of the app.
#4 Testing
Performing rigorous testing is necessary to ensure your app like Chime for financial wellness is glitch-free, secure, and meets quality standards. Execute multiple types of testing, including but not limited to usability testing, functional testing, security testing, and performance testing. Utilize automated testing tools to streamline the testing process and detect any defects early on. Collect feedback from beta testers as well as stakeholders to perform enhancements before the app launch.
#5 Deployment
Post testing has been done, you must prepare your application for deployment on app stores, such as Google Play Store, Apple App Store, etc. Adhere to the guidelines set by the app stores to make sure of a seamless submission process. Analyze the performance of app like Chime after launch and resolve any problems or feedback received from users quickly.
#6 Maintenance and Updates
Once a banking app like Chime is launched, it is necessary to focus on regular maintenance and updates to keep it running uninterruptedly and up-to-date with cutting-edge technologies and security standards. Go through user feedback and analytics to discover areas for improvement and implement updates based on that.
By implementing these steps and leveraging the specialization of a skilled development team, you can successfully build a mobile banking app like Chime that meets the needs of new-age banking consumers.
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Top Benefits of Building an App Like Chime
Creating a neobanking app like the one we mentioned above, provides several benefits to users and businesses simultaneously. Here are the main benefits of building neobanking apps as outlined by a prominent banking app development company.
1. Benefits for Users
- Lower Fees: By exploiting a Chime-like app, users can avail desired banking services at lower fees compared to conventional banking applications.
- Banking on the Go: Having an app like Chime at users’ disposal allows them to opt for banking services 24/7 without the need to visit the bank in person.
- Improved Security: The applications similar to Chime provide advanced security through two-factor authentication, biometric login, and AI-powered real-time fraud monitoring, ensuring high security for banking services.
- Speed: The banking app similar to Chime provides instant money deposit and peer-to-peer money transfer options that are quicker than conventional banking systems.
- Banking Services in One Place: You can render multiple banking services all in one place by creating a Chime-like app.
So, these are the benefits users can reap by utilizing an app like Chime for financial wellness. Now, let’s learn what advantages businesses can get by developing a mobile program like Chime.
2. Benefits for Businesses
- Cost Efficient: Another pro of creating a Chime-like app as per top fintech development companies is that it is a cost-efficient solution to offer seamless banking services to users. You do not need to pay utilities bills, in-staff salaries, and rent, given that it is operated digitally.
- Competitive Advantage: Coming to the second benefit, i.e., Chime-like application development with top-notch features and functionalities provides a competitive advantage in the financial market that is transforming rapidly.
- Wider Customer Base: You can acquire more customers beyond national borders and take your business to the next level by creating an app like Chime.
- Data Insights: You can collect in-depth insights about the needs, preferences, and financial behavior of your users and provide them with personalized services, like low-interest loans or a lifetime free credit card.
- New Revenue Streams: By building an app like Chime, businesses can generate extra income in the form of loan interest, insurance sales, and even penalties for late EMI payments.
So, these are the main benefits businesses get by building a mobile application similar to Chime.
5 Best Features of Neobanking App Like Chime
- Fee-Free Banking: Just so you know, Chime provides fee-free checking and savings accounts, preventing businesses from levying several traditional banking charges.
- Automatic Savings: The “Save When You Get Paid” feature of Chime automatically saves a small amount of money from every paycheck.
- Early Direct Deposit: The Direct Deposit feature offered by Chime allows users to get their paychecks two days earlier than standard time.
- Mobile Check Deposit: Before developing a banking app like Chime, you must know that this application allows users to deposit checks by clicking photos using their smartphones, eliminating the requirement for bank visits.
- Financial Insights: Chime offers comprehensive insights into the spending habits of users and provides them with personalized suggestions for saving money.
Key Tech Stack Required for Developing a Mobile Banking App Like Chime
When creating a Chime-like mobile app, picking the right tech stack is imperative for ensuring performance, security, and a smooth user experience, according to a leading mobile app development services provider. Below are the instrumental tech stacks you must factor in:
Frontend Development
- React Native: This particular framework lets you build a cross-platform application for both Android and iOS operating systems, saving a huge amount of time and resources.
- Swift (for iOS) and Kotlin (for Android): They are highly suitable for native components that need platform-specific code.
Backend Development
- Express.js: It is a lightweight and flexible Node.js framework that makes server-side development a breeze.
- Node.js: A well-known choice for the backend, which is preferred for its event-driven and non-blocking architecture during app like Chime development.
- Python (for data analysis): If you wish to incorporate data analysis and machine learning into your application, this programming language can come in handy.
Server and Hosting
- AWS (Amazon Web Services) or Microsoft Azure: They turn out to be useful for cloud hosting and server deployment of mobile banking app like Chime.
- Docker: It is preferred for containerization and efficient deployment.
Security
- JSON Web Tokens (JWT): Best for secure authentication.
- Transport Layer Security (TLS): Best for data encryption in transit.
- Firewalls and Intrusion Detection Systems (IDS): Best for protection against cyber threats.
Database Management
- MongoDB: For semi-structured or unstructured data.
- MySQL or PostgreSQL: For structured data storage.
- Redis: For caching repetitively accessed data for faster response times.
These are the most relevant tech stack for fintech app development that you can use during your Chime-like app creation.
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How Much Does It Cost to Build An App Like Chime?
As per a top banking app development company, the cost to build a Chime-like application can differ greatly, starting from $35,000 and going up to $250,000 for a highly complicated application. The cost of developing a banking application depends on a wide variety of factors, such as:
- Software development company location
- UI/UX design of the app
- Overall app complexity
Simply understand, the more the complexity of the application and the amount of features incorporated, the higher will be the development cost. Below you can take a look at a rough cost estimate depending on various levels of complexities.
| Type of App | Estimated App Development Cost | Time Frame |
|---|---|---|
| Simple App | $35,000 – $60,000 | 3 to 6 months |
| Moderately Complex App | $60,000 – $150,000 | 6 to 9 months |
| Highly Complex App | $150,000 – $250,000 | Over 9 months |
How Can Binmile Help You Take Advantage of the Mobile Banking App Market?
Developing a state-of-the-art mobile banking application requires meticulous planning, design, development, and a laser-sharp focus on facilitating digital money management. You can create a secure, user-friendly mobile banking application that exceeds consumer expectations by availing our reliable mobile app development services. Our accomplished developers and strategists can guide you from ideation to launch, making sure that your app surpasses the industry standards, not just meets them.
We have expertise in incorporating advanced features similar to the ones found in apps like Chime, including powerful security measures, user-friendly interfaces, etc. With Binmile, you leverage our in-depth industry knowledge and technical expertise, which can help bring your vision to reality quickly and with reduced risk. Reach out to our experts to create next-level mobile banking experiences.
The Rundown
Building a mobile banking app like Chime requires extensive planning, innovative features, and a user-oriented approach. If you follow the development process drafted above and embrace the benefits of mobile banking, you can develop a successful application that meets the needs of new-age banking customers. However, if you need technical support to create a Chime-like app, you can swiftly get into a conversation with top fintech development companies.
