Contents hide Why You Should Go for Banking App Development Influential Data Privacy and Security Guidelines in Financial Sphere 1. PCI-DSS 2. GDPR 3. GLBA and SOX 4. CDR 5. CP Act Crucial Steps to Incorporate in Banking App Development 1. Market Analysis and Project Plan 2. A Killer Business Strategy 3. Reliable Software Vendor 4. User-Friendly UI/UX 5. Secure Bank APIs 6. Advanced Data Protection 7. Right Monetization Model Vital Mobile Banking Application Features to Mind 1. User Profile 2. Instant Transactions 3. Advanced Security Measures 4. User Notifications 5. Offline Mode Support 6. Peer-to-Peer Transfers 7. Support Chat Examples of Successful Digital Banking Apps 1. Ally Bank 2. Bank of America 3. Capital One 4. Huntington Bank 5. Wells Fargo Best Online Banking App Monetization Strategies in a Nutshell 1. Subscriptions 2. Transaction Fees 3. In-App Advertising 4. Business Collaboration 5. API as a Product Win the Race with Your Custom Mobile Banking Application Why You Should Go for Banking App Development Online banking app development niche appears among top-rated modern market segments. Analysts explain this boom by continuous strong smartphone experience incorporation into consumer life, COVID-19 outbreak, and quarantine measures. As Allied Market Research states, in 2019, the online banking app market revenue reached $11.43 billion. The report claims these numbers almost triple, hitting $31.81 billion by 2027 at a CAGR of 13.6%. Capital Banking Solution, CGI, ACI Worldwide, Microsoft, Oracle, and other corporate giants have undoubtedly influenced the online banking app market. Still, FinTech always welcomes ambitious newcomers with innovative ideas. Seize the day to try yourself in online banking. However, so that nothing could hinder you from entering the banking app development niche with ease, you should be aware of current data privacy and security laws for a target market.