How to Build a Mobile Banking App in 2024

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Since 2022, Russian banking has been cut off from foreign experience and is developing its own IT infrastructure. Despite the difficulties, its growth does not stop. In the second half of 2024, the volume of the fintech sector amounted to 56.2 billion rubles - 10.5% more than a year earlier.

These figures mean that millions of people log into mobile banks every day, transfer money, order cards and pay for services. People are used to solving financial issues in the app chat, not in the queue at the branch. Mobile banking in 2024 is commonplace. Without it, businesses will not be able to withstand tough competition in the market. Read our article to find out how to make a banking app and how much it costs.

What is a banking app
A banking app is software that allows customers to manage their finances directly from their smartphone. With it, users can apply for cards, make transfers, pay bills, control expenses, take out loans, invest, open deposits and savings accounts. Apps are divided into three types:

For private transfers to other people - PayPal, YuMoney, Webmoney.

For traditional banks that have physical branches and ATMs - Sber, VTB Online.

For neo-banks without branches with fully digital functionality - T-Bank, Revolut.

What tasks does a banking application solve?
Automates business processes and reduces costs. In the mobile application, the client can order a statement, open a new product, repay a loan, ask questions to the bot - and all without human intervention.

Increases revenue per client. Banks onboard new social media marketing service features and products directly in the app, offer to try some functionality and evaluate its benefits, send individual offers. All this helps to increase conversion.

Lowers the entry threshold. Downloading an app, entering a phone number and opening an account remotely is much easier than going to a bank branch. The shorter the user path, the higher the chance of getting a new client.

Strengthens positioning and increases loyalty. The ability to receive a banking service at any time from a phone can play a decisive role for a potential client.

Mobile banking in Russia
Leading Russian banks are not inferior to startups in terms of quality and range of services. They build banking applications with well-developed UX, relying on global fintech trends. They also develop ecosystems where a user can buy insurance, pay for airline tickets, book a table in a restaurant, apply for a loan, and read an article about new electronics.

The first half of 2022 slowed down the development of daily banking. Contactless payments from a phone, purchases and payments abroad became unavailable to Russian users. Foreign exchange transactions were subject to major restrictions, and some banking applications were removed from stores. But by the second half of the year, banks adapted to the new conditions. Firstly, they improved the customer experience of mobile versions of online banking and implemented key scenarios for daily banking. Secondly, they developed alternatives to contactless payments. For example, T-Bank released stickers for payment by smartphone.

In 2023–2024, banks implemented product ideas that would improve the existing customer experience and attract new audiences. Among them:

Simplify login to the application using different identifiers.

Remote closing of cards and accounts, loan repayment.

Digitalization of credit cards.

Personal data management, including self-employment registration.

Development of investment and insurance products.

Convenience and variety of transfers and payments, for example, one-touch payment services, quick access to card details.

Development of payment scenarios: SBP, QR codes.

Customer support via messengers.

Continuous cyber threat management.

Artificial intelligence has played a significant role in Russian fintech. It has made a real revolution in the sphere of mobile application development services for banks, significantly expanding the capabilities of developers and improving user experience. Let's consider the main areas of its influence.

Automation of routine tasks. AI can automatically generate significant code fragments based on natural language, speeding up the development process. The technology also helps create interfaces and conduct automated testing of applications.