Category: Blockchain & Fintech


How to Create a Cryptocurrency: Everything You Need to Know

With the advancement of blockchain technology, more and more people have begun to jump on the train, wondering how to create a cryptocurrency that would be the next Bitcoin.

In this article from Savvycom’s R&D experts, we will guide you through new cryptocurrency creation’s leading technical and business aspects. Learn how coins and tokens differ from one another and which solutions can be utilized to make your own Cryptocurrency, all the while find out more about the followings:

  • Define what Cryptocurrency means in simple words and terms
  • Elaborate on how Cryptocurrency works nowadays
  • All the pros & cons of Cryptocurrency
  • Ways that you can build your own Cryptocurrency
  • Step-by-step process to make a new cryptocurrency
  • Price to pay to create your own crypto coin

So without further ado, let’s get started with the details regarding how you can make your own Cryptocurrency.

1. What is a Cryptocurrency?

“A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.” – Wikipedia.

Cryptocurrency, sometimes called Crypto, is a decentralized digital currency that uses encryption techniques to regulate the generation of currency units and secure transactions using Cryptography. Crypto’s main features include “Anonymity, Decentralization, and Security”; thus, it is not held or tracked by any centralized authority, government, or bank.

Blockchain, a decentralized peer-to-peer (P2P) network comprised of data blocks, which is an integral part of Cryptocurrency. These blocks chronologically store information about transactions and adhere to a protocol for inter-node communication and validating new blocks. The data recorded blocks cannot be altered or modified without changing subsequent blocks.

So, when did the hype train regarding Cryptocurrency and Blockchain start?

Even though virtual money became available a long time ago, Bitcoin is the first known and successful Cryptocurrency holding the leading position in the Cryptocurrency market. According to Statista, as of today, there are over 10,000 types of Cryptocurrencies, including the most popular ones like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Nowadays, the number is still growing, with newer Crypto being added, and the number of transactions tends to skyrocket at any given moment.

  • Following a report on Statista, at the end of July 2021, the Cryptocurrency Ethereum will be processed more than 1.1 million times per day. This was more than six times that of the more commonly known rival Bitcoin, which saw only 250,000 daily transactions that month. Other leading cryptocurrencies also saw significantly less transaction activity.
  • The price of Bitcoin has been erratic, and most other cryptocurrencies follow its more significant price swings. This volatility attracts investors who hope to buy when the price is low and sell at its peak, turning a profit. However, this does little for price stability. As such, few firms accept payment in cryptocurrencies.

Read on to learn more about the benefits of blockchain and how to create a cryptocurrency.

2. How Does a Cryptocurrency Work?

As mentioned above, Cryptocurrency is an integral part of the blockchain. And because distributed ledger technology is built on the consensus algorithms regulating the creation of new blocks, all participants in the P2P network have to accept a block for it to be registered.

There are several types of consensuses as follows:

  1. PoW (proof-of-work)
  2. PoS (proof-of-stake)
  3. DPoS (delegated proof-of-stake)
  4. PoA (proof-of-authority)

Cryptocurrency is issued every time a new block is created and is used as a reward and incentive for blockchain participants taking part in the consensus mechanism and closing blocks, i.e. allocating their processing power, stakes of coins, and other resources to support the transparency and trust of blockchain and to verify new blocks.

Bitcoin was eventually created with this purpose.

Crypto holders can transfer Cryptocurrency assets from their wallets to another or to blockchain addresses, exchange for fiat money, or participate themself in Cryptocurrency trading.

Everyone on the network can view transactions, but the identities of the people behind these public addresses will remain anonymous, as they are encrypted by unique keys that bind an individual to a personal account.

3. Difference Between Coins and Tokens

In general, Cryptocurrencies can be divided into two large subcategories which are coins and tokens. And while they are both considered cryptocurrencies, there is a difference between a coin and a token. Understanding their main concepts will help you determine how to make your own Cryptocurrency for specific business needs.

3.1. What is a Coin?

A coin operates on its own blockchain where all transactions occur. To put it in simpler terms, a coin is a blockchain’s default cryptocurrency. For instance, Ether (ETH) is the default currency on the Ethereum blockchain. A coin is defined by the following characteristics:

1. Operates on its blockchain

A blockchain keeps track of all transactions that involve its native crypto coin.When you pay someone with Ethereum, the receipt goes to the Ethereum blockchain.

If the same person pays you later with Bitcoin, the receipt goes to the Bitcoin blockchain. Each transaction is protected by encryption and is accessible by any member of the network.

2. Acts as money

Bitcoin was created for the sole purpose of replacing traditional money. The paradoxical appeal of transparency and anonymity inspired the creation of other coins, including ETH, NEO, and Litecoin. 

Using crypto coins, you can purchase merchandise and services from many major corporations today, such as Amazon, Microsoft, and Tesla. Bitcoin has recently become an official currency of El Salvador alongside the US dollar.

3. Can be mined

You can earn crypto coins in two ways. One is through traditional mining on the Proof of Work system.

The other method is Proof of Stake, a more modern approach to earning coins. It’s lighter on energy consumption and easier to do.

3.2. What is a Token?

A token works on top of an existing blockchain infrastructure, like NEO or Ethereum, which is used to verify transactions and make them secure. Tokens are often used like smart contracts, representing everything from physical objects to digital services.

Or you can put it like this when a cryptocurrency uses or “borrows” another blockchain’s network, it is considered a token. Tokens have their own price, name, and utility that differs from the native Cryptocurrency. Transactions made with tokens are eventually settled on the blockchain that they use.

Anyone can use Ethereum or Neo as the underlying technology to start a new cryptocurrency. The primary use for tokens is a security token offering (STO), which helps projects and startups fund operations through a crowd-sale. This is the main reason why everyone has started considering the possibilities of how to create a Cryptocurrency in the first place.

3.3. Sum Up Between Coin and Token

The difference between token and coin isn’t vast, but it can cause a significant headache if you overlook these 2 terms. One quick way to decide which one you should use is to pay attention to what you’re buying. If it’s a product, most often, you would need coins. If it’s a service, there are utility tokens that you can use.

4. Advantages and Disadvantages of Cryptocurrencies

If you are thinking about the burning question of how to create a cryptocurrency, you first need to know the pros and cons of making them first. Follow us as we explore the reasons why cryptocurrencies are popular and why you should use cryptocurrency in your business operations.

4.1. Advantages of Cryptocurrencies:

High Risks – High Rewards

There are more than 10,000 cryptocurrencies on the market today, and each has its particular quirks. But all cryptocurrencies have a few things in common, like their tendency to experience sudden spikes (and drops) in value.

Prices are driven primarily by the supply of coins from miners and the demand for them by purchasers. And these supply-demand dynamics can result in hefty returns. The price of Ethereum, for example, roughly doubled from July 2021 to December 2021, which was relatively prosperous for investors who jumped on the train at the right time.


In blockchain, decentralization refers to transferring control and decision-making from a centralized entity (individual, organization, or group thereof) to a distributed network. This makes cryptocurrency independent from any authority so that no one can dictate the rules for cryptocurrency, neither developers and owners.

Fast and Unlimited Transactions

Fiat money transactions take significant time to be processed and settled. Your business will end up waiting days to receive money. With cryptocurrency, you can create an unlimited number of transactions and send them almost immediately to anyone with a crypto wallet anywhere in the world.

Low Transaction Fees

Banks and other financial institutions issue considerable transaction fees. This doesn’t mean you don’t need to pay a fee for cryptocurrency transactions; however, the amount you need to pay is relatively small.

Accepted Internationally

The sender and the recipient of funds can be in different parts of the world and still exchange cryptocurrency. You can save money on currency conversion and the fees that accompany international funds transactions.

Transparency and Anonymity

Thanks to the distributed nature of blockchains, every transaction is recorded, and those records are immune to changes. At the same time, if a crypto address is not publicly confirmed, no one will know who made a transaction and who received the cryptocurrency.

4.2. Disadvantages of Cryptocurrencies:

Limited Acceptance

Some countries are very hesitant about granting any cryptocurrency to their system. In everyday life, there are still limited possibilities for those who want to make purchases with cryptocurrency.

High Volatility

Very often, users thinking about how to get started with cryptocurrency forget about an important factor – high volatility. The cryptocurrency market is unstable, with frequent ups and downs even for famous cryptocurrencies like Bitcoin and the most recent Crypto like LUNA. It is highly risky to invest in cryptocurrency, as you never know whether it will be a profitable investment or not.

Transactions are Non-Reversible

Mistakenly entering an incorrect cryptocurrency address may cost you money. There is no way to reverse a transaction. You may request a refund, but if it is declined, be ready to say goodbye to your money.

Cryptocurrency Storage

You’ve probably read horror stories about cryptocurrency owners who lost their devices, forgot their private keys, and could not access their cryptocurrency fortunes. These situations can happen to anyone, so anyone can lose their money accidentally if not careful.

These benefits and drawbacks should all be considered when considering how to create a cryptocurrency that will elevate your business goals.

5. Overview on How to Create a Cryptocurrency

You can launch a brand-new cryptocurrency by forking an existing blockchain and producing a token, or you can create an altogether new blockchain with a coin. Online guides on how to start a cryptocurrency can be found in abundance. But they all need to know at least the fundamentals of coding and have a thorough grasp of blockchain.

What are the Different ways of Creating Cryptocurrency? Method 01: Building your cryptocurrency on a new blockchain
Method 02: Altering an existing cryptocurrency
Method 03: Creating a new cryptocurrency on an existing blockchain

5.1. Creating a Coin

This option is unsuitable if you are looking for an easy and fast way to create your own cryptocurrency. You need to be an experienced professional in decentralized technologies or have someone willing to take on the role of technical expert.

It might only take five minutes to create a coin. All you need to do to create a blockchain and coin is to copy the Bitcoin source code, add a new variable, or even modify the value of something. However, you must comprehend the code and know how to alter it, which requires strong coding abilities.

Another issue is maintaining, supporting, and promoting the coin, as you have to create the whole logic of blockchain to launch your coin. Hiring a team of professionals to handle the task would save more time. Still, you would have to pay for custom software development services. Go for it if you can afford to allocate a budget toward creating and supporting your own blockchain.

5.2. Creating a Token

This is a more feasible way to become a cryptocurrency creator. While having complete control over the blockchain may sound like a great idea, this has certain drawbacks like increased development time, significant spending, and much more.

Fork cryptocurrency is created on top of an existing blockchain by utilizing the underlying technology’s trust, popularity, and consensus mechanism. When you build a token on top of a robust blockchain, like Ethereum, your token runs on a secure network protected from fraudulent attacks. Token creation is less costly in terms of money and time, as you utilize the existing decentralized architecture and implemented consensus mechanisms.

5.3. Key Takeaways

As already said, creating a token is significantly easier than creating a coin. You must create and properly manage a blockchain in order to create a coin. Although you could fork (create a clone of) another chain, this doesn’t address the issue of how to locate users and validators to support your network’s existence. However, creating a new coin has a larger chance of success than simply creating a token. Here is a short explanation of each option:

Coin Token
Requires the creation of a new blockchain Relatively easy to create with open source code
Can be built on the existing and trusted blockchains Blockchain development requires more investment
In-depth knowledge of blockchain and coding skills are required Token creation is easier, faster, and more cost-efficient

6. How to Make a Cryptocurrency – Key Processes

After considering everything above, you can start taking the initiative to build your desired Cryptocurrency. Some of these steps will be less relevant when you choose to outsource Blockchain Development to a professional IT vendor, much like Savvycom. But even then, anyone undertaking the task should be familiar with these aspects of how to create a Cryptocurrency.

6.1. Define Your Idea

Making a cryptocurrency could be entertaining, but in actual business, you need to have a strategic plan. Define your goals for your dApp, including the audience it will serve, in addition to the technical aspects of creating a cryptocurrency. This crucial step might be aided by expert business analysis services. It’s possible that you wish to exclude banks or other middlemen from transactions or develop a revolutionary healthcare solution.

6.2. Choose a Suitable Blockchain Platform

You must choose the blockchain on which to mint your cryptocurrency if you want a token. Popular choices include BSC and Ethereum, although sidechains may also be a bright idea. You’ll need to consider developing or hiring someone to create a unique blockchain if you want to establish your own coin.

6.3. Pick a Consensus Mechanism

Consider the consensus mechanism you want if you’re building your own blockchain or aren’t sure which one to choose for your token. These procedures govern participants’ methods for confirming and validating network transactions. Due to its numerous versions and minimal hardware requirements, most blockchains use Proof of Stake. Some people believe Proof of Work, the security method employed in Bitcoin, to be more secure. However, it is frequently expensive to maintain and not as environmentally friendly.

6.4. Design Blockchain Architecture

You only need to complete this step if you’re making a coin. Not every blockchain enables users to run nodes or verify transactions. Choosing whether to have a private, public, permissioned, or permissionless blockchain is crucial. Your blockchain architecture will change depending on what your coin and project are trying to accomplish.

6.5. Begin Blockchain Development

You will require outside assistance to develop your ideas unless you possess advanced development skills. It is pretty challenging to alter the fundamental concepts and principles of the blockchain after it has been put into use. Utilize a testnet to ensure everything goes according to plan, and ideally, work with a large development team to create your blockchain.

6.6. Double-Check Legal Aspects

Now that your blockchain is operational and you are prepared to mint your cryptocurrency, it is advisable to get professional legal counsel to determine whether you need to submit an application for authorization. Again, completing this step on your own is challenging and requires assistance.

6.7. Spend Time Making a White Paper

Your white paper should answer the following questions:

  • What is the problem and why is a new solution needed?
  • What is your company planning to spend ICO/STO funds for?
  • When will tokens will be released, how many, and on which exchanges?
  • What roadmap will the project follow?
  • Who is on your team, what experience do they have, and how can they bring value to the project?

6.8. Mint Your Cryptocurrency

You will eventually need to mint the cryptocurrency, whether you’re making a token or a coin. Your tokenomics will determine the specific approach. For instance, fixed supply tokens are typically created via a smart contract all at once. As miners approve brand-new transactional blocks, coins like Bitcoin are eventually made.

7. Five Best Cryptocurrencies on The Market

According to Coinmarketcap, there are 20,000 cryptocurrencies on the market and the number is still growing. While it is impossible to name the single best cryptocurrency on the market, below we have listed the most popular ones.

7.1. ETH

Decentralized open-source blockchain platform Ethereum has its own coin called Ether. ETH serves as both a framework for the execution of decentralized smart contracts and a host of other cryptocurrencies.

7.2. BTC

This was the first cryptocurrency to be created. To this day, Bitcoin is still at the top of the game, even with the recent downfall in terms of value.

7.3. BNB

Short for Build and Build, BNB is the native crypto asset of the Binance ecosystem. Binance began as essentially just a crypto exchange, but it has since branched out its offerings. It launched Binance Coin in 2017 via an initial coin offering (ICO). In 2022, Binance unveiled a rebranding that included changing the asset’s name from Binance Coin (BNB) to simply the ticker BNB (shorthand for Build and Build), abandoning the name Binance Coin.

7.4. SOL

It is Solana’s native and utility token that provides a means of transferring value as well as blockchain security through staking. SOL was launched in March 2020 and has strived to become one of the top 10 cryptocurrencies entering the space by means of total market capitalization.

7.5. NEAR

NEAR Protocol uses a native token called NEAR, which allows users to pay fees for transactions, run applications and pay for storage. Applications on NEAR must pay storage fees to the NEAR Protocol for any data that they store on the network and for performing computations.

8. The Costs to Create a Cryptocurrency

The cost of creating a cryptocurrency depends on a project’s particular requirements and whether you decide to start from scratch or use an existing blockchain as the underlying technology. The following costs are typically included in the price of developing a coin, however, they can vary greatly:


Mobile Banking Application Development: Features & Cost

Financial technology solutions have greatly simplified our lives in many aspects. About a decade ago, you would have to go to a bank branch and wait in the queue to make basic transactions like paying bills, transferring money, or depositing your funds. Complex deals like investing money or signing insurance contracts would usually take weeks or months. Compared to Internet banking, Mobile Banking Application Development is a far more convenient and user-centric.

Nowadays, with just a tap of your finger in mobile banking software, you can make your life a lot easier. In this article, we will guide you through Mobile Banking Application Development. Everything that you need to know before starting your project in a Mobile Banking App.

1. What Is A Banking App?

A banking app is a mobile app where you can access your bank account’s details and complete transactions directly from your phone, tablet, or mobile device. Based on the bank you’re accessing, you’ll be able to complete a variety of actions via your banking app.

Most banking apps allow you to view your current balance and transaction history; deposit checks up to a specific dollar value. Another thing you can do is to initiate transfers to other bank accounts, schedule payments or pay your bills, send person-to-person payments, and locate ATMs that are free for you to use.

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2. Why You Should Build A Mobile Banking App?

Mobile Banking Application -1

Number of smartphone users worldwide from 2016 to 2021 (in billions)

Imagine that almost one-third (32%) of the global population utilizes mobile banking software. Mobile Banking App is something that you cannot miss on your phone and here are the reason why:

  • The share of mobile traffic is going to grow up to 63.4% in 2019, which indicates even a greater shift from desktops to smartphones usage. – Statista
  • 36% of respondents consider mobile banking as the most favourite activity, which means every third person with a smartphone in their hands is verifying deposit or transferring funds – Statisa
  • The Millennials tend to use mobile apps more frequently than other generations. If your services are geared towards the younger generation, you should take notice.
  • 33% of respondents admit that mobile experience is the key reason why they stay with a current bank.

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3. Benefits & Advantages of Mobile Banking Application Development

A mobile banking app is a free but essential tool that can be used by clients at their convenience. Besides that, investing in mobile banking application development gives a significant advantage in cost reduction for banking institutions. This is a win-win situation for both sides of the process. Let’s review all the benefits in detail.

The benefits of developing a mobile banking application are as follows

  • Availability 24×7 – Clients can perform their usual banking operations anytime and anywhere compared with traditional banks and ATMs.
  • Variety Of Services & Functions – Top banking apps allow users to carry out almost all banking operations. Among these actions are loan tackings, payroll services, mobile check deposits, savings, etc.
  • Less Time Consuming – Clients do not have time to visit a bank and wait in line to cash checks or for consultation.
  • Paperless Record Keeping – By utilizing mobile banking development wisely, a financial institution can communicate with its clients and cover legal issues digitally. On the one hand, this reduces bureaucracy, and on the other hand, clients do not have to disclose their sensitive information on paper.
  • Reduction In Customer Service Costs – Mobile banking technology reduces the cost of customer services by 50-70%, according to McKinsey research.
  • Increased Security – Top banks value their reputation and thus want to ensure that their IT infrastructure and client software use encryption and security protocols to protect customer privacy and information integrity.
  • Personalized User Control – Clients can keep track of their expenditures and manage their finances more efficiently.

Mobile Banking Application Development provides valuable advantages for both the bank and the client.

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4. Mobile Banking Development Trends

To get the best outcome from mobile banking application development, let’s examine the current market tendencies, what customers demand from banking software.

4.1. Mobile Banking Trends

Mobile Banking Application -2

Reasons for using mobile banking apps in the United States in 2018

Below are the key findings of various studies about mobile banking development that are useful to pay attention to:

  • Statista reports that in the US, 48% of respondents aged 18-24 use mobile bankings apps at least once a week while 24% of people in their thirties do it a few times a month.
  • 1.75 billion users will conduct banking operations via their mobile devices in 2019 – Jupiter
  • The value of mobile payment transactions reached $78.09B in the USA in 2018. This sum is expected to increase to $189.97B by 2021 – Statista
  • The leading global banks have invested almost $80M in, and have launched 606, mobile banking applications – Exicon
  • The most common reason to use a mobile banking app in the United States in 2019 was to view an account balance. – Statista

4.2. Target Audience of Mobile Banking Development

Nowadays, smartphones have become more accessible in almost every part of the world, thanks to low-cost budget phone series even from the most popular vendor like Apple with their iPhone XR or Samsung with their Samsung Galaxy A Series. These markets have started to invest heavily in mobile banking development.

The markets in Asia and Africa have had a boost of 50% among the inhabitants who utilize banking applications. The McKinsey mentioned above study notes that even impoverished people in the Philippines showed a surprisingly high interest in mobile banking technology.

These days, the highest growth in acceptance of modern banking can be observed in emerging markets, namely:

  • Southeast Asia – The number of users of digital banking has doubled over the past three years here. Countries like Malaysia, Singapore, Cambodia, Laos, the Philippines, and Vietnam, and Indonesia will adopt more mobile banking services in the nearest future.
  • Latin America – The market has not yet exploited the advantages of mobile banking. Banks have only just begun to digitize their services. The number of banking apps users is predicted to account for 47% of the population in 2019.
  • Eastern Europe – The most adoptive market of financial mobile applications currently, and this trend is still growing.

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There is often an assumption that the target audience of banking apps are tech-savvy millennials, but you might be surprised by the real result.

45% of Baby Boomers (People who were born from 1946 to 1964) between the ages of 50 and 60 actively use online smart banking apps. iPads and tablets are their second most used devices.

The younger generation is pretty demanding of technology and, at the same time, the most engaging group. In 2016, a poll conducted by MX Technology identified that 60% of users are prone to switch to another bank if a mobile banking service is inefficient.

So, what do users expect from mobile banking application development? According to a Federal Reserve Board report in 2016, the most common operations performed with apps for banking are as follows:

  • 94% of users check their account balance and recent transactions
  • 61% transfer money between bank accounts
  • 57% receive alerts from their banks
  • 48% deposit checks electronically with the help of a device’s camera
  • 48% use an app or banking website to pay their bills
  • 40% find the closest ATM or bank branch
  • 25% transfer money to another person’s account

All in all, by 2017, the number of clients engaging with apps for banking or online banking had increased from 27% to 46%. This means that the financial sector has undergone changes characterized by reducing human interactions like visiting a branch or contacting a call center. And with the recent development regarding Covid-19 and the global pandemic, people are more likely to stay at home instead of going to a local bank.

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4.3. Best Banking Apps of 2020

Mobile Banking Application -3

Ally Mobile puts everyday banking and investing tasks at your fingertips.

So what is now considered a cutting-edge mobile banking application? Some apps let you track accounts from different financial institutions. Others offer built-in financial wellness and budgeting platforms. Some even turn your mobile device into a digital wallet.

It’s an exciting time in the world of mobile banking, and if mobile offerings are a deciding factor for you in choosing a bank, we’ve assembled this list of the best banking apps.

  1. Ally Bank: Best Online Mobile Banking App
  2. Capital One: Best Mobile Banking App in Customer Service
  3. Bank of America: Best Mobile Banking App for Security
  4. Simple: Best Mobile Banking App for Money Management
  5. Wells Fargo: Best Mobile Banking App for Monitoring Investments
  6. Chase: Best Mobile Banking App for Prepaid Cards
  7. Chime: Best Mobile Banking App User Experience
  8. Discover: Best Mobile Banking App for Rewards
  9. PNC Bank: Best Mobile Banking App for Cardless Purchases
  10.  Charles Schwab: Best Mobile Banking App for Managing Multiple Accounts

5. Functionalities for Mobile Banking Application Development

Mobile Banking Application -4

Main Mobile Banking Features

For efficient mobile banking application development, most users (86%) are interested in two features – checking balances and exchanging funds between accounts.

5.1. Essential Features of Mobile Banking

The general features used in mobile banking development that are hard-to-avoid are as follows:

  • Account creation

It is imperative to build a secure and quick authorization process. Multi-factor authentication is a safe sign-in option but takes some time to fill in the necessary information.

Alternatively, biometric authentication using physical user metrics (appearance, voice, even gestures) is far quicker and even fun.

A MasterCard study indicates that users have become more willing to use personal biometrics as their passwords. The Wells Fargo app has a verification feature that scans the iris of their corporate customers.

  • Account management

This point may include a range of mobile banking features. Users can check their cards, bank accounts, review account balance and record history, etc.

It is even possible to implement some additional functionality. For instance, the ABN AMRO Bank in the Netherlands included a unique mobile banking feature for personalized account management.

This feature allows users to set a savings goal, create investment plans, and perform repeat payments.

  • Customer support

Being able to provide constant support is one of the core mobile banking features, as the client should be able to address a bank representative and ask questions 24/7. Alternatively, it is possible to advance and personalize the user experience by using Artificial Intelligence in a chatbot.

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  • ATM & bank branch locations

Mobile Banking Application Development should not skip this fundamental feature of mobile banking services. In order to improve the user experience, it is possible to apply VR technology. This is a unique feature of mobile banking implemented by RBC. It allowed the bank to increase the number of its app downloads tremendously.

  • Secure payments and transactions

P2P transactions, payments for services, and fund exchanges should be processed securely and conducted anytime and anywhere with the help of a banking app.

An alternative variant of this feature in mobile banking application development is using QR codes for goods and services payments. Scanning QR codes is a fast and easy way to conduct these operations inside the app. Only a few banks have offered this mobile banking feature to their clients.

  • Push notifications

Mobile banking application development should utilize reminders and alerts to increase customer engagement and app promotion. It is necessary to control this aspect and plan the communication strategy with your client in advance because most users would not appreciate receiving intrusive notifications.

5.2. Extra Mobile Banking Features

Mobile Banking Application -5

Enhance your application with these features

The app features mentioned earlier create the core of mobile banking application development. To increase user traction and interest, you should be thinking about some innovative mobile banking features which might ultimately be the deciding factor of your app likes:

  • Spending trackers

Mobile banking development should focus on user needs, even if they are not explicit. This functionality can control personal budgets and set some goals for desired purchases. The system can create a customized dashboard based on user information, give necessary motivation, and inform users regarding progress.

Alternatively, users can set some scheduled payments and bills in advance not to miss an important transaction. This mobile banking feature is utilized in a significant way in the Simple App. The app is used to track spending habits, plan budgets, and save on each expense.

  • Cash back service

M-commerce sales increased to 300M in 2017, and the sum is expected to more than double in 2019. Therefore, with the cashback possibility, users are stimulated to use your bank account to pay for services and goods. This small feature or promotion can be an excellent foundation for your loyalty program. Soon, this mobile banking feature will be included in the majority of banking apps.

  • Personalized offers

It makes sense to create special offers, discounts, or coupons with a mobile banking app. The opportunity lies in partnering with restaurants, cafes, coffee houses, and so on for the provision of particular discounts or coupons. This feature stimulates sales and, at the same time, engages the user with your mobile banking software.

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  • Unique services

Mobile banking application development can include other non-traditional services. These services can consist of purchasing tickets, ordering a taxi, reserving a table, delivery, and more.

For example, a Polish bank (Zachodni WBK) reached out to new users with the functionality of paying for public transport, shopping, and taxi-hailing directly from its mobile app.

  • App for smartwatches

Smartwatches have begun to substitute smartphones in many operations. Why not consider developing a banking application for these wearables?

The Australian Bank of Melbourne was the first to create a banking app for smartwatches. The functionality included payments for services and goods, receiving notifications, balance checking, and finding ATMs.

  • Finance sharing feature

Visa research indicates that to attract Millenials, it makes sense to concentrate on mobile banking application development for budgeting. This mobile banking app may include sharing finances and splitting bills.

For instance, the app from Emirates NBD has a bill-splitting feature where each user has to include some sum and indicate the number of people participating in the operation via social networks.

Final recommendation: It is better to develop a couple of apps with distinct mobile banking features rather than complex software with lots of operations, details, and data. Try to ask your target users about their priorities in banking procedures and focus on providing a solution for them first.

6. Mobile Banking Application Development Processes

6.1. Conduct Research And Make A Plan

The preliminary stage is crucial and shouldn’t be skipped at any cost. The first task is to conduct market research. You need to identify your competitors, check alternative solutions on the market, and learn what is popular among the crowd. Without doing this, you may go in the wrong direction.

Once you’ve got the research results, continue with defining your target audience. Your application may be for corporate clients, families, individuals, or institutions. Knowing your clientele will help you find out their pain points, which are crucial for sketching an app toolkit.

In this step, you should make a detailed plan for mobile banking development, including expenditure projections that will become a foundation for your budget.

6.2. Create A Prototype

Mobile Banking Application -10

A mobile app prototype demonstrates how a product will function

Every Application starts with an idea in your mind. To turn it into reality, you need to create a sketch or prototype explaining in general terms the structure and order of design elements, visuals, and content. You may start with low-fidelity wireframing to sketch a home screen, users’ accounts, personal dashboards, and the layout for a landing page.

As a rule, wireframes consist of boxes, lines, and texts made in the white and black color scheme. You can use an app wireframe to validate your concept and collect early feedback. Next, you can turn your wireframe into a hi-fi prototype that will include a graphic presentation of a product, layout, interface components, the color scheme, and micro-interactions.

Just like wireframes, use your app prototype to demonstrate its toolkit to your focus group, test functionality, and interface. You can add default texts, placeholders, and test data so that people can feel how your app works.

6.3. Make A Graphic Design

Be ready for hard work in this step as your app’s design is its business card that should be recognizable. There are tons of tips on how to make a perfect design for a mobile application. We have created a shortlist of essential recommendations. Check them below.

  • make sure that typography, icons, color palette, buttons, and forms of your solution match your corporate style and brand;
  • the navigation should reflect the logical architecture of your solution;
  • all the design elements – buttons, links, forms, icons – should be clear and comprehensive;
  • choose colors, images, video files that evoke certain emotions and feelings;
  • consider cultural differences if you’re going to operate globally;
  • adjust your app to iOS and Android standards to efficiently market it earlier on;
  • your app icon should be unique and make your solution stand out;
  • think about extra bells and whistles like sticker packs for messengers.

Learn More On: All You Need To Know About Telemedicine App Development

6.4. Choose A Technology Stack

When choosing a technology stack for your Mobile Banking App, you should concentrate on four areas: front-end, back-end, cross-platform frameworks, and other prerequisites such as robustness and security. Make a checklist that would include the following criteria

  • project scope, complexity, and scalability;
  • the number of specialists and the level of their competence;
  • necessary tools and software;
  • outside solutions;
  • docs and specs.

There are different kinds of applications: native apps, hybrid solutions, cross-platform applications. Each has its pros and cons and unique features. Native apps are robust and demonstrate high performance. They’re ideal for an established business. Native apps allow specialists to use the native functionality of Android and iOS devices without utilizing third-party APIs.

Hybrid apps are developed using web technologies and can be built for different platforms thanks to a unified codebase. Based on HTML, CSS, and JavaScript, hybrid apps can function as progressive web apps.

6.5. Develop And Test

Mobile Banking Application -11

The benefits of Mobile App Testing include optimizing in-app experiences, boosting core metrics, and experimenting with the existing mobile app features in production

The most efficient mobile banking app development path you can choose from is contacting an outsourced team. If your idea is brand-new and requires a custom approach, you can’t do it without external help.

The development process allows building a well-thought-out architecture, developing life-like user paths and journeys, creating a user-friendly interface that won’t have analogs, and choosing a technology stack that suits best. The most challenging part is to get a team together, as the quality of work will influence the overall outcome.

6.6. Market Your App And Get Feedback

The most popular app marketplaces – Google Play Market, AppStore, and Microsoft Store – have different requirements for applications you should follow to avoid rejection. In case you opt for an outsourcing team, you can be sure that your off-the-shelf product will adhere to these standards by default.

6.7. Improve And Update

The app launch is just the beginning. To get valuable feedback and learn what to improve and update, ask the mobile audience for feedback, contact app review sources, ask influencers and bloggers to test your product.

If you focus on Apple users, you may submit your application to Apple’s editorial team to get an expert review. Another good idea is to apply your app to Top Apps lists or mobile app awards.

Once you’ve got feedback, you can define the weak and vital aspects of your product and decide how to make it better.

7. Mobile Banking Application Development Cost

Mobile Banking Application -8

Clutch’s study indicates that the cost of complex solutions, including mobile banking application development, ranges from $200,000 to $500,000

However, the cost of making an app depends on its processes and features. We will give you a rough estimation of how much it will take for you to build a mobile banking application.

You may wonder why banks are investing in mobile banking application development. This is the most efficient method of customer engagement, which definitely outweighs the traditional methods that still involve resellers, support staff, and agents. As well, mobile banking development acts as an effective communication point with the possibility to get up-to-date market insights and improve banking services.

7.1. Discovery

We conduct a thorough business analysis to determine how the app will work in detail, what users can do, and whether third-party services are required.

What you get: functional specification with user flows, diagrams, and wireframes.

Cost: USD 2,400 – 3,200.

7.2. UI/UX Design

Based on the user flows and features we determine during the discovery stage, we’ll come up with user experience design to make sure we’ve covered all the business requirements and user needs at the same time. Then we’ll produce a user interface design of the app that includes the visual representation.

What you get: high-fidelity prototypes ready for implementation, along with a style guide.

Cost: USD 16,800 – 24,800.

7.3. Web Development

Mobile apps require administration and it’s usually a web-based admin dashboard.

What you get: a user-friendly admin back-office with functionality to manage the mobile app.

Cost: USD 135,000 – 153,000.

Your Next Best Mobile Banking App Is Waiting!

Get in touch with Savvycom for a free consultation. We’ll help you decide on next steps, explain how the development process is organized, and provide you with a free project estimate.

7.4. Mobile Development

We develop an API to communicate with the server-based app developed in Phase 3.1 and put all things together: design, functionality, API.

What you get: a fully-working app ready to upload on Google Play Market or AppStore.

Cost: USD 45,000 – 64,000.

In general, mobile banking development and all mobile app development services can be split into two stages, Discovery and Development. The discovery stage includes all the preparatory work for the project performed by a business analyst, who is responsible for the development of your app from a business perspective, and a software architect, who aligns business aspects with technical implementation.

8. How to Create a Mobile Banking App Project Successfully

It is absolutely certain that the banking sector will only become more and more digital. Mobile banking application development allows the industry to increase efficiency in operations, reduce bureaucracy, and enhance customer experience while promoting banking services. So what makes a good banking application?

Applicable and user-friendly functionality that is secure and easy to access. These can include, but may not be limited to:

  • Checking the account balance without login
  • Integrations with device info and tools (e.g. address book)
  • User customization based on recent actions and regular transactions
  • Customizable offers
  • Creation of personalized and useful notifications

Application of advanced, innovative technologies like AI, Big Data, AR, VR, and Blockchain to enhance the user experience

Adding new functionality and scale software in accordance with upcoming mobile banking trends, namely:

  • Use of voice user interface (VUI) to increase customer engagement
  • Use of artificial intelligence and machine learning for self-service in banking industry
  • Use of advanced verification technology with biometrics to avoid data breaches

All this shows that mobile banking application development offers many opportunities to create a customer-centric experience in the banking sphere. This niche still has room for useful banking apps, so it is time to plan yours today.

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Savvycom – Your Trusted Tech Partner

From Tech Consulting, End-to-End Product Development to IT Outsourcing Services! Since 2009, Savvycom has been harnessing the power of Digital Technologies that support business’ growth across the variety of industries. We can help you to build high-quality software solutions and products as well as deliver a wide range of related professional services.

Savvycom is right where you need. Contact us now for further consultation:


The core features most banking apps share:

  • Account creation & account management
  • Payments and transactions
  • Bill payments
  • Push notifications
  • Personal manager/customer support

Nice-to-have features:

  • ATM & bank branch locations
  • Spending trackers
  • QR code scanner
  • Cashback service
  • Money converter
  • Apps for smartwatches

Teamwork makes the dream work! That's why having the right team with the suitable Technology Stack often results in an App that could last for a long time. But are you sure? You already have the right Tech Stack. Here are the tools and technologies we at Savvycom recommend for Mobile Banking App Development.

Native App Development

If you create a banking app solely for iOS or Android, you should opt for native app development. Regarding iOS-based mobile banking software solutions, the best technology includes Swift, XCode, and iOS SDK. If we're talking about Android-based mobile banking development, then Java, Kotlin, Android Studio, and SDK are the tools of choice.

Cross-platform App Development

Cross-platform app development is a winning approach that allows banking app developers to use a single code base for different operating systems. React Native, Flutter, and Xamarin will aid in building cross-platform apps.

Hybrid App Development

Hybrid mobile apps blend native mobile app development and web development. They are usually built using HTML5, CSS, JavaScript, etc.

  • Step 1: Conduct research and make plan
  • Step 2: Build and verify prototype
  • Step 3: Lay the groundwork for security
  • Step 4: UI/UX Design
  • Step 5: Choose Technology Stack
  • Step 6: App Coding
  • Step 7: Integrate with third-party solutions
  • Step 8: Release and maintain
  • Step 9: Market your app and get feedback
  • Step 10: Improve and update

Businessman pointing at risk management concept on screen

10 Best Financial Risk Management Software

Before earning a profit, learning financial risk management is a must. An excellent investor determines future objectives with a clear vision of potential risks. With technological developments, financial risk management software is popularized, simplifying the analysis and enhancing ROI greatly.

10 Best Financial Risk Management Software | Savvycom

Financial Risk Management Definition

“Financial risk management is the practice of protecting economic value in a firm by using financial instruments to manage exposure to risk. Similar to general risk management, financial risk management requires identifying its sources, measuring them, and plans to address them. Financial risk management can be qualitative and quantitative. As a specialization of risk management, financial risk management focuses on when and how to hedge using financial instruments to manage costly exposures to risk.” – Wikipedia

To make it simple, financial risk management is minimizing risk negative impacts on assets by appropriate financial. instruments

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10 Best Financial Risk Management Software

01. Kyriba

Kyriba empowers financial leaders and their teams to manage liquidity, generate value while shielding financial risks. Internal applications for treasury, risk, payments and working capital, with vital external sources such as banks, ERPs, trading platforms, and market data providers are all connected by Kyriba’s pioneering Active Liquidity Network. Based on a highly secure, 100% SaaS enterprise platform, Kyriba delivers superior bank connectivity and a seamlessly integrated solution set for handling complex financial challenges. Kyriba has become the financial risk management software provider for thousands of companies, including many of the world’s largest organizations in New York, Shanghai, London, Singapore, Tokyo, Paris and many more. The software is supported in Arabic, English, French, German, Spanish, Italian, Chinese, Polish, Portuguese, Japanese, Russian, Romanian, Serbian.
Main features:

  • Treasury Management
  • Fraud Detection
  • Risk Management
  • Supply Chain Finance
  • Payments

Kyriba |10 Best Financial Risk Management Software | Savvycom

02. Murex

Murex’s MX.3 shortens the gap between the capital market operators and financial risk management systems. The platform enables financial services firms to participate in capital markets and efficiently manage the credit, liquidity risk and market across all asset classes despite complex and far-reaching regulatory requirements through offering cutting-edge risk solutions.

The software can deal across numerous asset instruments and classes, making it flexible and easily integrated within existing IT and risk infrastructure institutions.

“Strong end-to-end capabilities from front office, to middle office and back office. Project management team is solid; deliver team (and support) is responsive. Prices can be quite high compared to competitors.” Review by a Program and Portfolio Manager on Gartner

03. SmartRisk

SmartRisk is a financial risk management tool specially designed to support financial advisors in analyzing portfolio risk to motivate clients to make portfolio changes,  retain clients during a down market and prevent clients from making investment mistakes. Clients are often not sensitive to market risk and don’t have precise downside expectations either too conservative or too reckless, resulting in inaccurate investment allocations. SmartRisk empowers advisors to communicate efficiently with clients to avoid investment mistakes.

Main Features:

  • Portfolio Modeling
  • Reporting
  • Risk Analytics
  • Market Risk Management
  • Portfolio Management
  • Portfolio Modeling
  • Reporting
  • Risk Analytics
  • Stress Tests

SmartRisk |10 Best Financial Risk Management Software | Savvycom

04. FactSet

FactSet is the financial risk management software focusing on time-management problems. The platform is equipped with multi-asset class portfolio analytics, saving advisors time in managing data. With advanced portfolio analytics, performance, and attribution, clients get an unparalleled combination of portfolio equity and fixed income analytics, data concordance management, workflow capabilities, and data distribution for internal and external clients.

Main Features:

  • Portfolio Analytics:
    • Performance & Attribution
    • Connected Teams
    • Unique Content
    • Performance Drivers
    • Flexible Reports
  • Risk Analytics:
    • Optimized Portfolios
    • Risk Models
    • Risk Over Time
    • Connected Teams
    • Stress Testing
  • Quantitative Research:
    • Portfolio Simulation
    • Backtesting
    • Data Exploration
    • Characteristics Analysis
    • Portfolio Optimization
  • Performance Measurement & Attribution:
    • Returns Analysis
    • Relative & Absolute Performance
    • Integrated Data
    • Reporting & Distribution
    • Attribution Models
    • GIPS Compliance
  • Client & Portfolio Reporting:
    • Consistent Branding
    • Trusted Analytics
    • Commentary in Seconds
    • End-to-End Reporting
    • User-Empowered or Managed Services
    • Oversight and Approvals

FactSet |10 Best Financial Risk Management Software | Savvycom

05. Calypso

Calypso delivers cross-asset solutions for trading, risk, processing, control derivatives, treasury and securities systems. The users of Calypso include sell-side financial institutions such as banks and prime brokers, buy-side firms such as investment managers, asset managers, hedge funds, family offices, insurers and corporations, as well as treasury services providers including exchanges, clearers and service consortiums. 
Main features:

  • Compliance Management
  • Credit Risk Management
  • For Hedge Funds
  • Liquidity Analysis
  • Market Risk Management
  • Operational Risk Management
  • Portfolio Management
  • Reporting
  • Risk Analytics


FINCAD is an integrated multi-asset portfolio and financial risk management software provider. The platform is transparent with comprehensive cross-asset coverage and documentation of all models, calculation methodologies, and references. The clients of the software include firms such as investment managers, asset managers, hedge funds, pension funds, banks, auditors, insurers and corporations. With various tools, FINCAD enables financial firms to manage risk while complying with sophisticated regulations.
Main features:

  • Portfolio management
  • Portfolio analysis

FINCAD |10 Best Financial Risk Management Software | Savvycom

07. GTreasury

GTreasury is a platform that gives firms cloud access to an end-to-end workflow for  integrated treasury management and financial risk management solutions and services. Its single database, connectivity and workflow unifies technology and makes working smarter. GTreasury offers a SaaS solution that can integrate Payments, Cash Management, Financial Instruments, Banking, Accounting, Risk Management, and Hedge Accounting.
Main features:

  • Cash Management
  • Financial Instruments
  • Banking
  • Accounting
  • Funds Transfers
  • SaaS & Installed Platforms
  • Illuminating Liquidity
  • Treasury
  • Treasury Management

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08. D&B Credit

D&B Credit is a cloud-based financial risk management software powered by Dun & Bradstreet’s industry-leading data and analytics. Finance and credit professionals can function more effectively and drive sustainable and profitable growth with the help of powerful portfolio segmentation tools, configurable alert tracking, and easy-to-read digital credit reports. The system supports multiple languages, currencies and provides customizable views, tagging options to flexibly manage customer portfolios.

“That recommended credit limit is paramount to us…I love the way that the data flows.” Paul Laska, Credit Manager, A.N. Deringer reviews on D&B Credit website.D&B Credit |10 Best Financial Risk Management Software | Savvycom

09. MetricStream

MetricStream is a leading provider of enterprise and cloud applications for governance, risk and compliance (GRC). M7 Operational Risk Management is a popular system developed by the company, supplying numerous tools to establish efficient operational risk management. The system is easily integrated into users’ companies’ risk management processes to enhance financial performance, protect investment capitals and equity.

“We’ve successfully rolled the tool out to all 3 lines of defense and are overall pleased with the realized value. Through MetricStream we’ve also purchased additional Tableau licenses, which allows us to manipulate, analyze, and present the data in ways that we weren’t capable of pre-MetricStream and common GRC framework.” – Reviewed by a Risk Analyst on Gartner
MetricStream |10 Best Financial Risk Management Software | Savvycom

10. Reval

Reval is a leading treasury and risk management platform, including managing cash, liquidity and financial risk through its cloud-based offerings, helping clients with their usage of financial instruments and hedging activities. Thanks to the cloud platform, clients can optimize operational efficiency, security, control and compliance, enhancing the overall performance.
Main features:

  • Risk Management
  • Hedge Accounting And Compliance
  • Cash And Liquidity Management
  • Treasury Management System
  • SaaS

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