Are you facing a choice of technology? In our article, you will learn the pros and cons of different approaches.
1. Why picking the right tech stack for a banking app is crucial
The technology stack is the foundation of every mobile banking app. It includes the mix of programming languages, frameworks, libraries, and tools necessary to build the final app. The right choice influences future development, management, and, most importantly, the satisfaction of end users.
The tech stack for mobile banking development you choose has a major impact on the following areas:
- Security – when it comes to banking, there are no compromises in security. A solid tech stack ensures that your app can handle sensitive user data and financial transactions with top-notch protection. You don’t want any vulnerabilities that could expose your users to cyber threats or compromise their privacy.
- Performance – nobody likes a laggy app. With the right technology stack, you can ensure that the banking app runs smoothly. It helps optimize data processing, minimize annoying load times, and deliver a great user experience.
- UX/UI – taking advantage of the operating system’s capabilities ensures better integration with device functionalities. This includes utilizing features like GPS, camera, notifications, or voice recognition, which can enhance the functionality and user engagement within an application.
- Future-proofing – tech stack should be scalable and adaptable to changing needs. As the user base grows and technology evolves, banks should be able to update their app easily, integrate new features, and embrace emerging tech trends.
- Availability of the right specialists in the market – finding developers with expertise in specific technologies can be challenging. Popular stacks often have a larger talent pool, while niche or less commonly used tech stacks may require more effort to recruit the right people.
So, make sure you choose an optimal tech stack for your mobile banking application development considering security, performance, UX/UI and future growth. It’s not a decision you want to take lightly because some serious risks come with it.
1.2 The dangers of going wrong with a tech stack for a banking app development
Picking the wrong technology setup for a banking app is like building a house on a shaky foundation. It can lead to serious problems related to the areas mentioned above.
First and foremost, it can make the app vulnerable to hackers who could steal people’s sensitive financial information. It can also make the app slow and frustrating to use, leading people to lose the desire to use it. If the app doesn’t work well with features on people’s phones, like the previously mentioned GPS or the camera, it can be a hassle to use. Additionally if the technology is outdated and can’t adapt to new changes, the app might deteriorate over time. Lastly, finding the right people to work on the app can be really hard if it uses uncommon technology.
So, selecting the right technology stack is critical for a banking app – it ensures that the app functions well and keeps your clients’ money safe Additionally, it allows you to increase profit.
2. Key points to consider when choosing a tech stack for a mobile banking app development – a checklist
When building a mobile banking application, several factors should be kept in mind. Below is a condensed checklist focusing specifically on fundamental points to consider when choosing a tech stack
- Define project requirements
Through what lens is it best to assume the size of a project? Our philosophy at Finanteq,is to always define its scale and complexity, as these factors directly impact its duration, the number of people involved, and its final cost.
Small projects (MVP, PoC):
- Prioritize essential features for efficiency.
- Opt for simpler, cost-effective solutions.
- Focus on rapid development and testing.
Medium-sized projects:
- Consider a broader feature set to meet user needs.
- Allow for scalability and performance enhancements.
- Plan for a longer development timeline and a larger budget.
Large projects:
- Accommodate extensive features and complex functionalities.
- Emphasize scalability and high-performance requirements.
- Allocate a substantial budget and a more extended development timeline.
- Establish a dedicated team with specialized skills.
- Implement rigorous project management and quality assurance processes.
- Team skills – assess your team’s expertise with the chosen technologies.
- Performance – evaluate if the tech stack meets performance needs.
- Cost and budget – estimate the total cost of ownership.
- Community and support – check for an active developer community and good documentation.
- Security – evaluate security features and track record.
- Integration – assess compatibility with other tools and services.
- Development speed – consider development speed and available tools.
- Maintenance and updates – check for regular updates and long-term support.
These points should help you focus on the essential factors when making your tech stack selection.
3. Native vs cross-platform solutions for mobile banking app development – a comparison
Below you can find a comparison of the disadvantages and advantages of both approaches.
Benefits
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Native development |
Cross-platform approach |
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Security: When you use native technology all crucial support is available straight away after new algorithms or security mechanisms are being released. A dedicated platform gives you better control over the code by writing lower-level code. The code is easier to debug, analyze and troubleshoot. Any problems that arise are much easier to identify by native developers. This becomes even more evident when we compare native apps to any out of the box solution.
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Shared code: Using cross-platform technologies enables the creation of apps compatible with multiple platforms, like iOS and Android, through the use of shared code. This theoretically translates to time and effort savings since a significant portion of the code can be reused. However, it’s worth highlighting that certain limitations within these tools may necessitate the inclusion of native code segments. |
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Full performance and optimization: Native applications are purposefully designed for a single mobile platform, such as iOS or Android. By leveraging tools and programming languages exclusively tailored to that platform, these apps achieve maximum performance and optimization, as they are finely tuned to harness the unique characteristics of the specific platform. |
Cost-efficiency: Developing a single app for multiple platforms can be cost-effective because it doesn’t require a separate development team for each platform. Maintenance and updates costs for cross-platform apps can be lower compared to native ones. |
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Access to all platform features: When creating a native banking app, you have full access to all the features and capabilities offered by the mobile platform. You can leverage unique features and user interfaces such as Touch ID, Face ID, fingerprint readers, push notifications, and more. |
Faster deployment: Utilizing a single codebase enables faster deployment of a simple app on multiple platforms. There’s no need to create separate versions for iOS and Android, which can expedite the mobile banking app deployment process. |
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Better integration with the operating system: Native apps can directly utilize system APIs and services, enabling better integration with the operating system and other apps on the device. For example, native banking apps can directly access features like the camera, contacts, or location services. |
Easier management: Using a single technology to build apps for multiple platforms can simplify project management and maintain consistent business logic. Updates and fixes can be more easily managed across all platforms simultaneously. |
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Better support for updates and new features: Access to new system features or changes in the operating system is faster for native apps. Mobile platform manufacturers typically provide new features and fixes first to native applications. |
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Drawbacks
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Native development |
Cross-platform development |
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Higher cost: Native app development necessitates the engagement of two distinct teams, each possessing specialized skill sets. This inevitably extends both the duration and expense of the development process. |
Functional limitations: Cross-platform technologies can introduce significant functional limitations because you must conform to the generic features and compatibilities applied by the cross-platform framework. Some advanced features or user interfaces may be harder to implement or not fully available. |
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Risks of having different logic on Android and iOS apps. In native app development, code created for one mobile platform cannot be seamlessly adapted to another. This can lead to situations where Android and iOS apps display disparate data due to errors in rates calculations or similar discrepancies. |
Performance: Cross-platform apps are typically less performant than native apps because the abstraction layer required for cross-platform compatibility impacts performance. Some operations and interactions may be slower or less fluid. |
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Dependency on tools and frameworks: Using cross-platform technologies means you are dependent on third-party tools and frameworks for development. If any of these tools cease development or fail to adapt to the latest mobile platform updates, it can pose problems or hinder further app development. |
4. Tech stack for native mobile banking app development
Mobile banking app development is our core. Over the years of our presence in the industry, we have gathered the best tools and solutions in the field of software development.
In our work, we primarily focus on native application development. What do we use? Below you can find the technological stack breakdown for native mobile application development on iOS and Android platforms, which we usually use in Finanteq.
Tools and technologies for iOS
Swift – the primary programming language used for creating applications on the iOS platform. It is developed by Apple and offers advanced features and performance.
Combine –a framework that enables developers to work with asynchronous and event-driven code in a declarative and functional manner. It simplifies the management of asynchronous operations and data streams, making it easier to handle complex concurrency tasks.
SwiftUI – SwiftUI is a modern and intuitive declarative user interface framework developed by Apple. It allows developers to build interactive and visually stunning user interfaces for iOS, macOS, watchOS, and tvOS applications using a concise and easy-to-understand syntax, making it easier to create cross-platform user experiences with Swift.
Tools and technologies for Android
Programming Language:
Kotlin – a recommended programming language for building applications on the Android platform. It is more modern and convenient than Java, and it also offers full support from Google.
Retrofit – a Kotlin library that simplifies making HTTP requests and communication with the server’s API.
RxKotlin – a reactive library for the Kotlin language that enables handling asynchronous operations and processing data streams.
Kotlin Coroutines – a library that provides convenient management of asynchronous operations and threads.
MVVM – a MVVM design pattern helps to separate business logic from the user interface, enabling more scalable and testable applications.
Programming language: Java – a versatile and widely used programming language known for its platform independence and extensive libraries. It’s a robust choice for developing a wide range of applications.
Hibernate – a popular Java-based ORM (Object-Relational Mapping) framework that simplifies database interaction and management, making it easier to work with databases.
Spring Boot – a framework that simplifies Java application development, by providing a set of tools and conventions for building robust and scalable backend services. It’s widely used in enterprise-level applications.
JUnit – a widely adopted testing framework for Java, that enables developers to write and execute unit tests, ensuring the reliability and quality of Java code.
PostgreSQL – a reliable open-source relational database management system, known for its reliability and advanced features. It’s an excellent choice for handling data in Java applications.
Git – a distributed version control system that helps teams collaborate on code development efficiently. It’s an essential tool for managing code changes and collaborating with other developers.
Tools and technologies common for both platforms:
REST – an architecture for communication between the client and server, often used for transmitting data in mobile applications.
JSON – a data format, commonly used for sending and receiving data in a textual form.
For testing:
Gherkin – a human-readable language used to define behavior in a plain text format that is easy for non-technical stakeholders to understand. It serves as a tool for creating executable specifications that can be used in various testing and collaboration scenarios.
Cucumber – a popular open-source tool that facilitates behavior-driven development (BDD) by implementing Gherkin syntax to define test cases and automate their execution. Cucumber allows developers and testers to write feature files in Gherkin, which describe the desired behavior of a software application, and then use step definitions in code to execute those scenarios. This approach promotes collaboration between technical and non-technical team members and helps ensure that software development aligns with business requirements.
What sets us apart?
When it comes to the technology stack for mobile banking app development, we don’t rely solely on off-the-shelf solutions. We strive for technical excellence and extreme efficiency, which is why we continuously work on automating and improving our processes. Examples of these efforts include the tools, plugins and libraries we create, which we are published on our GitHub and JetBrains profiles.
Of course, the technology stack for mobile banking development may vary depending on the specific project and its requirements. However, for mobile banking apps, we usually recommend native app development. You can learn more about why in our other article: Native vs cross-platform mobile banking application.
5. Tech stack for cross-platform mobile app development
Cross-platform languages are continuously developing.
An example of this progress is the multiplatform version of Kotlin introduced by JetBrains. Currently, cross-platform technologies are also being employed in the creation of mobile banking applications.
In our opinion, these applications may not yet match the quality of their native counterparts. However, in the world of technology, where everything changes so dynamically, and it is essential to closely monitor all the developments.
Which languages are worth keeping an eye on? We present a short list below.
Flutter – a popular open-source framework for building natively compiled applications for mobile, web, and desktop from a single codebase. Flutter’s primary programming language is Dart, which is known for its performance.
React Native – an open-source framework developed by Facebook for building mobile applications using JavaScript and React. It allows developers to create native mobile apps for iOS, Android, and other platforms using a single codebase.
Kotlin Multiplatform – a promising new technology that simplifies the development of cross-platform projects. It reduces the time spent writing and maintaining code for different platforms while preserving the flexibility and benefits of native programming. Although it is still in beta phase, we highly recommend keeping an eye on this technology.
6. How much does it cost to develop a mobile banking app?
The cost of developing a mobile banking app can vary significantly depending on different factors such as scope, complexity, or location of development. Check out our comprehensive article, in which we delve deeper into this topic: What makes up the cost of building a mobile banking app.
Or even better: contact us now for a precise quote for your application
7. The final clash – summary
Are you facing a decision on which technology to use for building a mobile banking application?
It’s worth consulting with experts from the #FinanteqTeam to make the best one. We are here to help you. Regardless of the selected technology, the key to success is safety assurance, user convenience, and continuous improvement of the app in response to changing market needs.
What is more – at Finanteq, we can audit your existing application, suggest development directions, and assist you in creating an award-winning app.
Do you want to outperform your competitors?
Contact us.
