It goes without saying in recent times banking apps like Chime have taken over the market by storm. These mobile applications are a perfect example of how fintech apps are changing the world.
Well, in the process of doing that, the Chime banking app has made an unnatural amount of money. And it is no surprise that this success has attracted a lot of people to generate their own apps like Chime.
So, if you are one of these people, this blog is for you.
Here, we shall be discussing all you need to know about developing a banking app like Chime. This includes features of the platform, its alternatives, a brief overview, the development process, and cost.
Therefore, with this being said, let’s get right into it, starting with the basics:
What is the Chime App?
So, what is a chime app?
For those who don’t know, chime is a market-leading example of fintech solutions. However,
Chime is the banking app that has your back. But one thing that must be clear is that Chime is a Fintech company, not a bank.
However, surprisingly on this platform, you get everything that you get from a traditional banking solution but in one place. That’s what makes it stand out from the rest.
Since it comes in the form factor of a mobile application, it is easy to use and simple to navigate. It also offers multiple options like Chime Checking and Chime Savings Accounts.
Speaking of offerings, let’s discuss some of the most important features of online banking apps, chime in the section below.
Feature of Mobile Banking apps like Chime
One of the best ways to understand a platform is to understand is it’s working, which is obvious.
In any case, in a bid to show you what online banking apps like Chime are all about, we shall be going through the important features these apps have.
Therefore, these are, as mentioned below:
- 24/7 account and service access
- Online bill payment
- Higher interest rate offers
- Lower fees
- High-yield accounts
- Automatic savings features
- Mobile deposits
- Immediate access to your bank statements
- Money transfers between accounts
- Enhanced security
- Safety online banking features
- Mobile banking app
- Early direct deposit
- ATM withdrawals
- Built-in automatic savings
- Credit-building features
- Fee-free overdraft
If you are creating your own mobile banking app like Chime, it’s a good idea to take inspiration from others in the market. And that’s exactly what we shall be doing in this blog.
Other Online Banking Apps Like Chime
It is no secret that there are other banking apps like Chime. And we shall be sharing some of the top ones with you.
You can learn from this platform and add all the good points to your platform. Therefore, these are, as mentioned below:
- Accrue Savings
- Aspiration
- Axos Bank
- Capital One 360
- Current
- Discover Bank
- Varo Bank
Should You Build a Banking App Like Chime?
Now that we are done with alternatives and Features of Mobile Banking App Like Chime, it’s time to ask the important question, should you build a banking app like Chime?
This is something we need to consider before we hire banking app development. Well, for some it might seem like a fruitless investment since there are already a number of banking apps in the market, as we discussed in the previous sections.
However, there are in fact a number of reasons to create an app like Chime. We shall be discussing this below:
- Growing demand: one of the first reasons to invest in creating a banking app like Chime is the growing demand. People love the convenience these platforms offer and have been demanding more. So, why not show them what you have to offer?
- Revenue generation: Well, well, when it comes to revenue, there are only a few industries that compete with financial and fintech. With the right chime clone app and a good strategy you too can make millions in the market.
- Need of the future: regardless of what people think, fintech is here to stay and so are banking apps like Chime. Therefore, by investing now, you can become the next big thing in the market within a few years. How do you like that?
These are some of the big reasons to consider chime-like app development.
Moving on, let’s discuss some different types of banking apps before we learn how you can develop one.
Types of Banking App
Since you want to hire mobile app developers and create a market-leading app like Chime, it’s a good idea to know about the different forms.
You see, there can be virtually n number of banking app types. But based on their scope of work, we can divide them into two different types.
These are:
- Dedicated mobile banking app – as the name suggests, these types of mobile banking apps are generally tied to a single bank. For instance, Bank of America is a big example of a dedicated banking app.
- Aggregator mobile banking app – this is the type in which chimes fall in. These types of platforms allow different banks to work in association with the platform, giving the user an all-in-one solution.
Now that we are done with the different types of mobile banking apps, it’s time to build one.
How To Create Mobile Banking Apps Like Chime?
Wondering how to create a banking app like Chime? Well, wonder no more. We shall be discussing each step involved in the development.
Therefore, let’s get started with the very first step, which is…
- Ideation – the very first thing you need is an idea. A concept on which your entire mobile banking app like Chime will be based.
- Research – with an idea at your hand, it’s time to conduct research around it.
- Idea validation – with all said and done, it’s time to use all the knowledge you have gathered to cross-check the idea.
- Planning – when you are sure about the idea, all that is left to do is start planning for development. Choose a tech stack, platform, and development methodology.
- Hire a banking app developer – now, we need a partner who can take your idea through the plan you have created to make it a reality.
- Design the app – development starts with designing. So, we work on the UI/UX design first.
- Banking App Development – with the designing done, all that is left to do is create the source code, and piece everything together. Though it takes much longer than one thinks.
- Testing – before we launch the app into the market, we have to test it. And that happens in this step.
- Deployment – with all said and done, it’s time to deploy the app. The process may differ based on the platform of the app, it will take at most 2 weeks.
This is the entire app development process to make a platform like Chime. But how much does it cost? Let’s answer that in the section below.
Banking App Development Cost
It goes without saying that it has always been important how much a product costs, especially when it’s a larger one like Chime.
So, how much does it cost to build a banking app like Chime? Well, the answer is it depends. It depends on the factors involved in development.
From the size of the app to the platform you have used, you need to know the entire project specifications if you wish to estimate the total banking app development cost.
On average, it will range from $10,000 to $20,000. But it’s highly recommended that you consult a fintech app development company who will help you with the same.
Conclusion
It goes without saying that every fintech investor wants to make a banking app like Chime and generate millions in revenue. Well, in this blog, we discussed all you need to know about developing a fintech app like Chime and everything related to it. And with this being said, we have come to the end of our blog.