Virtual Banking App Development | Virtual Banking App Solutions

As technology continues to advance, the way we manage our finances is also changing, and virtual banking app development is at the forefront of this digital revolution. Businesses can reap a multitude of benefits from implementing virtual banking apps, especially in terms of revenue.

By providing an easy and efficient platform for customers to manage their accounts and make transactions, virtual banking apps eliminate the need for customers to physically visit a brick-and-mortar bank, which can save time and money.

Virtual banking app development offers value-added services like bill payment reminders and budget tracking, enhancing customers' banking experience, driving customer loyalty, and increasing business revenue.

Are you a business owner looking to open a venture in the Fintech industry? A virtual banking app is a perfect way to enhance your customer base and earn huge ROIs. By incorporating emerging technologies, Suffescom can help you build a feature-rich and robust virtual banking app. Get in touch with us today.

In this article, we will discuss virtual banking app solutions and why you should build a virtual banking app.

Introduction To Virtual Banking App Development

Virtual banking app development involves creating a platform where finance and banking transactions can be done virtually without the need for any physical branches. It involves using the latest technologies, such as the metaverse, blockchain, and smart contracts, bringing together virtual reality concepts and decentralized finance development. This way, virtual banks provide an immersive, secure, and efficient banking experience.

Users can access the virtual bank branches within a virtual reality environment, offering a unique and interactive banking experience. Users can interact with avatars of bank representatives, explore virtual spaces, and engage in financial activities in a visually rich and engaging manner.

Virtual banking development offers a more immersive, secure, and streamlined banking experience, enabling users to access financial services in a digital environment with increased transparency and efficiency.

Some Stats

• The market value of virtual banks is expected to reach 2.05 trillion U.S. dollars by 2030.
• In the US alone, the number of virtual banking users is expected to reach almost 217 million by 2025.
• About 60% of users want to use virtual banks in the upcoming year.
• 27% of Americans only use online-only banks for their banking needs.

How Is A Virtual Bank Different From A Traditional Bank?

The major difference between traditional and virtual banks is the location. Traditional banks have physical branches where the branch managers or other staff conduct the banking services. On the other hand, virtual banks don’t include any location. It operates completely online. Customers have virtual accounts, and the transactions are done via an online mobile application.

Virtual banks are revolutionizing the way traditional banks used to operate. Now, customers can do banking anywhere, anytime, without the need for bank support.

Features Of Virtual Banking App Solutions

When it comes to building a virtual banking app, here are some of the features that you must include in your app to make it stand out from others:

Digital Wallet

Virtual banking systems support digital wallets where customers can make and record online transactions. It is a contactless way of making payments. Users can have access to their transactions via mobile applications.

Digital Twin

With digital twin development, you can have a branch of your bank in the metaverse. It will be similar to physical branches; people can visit and discuss any issues or queries with the managers. The best part - people can visit the bank anytime, anywhere. It is not restricted to the location of the bank or people.

3D Avatars

3D avatar development makes the bank and user interaction easier. Users can create their own 3D avatars and converse with the bank in a digital environment regarding any issue or consultancy. Users do not need to visit the banks; they can meet with the bank consultants in their homes.

Smart Contracts

Smart contracts solutions, self-executing contracts with predefined rules and conditions, are crucial in virtual banking development. By integrating smart contracts into virtual banking apps, various banking operations such as loan approvals, payments, and asset transfers can be automated, reducing the need for manual intervention and ensuring efficiency, accuracy, and trust.

KYC Verification

With a virtual banking app and 3D avatars, KYC verification can be done virtually. Customers do not have to visit banks to give their biometric authentication. It can be done in the comfort of their homes.

Marketplace For Creators

In virtual banks, users have the option to sell, trade, or buy digital assets. They can also include the currencies they wish to add, such as cryptocurrencies. It will be similar to an NFT marketplace.

Benefits Of Virtual Banking App Development

Virtual banking app development offers businesses numerous benefits that can significantly boost their revenue. Let’s have a look at some of them:

Cost Reduction

No buildings or branches exist, so renting or maintaining a place is unnecessary. Most processes, like opening an account or conducting international payments, can be done online. Traditionally this includes a lot of expenses, which now can be converted to your savings.

Blockchain Aided Security

With its decentralized and immutable ledger, blockchain technology adds a layer of security and transparency to virtual banking. By leveraging blockchain, virtual banking apps can offer enhanced security for user transactions and data, eliminating the need for intermediaries. Additionally, blockchain enables cryptocurrencies within the virtual banking ecosystem, allowing users to transact using digital assets.

Digital Currency

The best part about virtual banking is that it can support cryptocurrency payments. With crypto banking platforms solutions, users can exchange cryptocurrencies such as bitcoin, binance coin, and more. In contrast to deposits, it makes it possible for central banks, private citizens, and non-banking financial institutions to settle money immediately. As a result, the payment system's concentration of liquidity and credit risk is constrained. Using digital currencies allows for the quickest and least expensive money transfers.

Immersive Banking Experience

By going virtual, you will be providing your customers with an immersive banking experience where they will interact with you in a virtual space. It will be exciting for customers; they will be excited to be a part of such an experience. In this way, you can enhance customer engagement and satisfaction. Moreover, more and more customers will be attracted to be a part of your virtual bank.

Virtual Banking App Development Cost

On average, the cost of developing a virtual banking app starts at 50,000. The cost can vary depending on the complexity of your project, the features to be added, the developer’s location, and many more.

Contact our experts today to get a free quote for your virtual banking app development project.

Also Read: P2P Money Transfer App

Our Virtual Banking App Development Process

The virtual banking app development process can vary as per individual needs and requirements. At Suffescom, we follow the following development procedure:

Devise Strategy 

The first step in building your virtual banking app is to create a strategy. First, we thoroughly research your competitors, understand customer needs, and more. Also, we listen to all of your business requirements and devise a development plan.

UI/UX Design

Your virtual banking app must look attractive to give your users the best banking experience. Our designers design your application in a way that catches the users' attention. We integrate the latest features and functionalities into the app that makes it stand out from others.

Integration Of Technologies

To give your users an immersive experience, we integrate the latest technologies, such as metaverse, blockchain, smart contracts, AR/VR, and cryptocurrency. These technologies are the backbone of creating a real-world experience in a virtual world.

Development

After we are done integrating the latest technologies, we start the development of your bank in the metaverse. We follow your business requirements and create a front/back end that aligns with your business image perfectly.

Quality Assurance

Next, our QA team conducts different types of testing on your virtual bank platform, such as performance, usability, speed, and functional testing. We ensure that the platform is working as intended without any vulnerabilities and bugs.

Deployment

Once you approve the virtual bank platform, we deploy it across various platforms and devices. We ensure it is compatible across various devices and provide a smooth and seamless user experience.

Post-Launch Support

Our work doesn’t end after the launch of your platform. We continuously monitor your virtual bank platform and ensure it remains flawless and bug-free. Also, we keep upgrading your platform with advancements in market trends and technologies.

Hire Suffescom- The Best Virtual Banking App Development Company

Virtual banking app is the next best thing in the banking world. If you want to enter the fintech industry, developing a virtual banking app is the right thing to do. For that, Suffescom is there for you. We are a leading blockchain development company with profound knowledge of emerging technologies such as blockchain, metaverse, AR/VR, cryptocurrency, and more. Our tech-savvy experts can help you build a virtual banking app with the latest features, tools, technologies, and frameworks.

Here’s why you should choose us for your virtual banking app development journey:

Industry Expertise

We have more than 5.5 years of experience in blockchain, metaverse, AR/VR, and more, which gives us an edge over other development companies in the industry. We have built many virtual apps for our clients globally, and we can build yours too.

Customized Solutions

We will listen to your project requirements and build a customized virtual banking application. We add the features you wish to your application and use your preferred technologies and blockchain networks.

On-Time Delivery

We ensure that we deliver your project on time without delays or cancellations. We make sure to meet your expectations and deliver your project as discussed.

Leading Technology

Our team of virtual banking app developers stays up-to-date with emerging technology and utilizes it in your app development. You can make sure that your banking app meets the market standards.

Get in touch with us today and get started with your virtual banking app development journey.

• Virtual Banking App Development