It is okay if a bank does not have any physical office to perform its operation, but it is imperative for a bank to have an online banking service that can be accessed anytime, anywhere. Crypto banking pivots around the same idea, enabling people across the globe to access financial services round the clock, without any geographical barrier. In this article, we will discuss the steps that you can follow to build your crypto-friendly banking app.
Step 1: Concept Development
This is the most important step of developing a crypto banking application as it allows you to understand the type of banking app you want to develop and the requirements to develop that. In concept development, you have to recognize your niche market, your targeted audience, and the functions that you want to integrate into your app.
These are the areas where blockchain can be widely used in your banking app:
1) Payments: To conduct monetary transactions and store transaction history, you can develop a decentralized register. With blockchain development, these systems become more secure, transparent, reliable, and fast.
2) Fundraising: Initial Coin Offerings (ICO) can help you raise funds to grow your business.
3) Clearing and Settlement Systems: Blockchain has the potential to remove the central authority and make transactions quick.
4) Securities: More efficient and functional capital market can be developed by tokenization of traditional securities.
5) Loans and Credits: Blockchain technology can make borrowing more convenient and secure with lower interest rates.
Step 2: Development of Prototypes of the Service
The next step is to develop a prototype of your banking app. In this prototype or draft section, you will see the users’ actions, the main design elements, and the service functions.
Once you have optimized the user’s action and understood what design element you want to implement in your app, you can start developing the wireframe for your crypto banking app. If you are satisfied with the design idea and it is bug-free, then you can convert your wireframe into a highly detailed prototype that gives you an accurate look at your banking application.
Step 3: Development of Graphic Layout
A layout is the final design of your application that a user can see. A graphic layout should fit your niche market, have an appealing look, and properly do the assigned tasks. These three things are extremely crucial, so do your best to make it a big hit. Always remember, around a million people will uninstall an app if they do not like the design.
How Much Does It Cost To Develop A Crypto Banking Application?
The development time and cost depend on the complexity of the project, the integrated functionality, and the location of your service provider. Location is important as developer rates can vary from region to region.
Deploying Your Crypto Banking App
Once you have done with the development and testing process, you need to upload your application to the App Store, Play Store, and Microsoft store marketplaces. These sites have strict reliability and security rules, so make sure your service fulfills their guidelines.
To Sum Up
Crypto banking has the potential to revolutionize everything- right from transactions to how money is generated in the financial market. Many crypto enthusiasts believe that blockchain and digital assets will replace banks in the future. Additionally, many people think that this technology will enhance the traditional banking system and make it more efficient.
If you want to jump on the crypto banking bandwagon, you can rely on Antier Solutions for complete crypto banking solutions. We provide a white label banking solution fortified with all necessary banking functions – from user onboarding to loans, credit/debit cards, and more. In addition, we specialize in building custom crypto-friendly banking platforms.
Schedule A Free Demo of our white label crypto banking platform or connect with our subject matter experts to share your needs for a custom platform built from the ground up.