“Digitize your money power with an app like RAKBANK.”

The new banking systems have evolved with the introduction of advanced technologies like AI, Blockchain, Cloud, and Cybersecurity. It attracted multiple businesses to build an app like RAKBANK which is a leading payment platform with a high user base.

In a study it is found that around 80% people from all over the world are involved with online mobile banking services. So, looking at this business must understand that there is a lot of scope for them to start an online bank.

But, they have to study various topics regarding the development process. Here, in this blog, we have discussed everything. So, for better understanding let us move forward.

What is RAKBANK?

One of the most well-known banks in the United Arab Emirates is RAKBANK, also known as the National Bank of Ras Al Khaimah. One of the top banks in the United Arab Emirates, it was founded in 1976 and provides a variety of financial services, such as investment, business, and personal banking. The bank is renowned for its customer-focused philosophy, digital banking systems, and creative solutions.

RAKBANK offers credit cards, loans, insurance, and savings accounts to individuals, small businesses, and multinational enterprises. Due to its significant presence in the United Arab Emirates, it is essential to know what the future of digital identity in fintech is. So that you can understand how to develop a bank app to promote financial inclusion and economic progress.

Market Stats for Banking Industry

• It is anticipated that the Net Interest Income of Digital Banks in the United Arab Emirates will rise significantly, reaching an estimated $3.02 Billion by 2025.
• Additionally, it is projected that Net Interest Income would increase at a consistent rate of 56% CAGR between 2025 and 2029, reaching a market size of roughly $3.61 Billion by 2029.
• By 2025, China is expected to produce the most Net Interest Income globally, with an estimated value of $528.8 Billion.
• With an estimated total transaction value of $37.63 Billion in 2025, mobile point-of-sale payments are the market’s largest segment.
• The use of digital banks is growing rapidly in the United Arab Emirates as customers embrace the accessibility and ease provided by these technologically advanced financial institutions.

Amazing Features of Mobile Banking Applications

Users can safely and effectively manage their funds from their cellphones with a RAKBANK mobile banking app. It guarantees smooth banking at any time and from any location with a variety of features geared for ease.

1. Account Management

All of your accounts, savings, and investment can be accessed and tracked in real time. It is beneficial to develop an app like Al Rajhi Bank that has easy view details, transaction history, and account balances.

2. Fund Transfers

Instantaneously move funds between accounts or to other users, whether locally and abroad. A RAKBANK business banking app provides fee-free or inexpensive transfers that are quick and easy.

3. Bill Payments

Use the app to directly pay for credit card payments, utility bills, and other expenses. A RAKBANK digital banking app guarantees on-time settlements, plan future payments or automate recurring invoices.

4. Mobile Deposit

Just take pictures of the cheques using the app to deposit them into your account. An app like Muscat Mobile banking ensures safe and speedy deposits to save time.

5. Loan Applications

Apply straight through the app for house, auto, or personal loans in a simple and intuitive manner. Get loan options that are customized for your financial situation and follow the progress of your application in real time.

6. Credit Card Management

In one location, view and manage the details of your credit card account. To prevent interest costs, keep track of your expenses, be sure to pay on time, and verify due dates. Get points, cashback, and exclusive deals straight from the app.

7. ATM Locator

Users can locate the closest ATMs or bank branches, using the app’s integrated ATM locator. Businesses can develop an app like LuLu Money that provides a tool that displays the services that are offered at each place and gives instructions.

8. Security Features

Use two-factor authentication and biometric authentication to increase the security of your app. The iOS RAKBANK mobile banking app employs encryption to guarantee privacy and security.

9. Real-Time Notifications

Get real-time alerts for transactions, balance adjustments, and bill payments to be informed about any account activities. An Android RAKBANK app for Dubai provides notifications for critical information.

10. Personalized Dashboard

Personalize the dashboard of your app to show the features you use the most. You can build an app like Remitly so users can manage accounts, future invoices, and current transactions in order of priority.

What is the Process to Build an App Like RAKBANK?

To become active online, businesses should understand the process to build an app like RAKBANK. So, in this section, we are discussing precise development stages with a few important questions for each:

1. Analyze the Market

Investigate the present state of banking apps to learn about consumer demands, market trends, and rival products. Find market gaps that your app could fill, such as those related to security, user experience, or special services. Analyze user reviews of other apps to invest in banking & finance software development services. This stage is helpful to develop an app like RAKBANK at a fast pace.

2. Create a Plan

Create a detailed plan outlining the banking app project’s features, budget, schedule, and scope. Investors can hire on-demand app developers to specify the main aims and objectives. Additionally, it includes safe transactions, intuitive user interfaces, or particular services like loan applications or money transfers. To match the project with business needs, map out workflows and integrate requirements.

3. Hire Development Partner

Businesses can choose a trustworthy Fintech app development company to create an app like RAKBANK. Seek out developers who are aware of the particular difficulties associated with financial apps, such as adherence to security guidelines and legislation. Work together to select the appropriate platforms, development approaches, and tech stack.

4. Start With Designing

Make simplicity, accessibility, and security the top priorities while designing the app’s user interface to improve their experience. To visualize app displays, navigation, and interactions, create wireframes and prototypes. So, to make an app like RAKBANK with features like biometric login and simple navigation, you should contact a wallet app development services provider in the UAE.

5. Connect Server

Create a scalable and secure server infrastructure to support your financial app’s backend. Make sure the server maintains high availability while integrating with databases and payment gateways without any issues. Use APIs to integrate third-party full stack development services such as payment processing, transaction data, and credit scoring.

6. Test and Secure

To make sure the software works as intended in every situation, thoroughly test it. To find and address any problems, run a variety of tests, including testing models, security algorithms, and functional methods. By targeting mobile app development solutions you can easily implement encryption and multi-factor authentication for security purposes.

7. Post-Development Approach

After the application is released, continue to support it with updates, bug fixes, and feature additions. Additionally, to find opportunities for development and to introduce new features contact an E-wallet app development company in UAE. Update the software frequently to handle new security risks. Long after launch, a successful maintenance plan contributes to sustaining client engagement and trust.

Top 10 Alternatives to RAKBANK Application in the UAE

Numerous digital banking apps are available in the UAE, and each one offers special features to improve the user experience. To build a RAKBANK app clone with features like payment processing and money management you can hire dedicated wallet app developers. The top ten RAKBANK alternatives that offer better banking services are listed here.

4 Benefits of Developing Digital Banking Applications

Digital banking apps are revolutionizing banking by giving consumers convenient access to financial services via smartphones. Hiring an on-demand banking & finance software development company is profitable to gain multiple benefits like convenience and security.

1. Convenience and Accessibility

Customers can make transactions and access their accounts from any location at any time with the help of digital banking apps. Businesses must hire RAKBANK app developers to make banking more efficient by doing away with the need for physical branches.

2. Cost Efficiency for Banks

Digital banking apps save financial companies money by eliminating the need for human resources and physical branches. The use of iOS app development services is important for features like loan processing and customer assistance.

3. High User Engagement

These applications include individualized features including spending analysis, transaction alerts, and tailored financial guidance. Through banking apps development you can provide individualized services based on personal preferences, banks may strengthen their ties with their customers.

4. Secure & Transparent

Strong security features including encryption, multi-factor authentication, and biometric authentication are implemented by mobile banking apps. The use of Artificial Intelligence in the financial industry guarantees the security of consumer information and transactions.

What is the Cost to Develop Digital Banking Applications Like RAKBANK?

The complexity of the program, the developers’ location, and the technology employed all affect how much it cost to develop an app like RAKBANK. Security and user experience must all be carefully considered when developing digital banking apps. The main factors affecting the NBD mobile banking app development cost are listed below.

1. Location of Developers

The location has a big impact on how much the RAKBANK banking app development cost. Developers from areas like South Asia or Eastern Europe, where labor costs are cheaper, usually charge less than those in the US or Western Europe. The total cost of developing an app can be decreased by hiring offshore developers.

2. Application Complexity

The app’s complexity affects the cost to build a banking app in UAE and duration of development. The cost of more complex apps with extra features like AI-based insights, biometric security, or real-time data is more than that of simple apps with basic functions like account management and transactions.

3. Development Platform

The cost to build an app like RAKBANK is affected by the decision of whether to create the program for iOS, Android, or as a cross-platform application. Cross-platform apps can be more affordable by employing a single codebase for several platforms. You can hire dedicated mobile app developers for building native apps to balance the cost.

4. Tools and Technologies

The RAKBANK app development cost can be greatly impacted by the technologies and techniques used to construct the app. Biometric authentication methods, encryption techniques, and secure payment gateways all call for specific knowledge. Additionally, you can consult the entire cost of development from an Android app development company to use backend technologies like React Native.

How to Monetize Digital Banking Applications?

Applications for digital banking can make money via a variety of monetization techniques. Banks can develop long-term business plans by utilizing partnerships, transaction fees, and premium products.

1. Subscription Services

For a membership charge, provide sophisticated features including investment management, credit score monitoring, and financial advising. Consumers have the option of a premium experience with special resources and assistance. Businesses must contact a banking app development company to generate steady income.

2. Transaction Fees

Charge nominal fees for certain services like bill payment, fund transfers, and international remittances. Transactions outside of the user’s primary bank account are frequently subject to this cost structure. It is easy to develop a RAKBANK app in UAE to generate revenue for banks through payments.

3. In-App Advertising

Collaborate with outside companies to show pertinent advertisements inside the app. Higher engagement can be achieved by providing targeted advertising depending on the location or spending patterns of the customer. So, you can hire dedicated hybrid app developers to generate money from ad clicks.

4. Referral Marketing

Use affiliate links to market third-party financial items such as loans, insurance, and investment services. receiving commissions when users download the app or make purchases. By offering supplementary services that benefit customers, this approach enables banks to make money.

5. Data Analytics

Provide third parties with anonymised user data and insights regarding market trends, financial activity, and spending patterns. Additionally, this strategy allows strict privacy safeguards. To use data in large numbers it is beneficial to contact a software development company in UAE.

Summarizing the Blog!!

Now, you can easily create a clone RAKBANK app for Saudi Arabia and other Gulf countries to deliver online banking services at lightning speed. The process to build an app like RAKBANK that we have discussed in the above section is clear and applicable in app aspects. So, let us examine some points to help businesses:

• Keep a complete stack of development resources to reduce the cost.
• Target and use authorized banking & finance software development solutions in UAE.
• Always be ready to execute monetization methods on the clone RAKBANK business app.
• Optimize your mobile application to deliver updated results.

These are a few points through which investors can start a new online bank and generate a huge profit in less time. Additionally, it will be easy to keep the competition low.

FAQs

1. What is a RAKBANK Application?

Customers can handle their banking requirements while on the go with RAKBANK’s mobile application. It offers functions such as loan applications, financial transfers, bill payment, account management, and more. This app improves the user experience by guaranteeing safe, quick, and easy banking services.

2. How to Build an App Like RAKBANK?

• Recognize client needs and base feature design on banking habits and inclinations.
• Put strong security measures like multi-factor authentication, encryption, and secure APIs.
• Select safe and scalable technologies, such AWS for hosting and React Native for cross-platform.
• Prioritize user-friendly navigation and a simple layout to make sure that all users can easily use it.
• Carry out comprehensive testing to enhance app performance for seamless functioning.

3. What is the Digital Banking App Development Cost?

The features, level of complexity, and platform all affect how much it costs to design a digital banking app. While more feature-rich apps may cost $25,000 to $30,000 or more, basic apps may cost between $8,000 and $15,000. The cost is also affected by elements like customization, interaction with financial systems, and security.

4. How to Reduce the Cost of Building RAKBANK Like Applications?

• Reduce development and licensing expenses by utilizing open-source tools and frameworks.
• Employing remote developers or outsourcing to areas with cheaper labor prices.
• To minimize the initial investment, begin by creating a Minimum Viable Product that has the necessary functionality.

5. What are the Benefits of Developing Mobile Banking Applications?

• Banking services are available to clients anywhere, at any time.
• Physical infrastructure and in-person banking are no longer necessary thanks to mobile apps.
• The application offers a smooth and customized experience that makes account management simple for users.

6. What are the Methods to Monetize Digital Banking Applications?

• Provide premium benefits, such sophisticated analytics, in exchange for a subscription.
• For certain services, such as bill payment, overseas remittances, or money transfers, charge users nominal fees.
• Partner with outside companies or services to provide the app with customized advertising.