Building Your Own FinTech Platform: How to Develop an Online Banking App Like Revolut & Monzo

FinTech has revolutionized how we deal with financial services. Banks are no longer the only way to bank, with mobile-first neobanks such as Revolut and Monzo proving that digital banking can be easy, convenient, and personalized.

Whether you are an entrepreneur, business owner, or bank wishing to develop a FinTech platform, this book will guide you through everything there is to know about creating an online banking app.

At iTechniq, one of the top mobile app development company in UK, we have expertise in designing high-performance digital banking solutions with innovative technologies. From secure cloud infrastructure setup services to smooth UI/UX design services, and compliance audit services, we assist you in turning your vision into reality.

Let’s discuss the key elements involved in developing a FinTech app such as Revolut and Monzo and how you can develop a world-class banking platform.

Understanding the FinTech App Market

Before embarking on development, it’s critical to know why FinTech apps such as Revolut and Monzo have achieved success.

The Main Reasons Behind Their Success

• Mobile-First Strategy: Such platforms are developed for contemporary users who prefer mobile banking to the conventional banking experience.
• Smooth UI/UX: Simple designs facilitate easy navigation.
• Real-Time Transactions: Transfers, payments, and currency exchange occur in real time.
• Security & Compliance: High-level encryption, biometric authentication, and regulatory compliance guarantee user trust.
• Data-Driven Insights: Users receive AI-driven spending analysis and budgeting capabilities.
• Scalability with Cloud Infrastructure: Utilizing cloud infrastructure setup services guarantees quick scaling without performance degradation.

Why This Is the Right Time to Build a FinTech App?

• Increasing Digital Banking Adoption: More than 60% of users prefer online banking.
• Regulatory Support for Open Banking: Governments promote digital finance.
• Rise of Blockchain & AI: Sophisticated technology reinforces FinTech by making it safer and more efficient.

The digital banking market is expected to surpass $10.3 trillion by 2028, driven by mobile banking innovations.

Having a robust FinTech app development company in UK behind you, you can ride the wave and craft a next-gen banking experience.

Core Features Your FinTech App Should Have

A successful banking app should provide robust features that improve user experience while maintaining security and compliance.

Essential Features

1. User Onboarding & KYC

• Fast sign-up with identity verification (AI-based KYC).
• FCA and GDPR standards compliance through compliance audit services.

2. Multi-Currency Accounts & Payments

• Multiple currency support.
• Real-time money transfers and low-fee cross-border transactions.

3. AI-Powered Financial Insights

• Intelligent analytics that monitors spending and offers savings tips.
• Personalized investment tips.

4. Virtual & Physical Cards

• Virtual debit card instant issuance.
• Apple Pay, Google Pay, and contactless payments.

5. Security & Fraud Prevention

• End-to-end encryption and biometric verification.
• AI-powered fraud detection to avoid unauthorized transactions.

With FinTech app development services, it becomes easy and efficient to integrate these features.

Step-by-Step Guide to Build a FinTech App Like Revolut & Monzo

It takes a structured approach to build a FinTech platform. Let us dissect it into primary steps:

Step 1: Ideation & Market Research

• Research competitors and identify your unique selling proposition (USP).
• Carry out surveys and focus groups to learn about pain points of users.
• Collaborate with a FinTech app development company to gain insights and advice.

Step 2: UI/UX Design & Prototyping

• Take the help of UI/UX design services to design intuitive wireframes.
• Use rapid prototyping services in UK to prototype design ideas.
• Collect user feedback and iterate on UI before ultimate development.

Step 3: Backend Development & Cloud Infrastructure Setup

• Select cloud infrastructure setup services to cater to scalable architecture.
• Create a secure backend with microservices architecture.
• Implement AI-powered analytics for better financial insights.

Step 4: Security & Compliance

• Perform comprehensive security testing along with mobile app performance testing.
• Make sure to adhere to FCA, GDPR, and PSD2 with compliance audit services.
• Enforce robust fraud prevention measures.

Step 5: Beta Testing & Optimization

• Conduct strict mobile app performance testing to support app stability.
• Conduct beta testing to acquire real-user comments.
• Optimize features and remediate bugs prior to launch.

Step 6: Deployment & Continuous Improvement

• Launch the app on iOS and Android.
• Leverage analytics for enhancing user experience.
• Deploy updates with new capabilities and security boosts.

By collaborating with a professional mobile app development company in UK, you can organize these steps in an efficient way and develop a world-class banking app.

Monetization Strategies: How to Make Money from Your FinTech App

A successful FinTech app development company in UK not only aims to develop feature-rich apps but also make them profitable. Here are the top monetization strategies for your online banking app:

1. Subscription-Based Revenue Model

• Provide tiered membership plans (e.g., free, premium, VIP).
• Offer exclusive features such as higher interest rates, personalized spending reports, and crypto trading for paid users.
• Examples: Revolut Metal & Monzo Premium levy a monthly charge for additional features.

2. Transaction Fees & Interchange Revenue

• Levy a small charge on all foreign exchange, ATM withdrawals, and card transactions.
• Collaborate with Visa/Mastercard to receive interchange revenue on card purchases.

3. Peer-to-Peer (P2P) Transfers & International Remittances

• Offer instant money transfers and levy small fees for currency conversion.
• Employ cloud infrastructure setup services to allow secure cross-border transactions.

4. Loan & Credit Services

• Offer microloans and buy-now-pay-later (BNPL) facilities.
• Use AI-based risk-assessment models to lend.

5. Partnered Financial Products

• Integrate with insurance companies and investment sites to provide third-party financial services.
• Earn a commission for each successful referral.

A FinTech app development company can assist you in integrating the monetization strategies listed above well to tap the maximum revenue potential of your app.

Marketing Your FinTech App: User Acquisition & Retention Strategies

Having a world-class FinTech app is only the starting point. The next is acquiring and retaining users.

1. Create a Pre-Launch Hype

• Build an exclusive waitlist to create buzz.
• Provide early-bird incentives (e.g., free premium subscription for 3 months).

2. SEO & Content Marketing

• Optimize your site with keywords such as “FinTech app development services” and “mobile app development company in UK”.
• Publish blog posts, case studies, and whitepapers on FinTech trends.

3. Influencer & Social Media Marketing

• Collaborate with FinTech influencers and tech YouTubers.
• Promote Instagram & LinkedIn ads highlighting the app’s advantages.

4. Referral & Cashback Programs

• Employ “invite-a-friend” rewards.
• Provide cashbacks on transactions for increased engagement.

5. App Store Optimization (ASO)

• Utilize top-ranked keywords in app descriptions.
• Foster good user reviews to optimize rankings.

A seasoned FinTech app development company in UK will assist in optimizing your app’s visibility on online platforms to boost downloads and interactions.

AI & Machine Learning: The Future of FinTech Apps

AI and ML are transforming digital banking through enhanced security, personalization, and automation. Here’s how your Mobile app development company in UK can harness AI:

1. AI-Powered Chatbots for Customer Support

• Offer 24/7 instant answers to user questions.
• Minimize operational expenses while improving customer experience.

AI-driven chatbots handle 80% of customer inquiries in fintech apps, reducing operational costs.

2. Personalized Financial Advice

• AI-based analytics monitor spending habits and propose budget plans.
• Intelligent assistants suggest investment options based on risk tolerance.

3. Detection of Frauds & Risk Analysis

• Artificial intelligence-powered fraud detection identifies malicious transactions.
• Machine learning supports real-time prevention against frauds.

4. Predictive Analysis to Approve Loans

• Calculate creditworthiness by applying AI-based models in lieu of traditional credit scores.
• Support instant approvals for microloans without paper processes.

Making investment in AI-supported FinTech application development services will provide a competitive edge to your app.

Regulatory Compliance: Understanding Financial Regulations & Laws

Compliance with financial regulations is one of the greatest challenges that FinTech app development faces. A single move in the wrong direction can be followed by lawsuits, enormous fines, or app shutdowns. To guarantee that your app functions legally and is secure, refer to the following:

1. Most Important Regulatory Standards for FinTech Apps

A reputable FinTech app development company in UK provides compliance with:

• PSD2 (Payment Services Directive 2): Facilitates open banking through strong customer authentication (SCA).
• GDPR (General Data Protection Regulation): Safeguards user privacy and security in the EU.
• FCA (Financial Conduct Authority) Guidelines: Compulsory for all financial institutions in the UK.
• PCI DSS (Payment Card Industry Data Security Standard): Secures card transactions.

2. Adhering to KYC (Know Your Customer) & AML (Anti-Money Laundering) Procedures

• Authenticate user identity using digital KYC.
• Apply AI-based transaction monitoring to identify fraudulent transactions.
• Report suspicious transactions to the relevant regulatory authorities according to AML regulations.

3. Compliance Audit Services: The Regulatory Key to Success

Compliance audit services on a regular basis ensure that your app is compliant with local and international financial regulations. These compliance audits include:

• Risk assessments to determine vulnerabilities.
• Revision of policies with new financial regulations.
• Penetration testing to validate compliance with security.

A FinTech app development company in UK will be able to integrate the compliance features seamlessly, so that your app is always legally compliant and fully functional.

Cybersecurity in FinTech: Securing User Information & Preventing Fraud

Because FinTech apps handle personal financial information, they are natural targets for cyber attacks. Having a mobile app development company in UK that focuses on security is paramount.

1. End-to-End Data Encryption

• Employ AES-256 encryption to protect financial transactions.
• Have TLS (Transport Layer Security) encryption for data transfers.

2. Multi-Factor Authentication (MFA)

• Utilize biometric authentication (fingerprint & facial recognition).
• Implement OTP (One-Time Passwords) and 2FA (Two-Factor Authentication) for extra security.

3. AI-Powered Fraud Detection Systems

• Watch real-time transactions to flag anomalies.
• Apply machine learning algorithms to detect fraudulent behavior.

4. Secure Cloud Infrastructure Setup Services

• Use ISO 27001-certified cloud servers to host your app for higher security.
• Employ automated backups to avoid data loss.

Financial fraud cases increased by 35% in 2023, emphasizing the need for secure fintech app development.

Investing in mobile app performance testing with a high emphasis on cybersecurity reduces risks and safeguards user trust.

Increasing User Engagement: Features That Addict Users

The success of your FinTech app relies not only on function—it requires heavy engagement and retention. Here is how to obtain that:

1. Gamification & Rewards

• Implement streak rewards for regular tracking of spending.
• Provide cashback points & referrals as rewards for continued engagement.

2. Clever AI-Fueled Money Insights

• Develop AI-based budgeting advice driven by user purchasing behavior.
• Give predictive analytics opportunities for investments & savings.

3. Custom UI/UX Design Services

• Enable dark mode, dashboards that can be customized & easily personalized notifications.
• Utilize UI/UX design services to deliver an interactive and beautiful interface.

4. Seamless Cross-Platform Experience

• Guarantee smooth functionality on iOS, Android, & web platforms.
• Use mobile app performance testing to optimize performance.

A mobile app development company in UK that offers UI/UX design services allows users to have a smooth & interactive experience.

Customer Support Innovations: Digital Banking Assistance Revolutionized

Customer support is essential for any FinTech app because users require instant and effective help. Here’s how to improve customer support:

1. AI Chatbots & Virtual Assistants

• Utilize 24/7 AI-powered chatbots to respond to frequent questions immediately.
• Employ natural language processing (NLP) to provide human-like responses.

2. In-App Support & Live Help

• Provide in-app live chat with actual human agents.
• Use screen-sharing & video call functionality for technical problems.

3. Multi-Channel Support for Increased Accessibility

• Offer support through email, phone, WhatsApp, and social media.
• Use FAQs through interactive voice response (IVR) systems.

A customer support AI-specialized FinTech app development company can drastically increase user satisfaction and decrease response time.

Scaling Your FinTech App Globally: Top Strategies

Once your app is a hit in the UK, the next is international expansion. Here’s how:

1. Multi-Currency & Multi-Language Support

• Support transactions in multiple currencies with up-to-date forex.
• Offer localized content for various markets (e.g., Spanish, French, Mandarin).

2. Cross-Border Regulatory Compliance

• Collaborate with compliance audit services to comply with international financial laws.
• Acquire licenses from financial regulators in target markets.

3. Cloud Infrastructure Setup Services for Global Scalability

• Host your app on cloud servers for worldwide reach.
• Implement load balancing methods to manage heavy traffic across geographies.

4. Global Marketing & Partnerships

• Partner with local FinTech thought leaders to market your app.
• Partner with international banks & financial institutions for trust.

A mobile app development company in UK with global scalability expertise can assist you in growing effortlessly across borders.

Blockchain for FinTech: The Future of Secure Transactions

Blockchain is transforming digital banking by providing tamper-proof security, decentralized transactions, and quicker settlements. A top FinTech app development company can guide you in incorporating blockchain into your app.

1. Decentralized Finance (DeFi) & Smart Contracts

• Facilitate peer-to-peer transactions with no intermediaries.
• Implement smart contracts for automated payments, lending, and investments.
• Minimize transaction costs with blockchain-based settlements.

2. Digital Identity Verification & Secure Transactions

• Store user identity safely on a distributed ledger.
• Protect against fraud with tamper-proof transaction history.
• Facilitate blockchain-based KYC (Know Your Customer) & AML compliance.

3. Integration of Cryptocurrency & Stablecoin

• Accept Bitcoin, Ethereum, and stablecoins (USDT, USDC) for transactions.
• Provide crypto-to-fiat exchange for frictionless banking.
• Facilitate cross-border payments at lower costs than conventional banking.

By using blockchain technology, your fintech app can provide quicker, secure, and less expensive banking solutions.

Real-Time Data Analytics: Informing Smarter Banking Decisions

A successful FinTech app is dependent on real-time data analytics for monitoring transactions, preventing fraud, and enhancing financial intelligence. Working with a FinTech app development company in UK guarantees smooth data processing & analysis.

1. Monitoring Transactions & Preventing Fraud

• Monitor real-time expenditure behavior to identify discrepancies.
• Employ AI-based fraud prevention to catch suspicious actions in real-time.
• Notify instant unauthorized transactions.

2. Personalized User Insights & Analysis of Spending

• Provide spend trends, savings, and budgeting reports in auto mode.
• Send real-time notifications for atypical spending habits.
• Allow users to define financial targets and view dynamic progress.

3. Scalability through Cloud-Based Big Data Analytics

• Utilize cloud infrastructure deployment services to keep & process high levels of transactions securely.
• Deploy predictive analytics through AI for personal bank advice.
• Provide instant data synchronizing capability across devices.

A fintech application infused with real-time data analytics enhances the user experience and promotes improved financial decision-making.

API-Driven Open Banking: The New Finance Connectivity Paradigm

Open Banking enables fintech applications to integrate seamlessly with third-party financial services using APIs (Application Programming Interfaces). Collaboration with a FinTech app development company guarantees seamless API integration.

1. Seamless Third-Party Integrations

• Facilitate multiple bank account aggregations within a single app.
• Connect with investment platforms, loan providers, and insurance services.
• Leverage PSD2-compliant APIs to securely access banking information.

2. Embedded Finance for Businesses

• Provide instant lending options within online shopping platforms.
• Support BNPL (Buy Now, Pay Later) integrations.
• Offer real-time business payroll & invoicing solutions.

3. Secure & Compliant API Integrations

• Provide OAuth 2.0 authentication for secure API usage.
• Employ encrypted data transmission for additional security.
• Perform compliance audit services to comply with regulatory API security requirements.

A fintech app with API-based banking provides a seamless financial environment for users and companies.

Post-Launch Maintenance: Long-Term Success

Releasing a FinTech app is only the beginning. Regular maintenance, optimization, and security updates are necessary.

1. Regular Security Audits

• Perform compliance audit services to remain current with regulations.
• Perform penetration testing to detect vulnerabilities.

2. Performance Optimization

• Utilize mobile app performance testing to identify and resolve bottlenecks.
• Optimize server response time for quicker transactions.

3. Continuous Feature Upgrades

• Implement user feedback for incremental improvements.
• Introduce new financial services (e.g., crypto lending, stock trading).

4. Data Analytics & User Behavior Insights

• Monitor real-time user behavior through AI-driven analytics.
• Use A/B testing to optimize UX/UI.

Thanks to expert FinTech app development services, your app can be kept competitive and high-performing after launch.

The Future of Digital Banking: What’s Next?

With the evolution of the fintech sector, digital banking will get increasingly automated, AI-powered, and decentralized. Here’s what’s in store:

1. Hyper-Personalized Banking Experiences

• Personalized spending suggestions based on AI.
• Voice & gesture-controlled transactions through AI-based banking assistants.

2. Decentralized Finance (DeFi) & Tokenized Assets

• Decentralized banking through non-custodial crypto wallets.
• Tokenization of real-world assets (stocks, real estate, commodities).

3. Biometric & Zero-Trust Security Frameworks

• AI-based fraud detection with real-time risk analysis.
• Zero-trust security architectures guaranteeing no implicit trust between networks & devices.

4. Quantum Computing in Financial Risk Analysis

• Risk modeling for investment decisions faster and more accurate.
• Financial transactions secured by advanced quantum encryption.

Collaborating with a mobile app development company in UK guarantees your app remains ahead of digital banking technology.

Scaling Your FinTech App with Cloud Infrastructure Setup

Cloud technology enables the scaling of FinTech apps with ease.

Why Cloud Infrastructure Matters?

• High Availability: Provides 99.99% uptime.
• Cost-Efficiency: Decreases server costs.
• Data Security: Safeguards user data with strong security controls.

Through cloud infrastructure setup services, your application can manage millions of users with ease.

iTechniq: Your Reliable Partner for FinTech App Development

Creating a fintech app such as Revolut or Monzo involves expertise in compliance, security, AI, cloud infrastructure, and UI/UX design.

At iTechniq, we offer full-cycle FinTech app development services, including:

• Custom FinTech app development according to your business model.
• Mobile app performance testing for smooth transactions.
• AI-driven user engagement & personalization for superior user experience.
• Cloud infrastructure setup services for high scalability.
• UI/UX design services for a seamless user experience.
• Rapid prototyping services  in UK to enhance development cycles.
• Compliance audit services for financial regulation compliance.

Turn your fintech dreams into a reality with iTechniq! 

Get in touch with us today to learn about your FinTech app development requirements! Let’s create something extraordinary together.