Your phone is a very capable device that allows you to record audio with astonishingly good sound quality. Why not use it when you have it in your pocket?
Should you want to achieve studio-level quality of the sound, attach your phone to a professional microphone of your choice. Just use a XLR-to-TRRS cable or a mobile audio interface.
Invite your bandmates to Band Studio and play together to record all instruments into separate tracks. Let each member of the band record their instruments with their phone.
Start and stop recording on all phones at once with just a single tap of any band member.
All recorded tracks will be put into a mix and will be available on all band members' phones just after the recording.
There is absolutely nothing you'll have to do to enjoy the full-mix playback.
You can adjust the playback mix to your liking, whenever you need. Set tracks levels, solo or mute specific tracks.
On iOS devices you'll be able to adjust dynamics with compressor and expander, apply equalizer, and add effects like reverb, distortion, flanger, phaser and similar.