The banking and commercial
industry has signed a remarkable revolution with the move of upgraded and
latest technologies. The rise of latest technologies like IoT (Internet of
Things), Machine learning, business intelligence, artificial intelligence,
Cryptocurrency, and other FinTech advance technologies have all provided their
role in the climb.
Today most of the users to use
smart banking services. A user no need to visit the banking branch for assisting
the various kinds of banking services like beginning form to open an account,
fill up new loan form, deposit amount and withdraw money.
In face slowly and slowly major
financial segments in the world have early introduced online banking and now
internet banking service to provide their consumers. Following to Gartner,
about ¼ of the half global banking have the domestic mobile banking provided.
Let’s gone to some other useful
statically and figures. According to the latest research, it is believed that
the huge crowd availing digital banking services through mobile apps will
exceed to 2 billion by the upcoming year. That is the interesting things about
banks.
Mobile banking is not only
restricted to build nations, but developing countries like India and China are
growing their economies via mobile banking. And as more and more separates are
opening their accounts and getting associated with the banking system, the
future of mobile app banking seems to be bright and lucrative.
McKinsey sharped out that the
conventional banking system is influencing at a slow pace with over 37%
population using it, while mobile app banking has arrived out to 50% users at
the same time.
Therefore, there are different
point why consumers are ideally moving over to mobile banking apps:
Continue 24×7 Online Banking Services
One of the key factors why
people are switching moves the smart banking service is because of the 24×7
accessibility to all the online services. The old banking methods and ATMs are
not available everywhere and you cannot get their services all round the clock.
OneApp Solutions
The mobile banking app is your
one-stop shop to avail of all banking solutions. You can open various kinds of
accounts and appeal for a number of schemes, switch money to someone, credit
money, deposit fund and apply for various loans, check your balance quickly,
and also get manage from the consumer service executive in case of any enquiry
or issue.
Time-Saving With Cost-Effective
Mobile banking saves a lot of
time as you don’t have to overtake the branch every time for availing the
service. You can do it everywhere. Moreover, it is cost-effective as banks do
not pay anything extra for offering the solutions.
Simple with quick Transfer Money
You can behavior the financial
transactions with just a few taps on the display after selecting the relevant
alternative. It is relatively much quicker and simply not taking more than just
a few seconds.
So, you want to remember that
probably offering the online services will not serve your profitability, but
it’s time to include on creating a banking app. Now, what goes into building a
successful mobile banking app? Let’s have a discussing:
Getting Familiar with the Target Audience
It’s excellent that you have
made up your mind finally that you need to get a banking app developed. But
just don’t get exaggerated and dive straightaway into the development process.
It would be better to take one step at a time. So, first, start with defining
the target audience. It is exigent to get familiar with who your goal audience
is.
In today’s storyline, the boarder
of mobile banking users is not just limited to mobile atypical, gadget lovers,
and tech-savvy people who endure online in most hours of the day. There are
other millennial also acceptance to various age groups (of above 18+) who
appear to be much interested in using the banking apps.
The Security Should be on the Top
One of the prime factors, why
we chose security over the app feature, is because it is supreme and should be
on the top of the right of way list above everything else.
It must be kept in mind that
you are building a banking app, where N numbers of users will be exactly
protecting their utter professional data such as ATM card information, credit
card detail and the online passbook.
Another remarkable detail is
that the consumers are a bit worried and concerned about sharing the secret
details, especially if they are the first-time user.
Read more - Future Predict of eCommerce in India From B2B Insights
In really, Statista indicated
that 72.7% of Americans didn’t want to go for a mobile banking app because they
are serious about protection.
Therefore, you have to
terminate this concept factor by offering them a robustly secured app, which
cannot be hacked simply. Therefore, you want to get these crucial steps when
implementing the security feature in your app.
It is exceptionally approved
that you should necessarily manage and explore the app security terms and
conditions very thoroughly. It must protect that they keep a strict vigilance
and manage how the mobile application is getting operated on the network.
The next crucial step is the
configuration of the application servers. You need to create sure that the
emails, which have been sent to the ‘Spam Category’ and have been identified as
phishing emails are not forwarded to the mobile devices.
You must compulsorily include
the latest movement and latest technology accessible. Make it a point to
upgrade the banking app at systematic intervals. Send notifications regarding
this to the users.
To refrain and block an illegal
hacker from coming into the unprotected data premises, you should connect an
encryption code for the storage cards.
It is good to move to build the
right tool that can check to optimize the password. Ask users to enter strong
passwords that are various to split. In usual cases, the powerful password
length differs from six to ten characters. But since it is a mobile sector, a
minimum length of password should define enter 12 characters with include
symbol, number, one-word capital, etc.
You should be receiving or
sending basic emails and SMSs alerting users not to get tempted by fraud calls,
emails and fake cost and rewards asking them to share bank and card informs.
The Features of Mobile Banking App
Now that we have discussed how
to grow up the security, we can extract on incorporating the major
specifications in mobile app banking.
Login or Registration Page
Like most of the mobile apps,
the banking and financial app also by force want a login or registration page
where the users can sign-in into the app using their email-id and phone
numbers.
Once the user input both the
detail, you require to send a verification link over email to activate the
account. You can also move an OTP on the phone as well.
Building the User Profile
The user profile holds full
detail of the user including his name, email id, phone number, bank account
number, bank branch, IFSC code. He can manage his information and conduct
m-banking either by entering the password or the PIN.
Transaction History or Online
Passbook
Today most of the banks offer
their clients the provision of retrieving their passbook or the transaction
history through their app. The transaction information should be shown in a
clarified manner so that it becomes simpler for the user to understand which
amount has been deposited or debited from his account.
You can also look to offer with
the fund management tool such as allocating tools, which offer tips on how to
control and handle your earnings.
The host of Other Services
There are some other hosts of
services that you should connect to in the banking app. It connects the
transfer of money through different methods such as net banking or IMPS. Except,
you can add a segment where the users can pay their bills online for mobile
phones and electricity, book flight railway or movie tickets, pay their
shopping bills and many other things.
Gone are the days when
concerning for any loan was daunting work. With mobile apps, this process can
be finished with a few steps. Apart from that you can also create a payment for
various insurance premiums, handle your Demat account for sharing trading, etc.
Push Notifications
It is crucial to include the
push alert specification in your banking application so that you can send
alerts to the customers in case of debt or credit in the account.
Moreover, you should also make
your consumers cautious about fake calls indicating lottery prize, spam, and
phishing. Finally, you can also send discounts and attractive offers on
purchase using the credit or debit card.
Connecting the Account Offline
The banks also require to offer
offline services that expects online solutions. You can connect this feature
and advantages in combination with the geo-location tools so that they access
their account even if there is no internet connectivity.
Customer Support
Customer support is a required
asset to add to the mobile banking app. The customers can contact the bank
customer care head in case they want to know some detail about their account
details or any other service that they want to avail.
Geo-location Facility
These days’ banks also provide
the geo-location facility, which helps the users in finding the nearest branch
or ATM of that bank.
The Simple and worldly App
Design
You need to move more and more
users into your banking app; isn’t? Here’s a truthful mantra; just keep the app
design simple without comprising with sophistication:
The first option is selecting
intuitive navigation with a selection of minimalistic main functions.
It is definite if you are
offering the shortcut keys for crucial functions.
It is not required to include a
password option for every service. You can remove it while the user needs to
check his balance.
Consider the various types of
gestures during a prototype connecting the swipe, pinch, rotate, etc.
Testing of the app design also
becomes pivotal the same as when testing the banking app after building it.
The Cost of Banking App
Development
According to an evaluate it has
been found that the world’s top 15 leading banks have already spent $80 million
on developing about 606 mobile banking apps.
So, if we determine the
average, it’s coming to figure around $132,000. The figure may seem to be high
but you don’t have to get worried. The cost varies from nation to nation and
the App Development Company you choose.
Apart from that, various other
factors are deciding the cost of the project such as platform, number of
specifications, app design and others.
Conclusion
The mobile banking has brought
an extreme to modify in the way people used to avail the services. It has grown
excessively reaching out to various sections of the people. They can gather
several advantages and also make payments in real-time without any problem.
The banks are constantly
working on to appreciate and improve the security and also trying to add more
facilities in the existing list.
If you are looking for an
accept Mobile App solutions to develop your mobile banking apps at most efficient
rent, then do get in touch with us.
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