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How to Develop a Secure Mobile Banking App?


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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