banking app development

The banking and financial system has undergone a phenomenal revolution with the transfer of upgraded and advanced technologies. The advent of innovative techniques such as the Internet of Things, the Blockchain technology, introduction of the various cryptocurrencies, the Fintech and digital transformation etc. have all contributed their role in this escalation. Today people have also opted for smart banking solutions. They no longer have to visit their branch for availing the different kinds of banking services like opening an account, applying for any particular loan, depositing, or withdrawal of money, and so on. In fact, slowly and gradually, most of the major financial institutions around the world have already started offering internet banking and now mobile banking services to their customers. According to Gartner, about 25% of the top 50 global banks have the native mobile banking facilities. Let’s move on to some other interesting figures and stats. According to a research, it is expected that the number of customers availing banking services through mobile application will exceed to 1.75 billion by the year 2019. That is seriously huge figure. The mobile banking is not only confined to developed nations, but developing countries like India and China are boosting their economies via mobile banking. And as more and more individuals are opening their accounts and getting associated with banking system, the future of mobile app banking seems to be bright and lucrative. The Benefits of Mobile Banking App McKinsey pointed out that the conventional banking system is growing at a slow pace with over 37% population using it, while the mobile app banking has reached out to 50% users at the same time. Therefore, there are various reasons why customers are preferably switching over to mobile banking apps: 24×7 Access of Online Banking One of the key reasons why people are moving towards the smart banking solutions is because of the 24×7 accessibility to all the online services. The traditional banks and ATMs are not available everywhere and you cannot get their services all round the clock. One App, Many Solutions The mobile banking app is your one stop shop to avail all banking solutions. You can open different types of accounts and apply for various schemes, transfer money to someone, receive money, deposit fund and apply for different loans, check your balance instantly, and also get support from the customer service executive in case of any query or issue. Time Saving and Cost Effective Mobile banking obviously saves a lot of time as you don’t have to visit the branch every time for availing the service. You can do it everywhere. Moreover, it is cost-effective as banks do not charge anything extra for offering the solutions. Easy and Faster Transactions You can conduct the financial transactions with just a few taps on the screen after choosing the relevant options. It is relatively much easier and faster not taking more than just a few seconds. So, you need to remember that merely providing the online services will not suffice your profitability, but it’s time to consider on creating a banking app. Now, what goes into building a successful mobile banking app? Let’s have a discussion: Getting Familiar with the Target Audience Its fine that you have made up your mind finally that you want 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 imperative to get familiar with who your target audience is. In today’s scenario, the circumference of mobile banking users is not just limited to mobile freaks, gadget lovers, and tech-savvy people who remain online in most hours of the day. There are other millennials also belonging to different age groups (of above 18+) who seem to be much interested in using the banking apps. The Security Should be on the Top One of the prime reasons why we chose security over the app feature is because it is paramount and should be on the top of priority list above everything else. It must be kept in mind that you are developing a banking app, where N numbers of users will be precisely securing their utter confidential data such as ATM card details, credit card information and the online passbook. Another noteworthy aspect is that the customers are a bit apprehensive and concerned about sharing the secret details, especially if they are the first-time user. In fact, Statista indicated that 72.7% Americans didn’t want to go for mobile banking app because they are worried about security. Therefore, you have to eliminate this concern factor by providing them a robustly secured app, which cannot be hacked easily. Therefore, you need to take these important steps when implementing the security feature in your app. It is highly recommended that you should necessarily access and examine the app security terms and conditions very thoroughly. It must be ensured that they keep a strict vigilance and control on how the mobile application is getting operated on the network. The next vital step is configuration of the application servers. You need to make sure that the emails, which have been sent to the ‘Spam Category’ and have been tagged as phishing emails are not forwarded to the mobile devices. You must mandatorily implement the latest trend and advanced technology accessible. Make it a point to upgrade the banking app at regular intervals. Send notifications regarding this to the users. In order to refrain and prevent a illegal hacker from entering into the unprotected data premises, you should integrate an encryption program for the storage cards. It is a right step to develop a tool that can check the strength of the password. Ask users to enter strong passwords that are difficult to crack. In usual cases, the strong password length varies from six to ten characters. But since it is mobile banking, minimum length of password should be not less than 12