SUCCESSfull [TOP]Y DEVELOPING A MOBILE BANKING APP
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Mobile banking development trends show frantic ambition, resulting in a steady growth potential and the continued drive for evolution. Statistics claim that 7 billion mobile users are to come by the end of 2021, with 3 billion of them jumping into mobile banking.
The top game-changers in the banking industry include Citibank, Wells Fargo, USAA, Ally Bank, and Capital One. PayPal is the most-used mobile payment app (73%), while Samsung Pay is the least used (6%).
Two-factor authentication (T-FA or 2FA) is a way to verify that your clients are who they claim to be. For increased mobile banking security, 2FA often combines a password, pin, smart token, mobile signature, or biometrics.
There is no one-fits-all stack for web or mobile banking development since every project has its characteristics. Still, a wisely chosen tech stack will help lower costs, shorten software development time, and speed up the time to market.
It may take from six to ten months to build an MVP. The exact duration depends on whether you need a small project with minor updates to your current application or a complex one with custom banking app development from scratch. The more mobile banking app features you need, the longer it will take to develop them.
Digital disrupts the nature of the core banking system. While building a successful and secure mobile banking software solution requires a lot of effort, the market is open to new challenges and a frictionless financial experience.
However, there are a few features that customers already expect as must-haves for their mobile banking apps today. By beginning with these specific capabilities, banks can set a solid foundation when exploring additional bells and whistles for their apps later on.
When it comes to mobile apps, banks have the most control on threats against the server layer and the transit layer (i.e. communication between the server and the mobile device). This makes the user and device layer most vulnerable because attacks on mobile banking apps exploit user behavior.
In addition to payments, QR codes in banking apps can also be extended to function as a form of confirmation or receipt. For example, some mobile banking apps can generate a QR code confirmation that can be shown when entering a venue, effectively serving as a ticket. This way, QR code features can enable banking apps to be more than just payment apps.
Further, recent innovations in mobile banking are now also making these apps sort of a personal financial assistant. In terms of the informational value that bank apps should provide, clients should be able to do more than just check their account balance and transaction history.
One obvious benefit of having this feature on mobile banking apps is that customers would no longer need to carry around their debit cards. More importantly, cardless ATM transactions are more secure than traditional card-based ATM withdrawals.
Because of a dynamic and exciting fintech landscape, there are many other features that consumer banking executives should consider for their mobile apps. Depending on customer expectations, some will consider them as desirable features, while others already deem them as must-haves.
When mobile applications were taking over the world, it also touched the banking sector. This is when the demand for FinTech app development occurred. And today we are here with the greatest digital solution for banking and finance. Mobile banking app development is an appreciable solution that has given banking a different sort of ease and comfort.
Mobile banking app features like instant fund transfer, paying bills, checking bank statements, etc. have made the life of customers much easier. There are many other reasons why customers are switching to mobile banking and banks are going for mobile banking software development. Reasons popularizing the search for how to create a banking app.
With a mobile banking application development, customers get access to banking services 24 hours of the day and 7 days of the week. The traditional way of banking included opening hours, lunch breaks, closing hours, national holidays, etc. which did affect the accessibility of the services.
There is no easy way to build a successful mobile app and when it comes to mobile banking application development, things get a little more tricky. When you build a banking app, you should ensure that it should be a platform that people can trust and carry out transactions with ease.
It is commonly assumed that banking mobile apps will only be used by millennials and not any other age group. This is untrue. Most baby boomers and senior citizens still use mobile banking apps. And a percentage of millenniums are highly unsatisfied with their current banking apps which proves that the assumed target audience is wrong.
The best mobile banking features are simple, elegant and do not hinder the speed of the app. After the risk of security, what makes users quit mobile apps is the performance of the app. Here are some things that you must avoid at all costs:
The UX of the app is, without a doubt, a success defining factor. Future of mobile banking depends majorly on the UX of banking apps. The importance of UX design in apps is understood when a user faces constant glitches, poor functioning and poorly interactive apps. The UX should be interactive and built with the aim of providing the best user experience. A good UX can bring in more loyal customers and better the outcome of the mobile banking app creation process.
A mobile app is a whole lot more interesting with innovative features. When going for mobile app development for banks then there are certain features that are a must to add. Here are some best mobile banking app features:
It is the first time when big data and analytics are more important in mobile banking app development than user experience. This only proves that the banking industry is progressing faster than anticipated. However, this also puts forward the thought that the growth of large financial institutions might be a danger to small banks.
The fintech market for mobile banking applications is large with a growing customer base and opportunities for new products to appear and expand. Many people turn to digital banking for convenience and lack of extra hassle.
Also, mobile banking apps are used in most countries -app-market/. The most tech-savvy market is Asia, with China and South Korea being leaders in digital secure payments usage. Followed by the United States, Denmark, India, and Sweden. Therefore, if you make the decision to create a mobile banking platform, global opportunities and audiences will open for your startup.
Last but not least, you can target user engagement and create an effective banking app with minimum features. Statistics show that the majority of the customers use such platforms for 3 reasons. To deposit checks, to transfer money between accounts, and to view statements, and current balances. Therefore, if you consider starting the mobile banking development process, we recommend focusing on these three services.
Before you decide to create a banking app and hire a team of developers, it is worth closely looking at the market leaders and their business models. How they approached mobile banking application development and what stands them out. We picked three outstanding banking products from different regions: the United States, Russia, and Germany.
The banking app quickly became famous because of its user-friendly UI/UX design, simple and straightforward copywriting, and minimalistic set of offered services. Now it serves as a role model for many mobile banking application development projects.
The goal of the Tinkoff app is to make the mobile banking process simple and friendly. To open an account, a user needs to download the app and submit the necessary documents online. Within a couple of days, a bank representative will come over to verify the identity and deliver a card.
The app knocked off mobile application development for banking by providing a variety of services and products at the same place: a user can open a debit or a credit card, savings account, transfer money, earn cashback, start investing, or find the nearest ATM. Over time, Tinkoff expanded the banking application to entertainment services and a blog with useful content. For example, users can buy a ticket to a movie theater or to a music festival.
N26 is a banking app based in Berlin, Germany, and operates in 24 European countries. It provides users with a fee-free debit card to make purchases and transfer money. For a small monthly fee, users can access premium features, including overdraft and investments. The main advantage of the product is that it is 100% online. A user can do secure mobile banking, without having to go to a branch or ever getting letters in the mail.
The interface has a very clean and simple UI, featuring brand new typography. With the design, N26 went for a minimalistic, modern typeface for the logo and ample negative space to create a feeling of a luxurious company. N26 took mobile banking application development to the next level and we definitely recommend researching them before your own project.
The main goal of a dashboard is to quickly and efficiently communicate information. Immediate access to critical data is essential for a positive user experience. For example, the first thing users should see when they enter a mobile banking app is how much money is left in the bank account.
In mobile banking application development, creating a dashboard with a bunch of numbers is not easy. For your banking app, you need to strategically think about the layout, color scheme, important widgets, and interactive elements. Ask your developer in advance if they had experience with dashboards and know best practices for data display.
Two-factor or multi-factor authentication is a technology that helps identify and verify a person entering the mobile banking app. For example, using a password or FaceID with a six-digit code from a text message or email. 2b1af7f3a8