Mobile banking is one of the most popular tech-enabled services areas in the financial services industry. As operations in banks and financial institutions are hit by COVID-19 lockdowns, the use of mobile banking apps spiked further. Banks that already have mobile apps for all financial transactions and customer service are efficiently dealing with lockdowns and social distancing. Many financial institutes are even upgrading their apps with suitable banking app development services. In this blog post, we’ll discuss the benefits of having a banking mobile app, some development challenges, and the latest trends in this area. Let’s get started with the benefits.
Important Benefits of a Banking Mobile App
With a banking app in place, a financial service company or a bank no more need to rely on traditional banking operations to deliver services. This is especially critical in times like these when nearly the entire world facing lockdown due to the virus pandemic. Many other benefits can be leveraged through mobile banking app development.
Round-the-clock availability
Availability is crucial in a competitive market of banking and financial services. With a banking app, customers can do transactions from anywhere at any time they want. They no more need to visit a bank branch or an ATM.
Diversity of service
An unprecedented evolution of banking app development has enabled banks to introduce a swath of engaging features. These features go beyond traditional banking operations. For instance, a dashboard of expenses and transactions could make the app experience immersive and useful.
Smartness & efficiency
Mobile banking apps feature an array of cutting-edge software technologies, like voice assistance and analytics. This not just improve the user’s experience but also make them tech-savvy.
Enhanced security
Mobile apps give users great control over their banking accounts. Bank customers can monitor and manage transactions in their accounts whenever they want. Besides, advanced banking apps use an array of security tools and technologies to prevent fraud and phishing, among other things.
Personalized experience
A mobile gives a much more personalized experience than, say, for instance, a bank branch. With personalized analytics and engaging features, the user feels like a privileged customer of the bank or financial institute.
Key Features of Mobile Banking App Development
As mentioned earlier in this blog, mobile or financial app development should be focused on creating frictionless user experience. Considering the growing competition in the banking sector, banks also need to be creative. The design functionalities should engage the customers. Here are some of the most important features of a banking app.
Conventional financial transactions
This is a fundamental requirement of every banking app. Be money transfer, digital payments, or transaction history, basic financial transactions define a banking app. These are also the most widely used functionalities of a banking app.
Robust security & data protection
A banking app must always protect the personally identifiable information like passwords, credit card PIN, etc. Besides, you also need to integrate advanced features like facial recognition, fingerprint authentication, and OTP-enabled security.
Custom Notifications
The user must get custom alters for all important transactions and activities. Allow the app user to decide what kind of notification they want to receive.
Customer Support
Offering customers 24-7 support on the mobile app is one of the most desired service areas in digital financial services. The customer may need assistance in a financial transition, the app’s navigation, or for any other reason.
Banking App Development Process
- The process of a financial app development comprises all major steps of a software development life cycle.
- First, you need to create a design plan for the banking app. This step includes the selection of icons, theme, color palette, and buttons, among other things
- Once the design is ready, the next step is to choose a banking app development platform. Selection of technology includes choosing areas like front-end development, back-end development, security features, etc.
- Then the development team is ready to code and test the app rigorously. Some developers also choose an agile method and develop a prototype before coding for the final app.
- After testing and the client’s feedback, the banking apps are ready to deploy. Post-deployment support is important in areas like banking.
Mobile banking apps have not just transformed banking operations but also changed customers’ life. Even complicated banking operations like investment and financial planning are now possible just at the tap of a finger. Banks and financial institutes that still don’t have an app with advanced features should consider getting one. In a financial world hit hard by the coronavirus pandemic, banking app is no more just an option. It is an operational need. At MobiIndia, we have built feature-rich banking apps for leading banks and financial services companies around the world. In the middle of this virus outbreak, we have ramped up development services to help clients easily deal with the disruption.
FAQs
Q. What is mobile banking app?
Mobile app-based banking is a service provided by a bank or financial institution. It allows its users (customers) to do financial transactions remotely using a mobile device such as a smartphone or tablet.
Q. How do I hire a developer for a mobile banking app?
There are many ways to hire a developer for a mobile banking app like searching on Google, Clutch, LinkedIn, Upwork. Also, you can directly contact MobiIndia for any banking app requirements. We offer flexible hiring models according to your requirements.
Q. How long does it take to develop a mobile banking app?
The development time of a mobile banking app depends on your requirements. If your requirements are limited and predefined it takes comparatively less time. At MobiIndia, we build apps in the shortest turnaround time possible.
Q. How much does it cost to build a banking mobile app?
The development cost for a banking mobile app depends on what kind of app you need. Costs are lower for an app with basic design and features. If you need a high-performance app with more advanced features, the cost will be different. We offer competitive pricing for every kind of app.
