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  • What are the Key Features of Secure Mobile Banking Application Development

    What are the Key Features of Secure Mobile Banking App Development

    While traditional banking is slowly losing its charm by mobile banking apps, security threats are on the rise. Over 40% of people across the world prefer using banking apps for their daily banking related-work. If you plan to make an investment in Mobile Banking App Development focus on security standards apart from look & feel.

    Key Stats Regarding Mobile banking app development:

    • Bank of America is the most popular banking apps having 35M users worldwide
    • 40% of people around the globe use mobile banking
    • Many reputed bank grew their mobile user base by over 30% in just a month

    It is the customer experience and security standards that stands behind the success of mobile banking. It is not possible to make a competitive app without engaging interface, simple and smooth interactions, and thought-out features.

    In this guide, we’re explaining the key steps of secure Banking App Development but before that major benefits of mobile apps.

    Benefits of Banking App Development

    1.  Reduced Expenses

    Mobile apps save a lot of money of banks. Here’s how:

    • Your business isn’t tied to boundaries like branches, regional centers, and many more.
    • Banking staff can’t process requests 24/7. But with mobile apps this is not the situation.
    • The human intervention is less thus errors goes down, during operational tasks.
    • You need fewer staff, not necessary to rent an office, and bear other expenses.

      2.  High Return on Investment (ROI)

    The exact cost involved in banking app development from a reputed Mobile Development Company India relies on the platform, features, and UI/UX design. It’s obvious that banks would love to return these expenses. There are multiple ways how mobile banking returns investments.

    • 90% increase in point-of-sale transactions
    • 23% in ATM withdrawals
    • 55% in revenue from transaction accounts

    There was also a growth in customer loyalty. The bank identified that app users were less likely to leave the bank than other customers.

    3.  Better Customer Experience

    • Not all banks require banking app development. Some prefer chatbots, web or desktop apps.
    • Mobile apps just provide additional benefits to customers. They’re highly secure and convenient. It is not possible to use fingerprint login with a chatbot or carry a PC always.
    • One-third of banking app users enjoy mobile experience and is the major reason to stay with their current bank.

    Features of Mobile Banking App Development

    1.  Account Creation

    The account creation approach depends on the type of banking app. In case it’s a mobile-only bank, users have to upload documents including ID card or a passport scan, take a photo of documents, and so on.

    Regular sign-ins must be secure but shouldn’t consume too much time. Mobile app asks users to enter a passcode, other banking apps either ask for password or use biometric login. It may be a great idea to integrate 2FA verification with codes shared via SMS to your device. It’ll make users completely secure.

    2.  Account Management

    Account management includes several banking features including checking cards, accessing account balance and transaction history, managing cards. The more operations your banking app performs, the more engaging and minimalistic it should be.

    UI/UX design is highly crucial at this stage. The design helps you win against competitors or make people to try out your app. You can hire mobile app developers India to make design appealing & navigation streamlined.

    If users face challenges to manage their cards or view transaction history, they’re likely to abandon the app. For a bank losing customers is not healthy from business perspective.

    3.  Payments and Transactions

    Sending or receiving money needs to be simple and secure as users share lots of data.

    Here’s how the process usually happens:

    • User selects an existing receiver from templates or shares the name of a new one.
    • Specifies the amount.
    • Adds text with the objective of the transfer.
    • Shares debit card number.
    • Reviews the details, confirms, and sends money.

    Customers confirm transactions via biometric verification, an SMS with a code, or by sharing password.

    4.  Customer Support

    Banking app development is about the automation service, but that doesn’t mean human support is completely skipped. Some operations may need assistance or additional verification. For instance, when card need to unblocked or change your credit card limit.

    Users should be able to stay in touch with a bank representative or a personal manager, ask questions, and complete their requests. In case customer support isn’t available 24/7, an AI-powered chatbot can be integrated.

    Frequently Asked Questions

    1.  What are the advantages of Mobile banking app development?

    Users enjoy banking apps because they’re convenient, secure, have several useful features, and make it simple to access banking account.

    For banks, having a mobile app means low expenses, operational costs, and going paperless thus environment friendly.

    2.  What features to include in a Mobile Banking App?

    The core features most banking apps share:

    • Account creation & account management
    • Bill payments
    • Payments and transactions
    • Push notifications
    • Personal manager/customer support

    3.  Are there any hidden charges of app development?

    No. We discuss with you your app requirements and then price accordingly. In addition, once you have placed an order, we work hard so that the price quote is strictly met.

    4. Do you guarantee security of App idea?
    Yes, we guarantee as we sign a strict NDA to secure your data. Hence, we ensure complete security and privacy of the project.

    Wrapping Up:

    Mobi India offers full-cycle software development services. We aid our clients to build native mobile and web applications from scratch or customize an existing one.

    We know that bank app development needs advanced security, compliance with regulations, and engaging UI/UX design. That’s why our Business Analytics pay strong attention to our clients’ business and tech requirements. In addition to development work mobile app security testing services is our core service with latest technologies. Mobile banking apps should carry out scanning and analysis of security issues and vulnerabilities regularly.

     

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