Customers nowadays choose a bank based on various factors, including security, speed, quality of service, online banking experience, availability, and the user interface of the mobile banking app. Indeed, with the spread of a pandemic that drove contactless payments and mobile usage, mobile banking solutions went from being a long-ignored tool to a game-changing advantage for the banking industry. According to the data, new mobile banking registrations increased by 200 percent in 2020, while mobile banking traffic increased by 85 percent.
The number of mobile-only banks that raised $3.6 billion in venture capital investments in 2020 demonstrates the success of mobile banking. In this light, creating a mobile banking app is a smart move for businesses looking to stay competitive and expand their business.
Let’s have a look at how to create a banking app step by step.
1. Identify the essential features.
Building a Minimum Viable Product (MVP) requires a collection of core features that will serve as a solid basis for your future mobile banking app. To do so, consider what attributes are most important to your target audience.
Apart from that, users demand banking apps with the following features:
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- monitoring balances and fraud alerts
- turning cards on/off and reporting missing cards
- mobile check deposits; credit score information
- person-to-person (P2P) mobile payments
- tap-to-call customer service
2. Consider adding more mobile banking features.
Specify what features can help your mobile banking system stand out from the crowd while adding value to end-users to make it more engaging for clients. Extra features are just as crucial as basic features because they round out your market offering.
Here are some examples of added features that could make your banking app more valuable:
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- Accounts tracking : As data analytics becomes more popular in the Fintech business, your app might become more engaging for clients. Allow your consumers to manage their finances on the go.
- Assorted alerts and notifications : this feature’s potential is nearly limitless. You can apply deposit notifications, password/profile changes, future invoices, and so on, in addition to some fundamental ones like mobile payments messages and fraud warnings.
- Customized offers : this option is also endless; it boosts sales and keeps customers engaged with your mobile banking app. Chime N26 Bank Account Kony, DBX, MX, BankingON, and MyBank are some available software.
- Mobile photo bill pays : When a person takes a snapshot of a statement, the app uploads all billing information, allowing them to make a one-time or recurring payment.
3. Prioritize your MVP’s Features.
Once you’ve prepared a list of all the features you’d like to see in your mobile banking app, you’ll need to choose the most important ones for your MVP. When prioritizing features, remember that MVP is about more than just picking a few essential capabilities; it’s about making this valuable functionality to your clients and assisting them in resolving their fundamental problems.
4. Ensure that the app’s design and user experience are both excellent.
You can start designing after you’ve finalized the collection of features for your basic version. When a client interacts with your mobile banking app, they look at the design. Typically, the designer creates low-fidelity wireframes and layouts before moving on to creating a high-fidelity prototype. Critical UX criteria for mobile banking systems can be summed up as follows:
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- Efficiency : The ideal strategy to create a mobile banking design is to keep it simple. The more people you wish to attract to your app, the simpler the design should be. Although it may appear to be a contradiction, because the banking app deals with “not-simple matters” such as finances, the design should be as transparent as possible.
- Stable patterns : user should have no trouble figuring out where to find various features to solve a problem.
- Accessibility : As the app is likely to be upgraded with additional features in the future, the design should consider this from the beginning. Otherwise, the app’s structure and navigation may be complicated.
5. Make sure your software is safe to use
As a fact, everyone sensibly wants to ensure that their hard-earned money is kept safe. Today, security is a barrier that every fintech company must overcome in mobile banking. Banking apps had the third-highest risk of losing personal information or other security vulnerabilities overall.
Apart from specific app security programming measures such as access token and cookie protection, encrypted transport protection (HTTPS). And other assurance mechanisms to authenticate the mobile device and the back-end system.
There are a few additional options available to increase the app’s security:
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- Biometric identification is a secure and convenient way to log into mobile apps utilizing biometric data such as your fingerprints, facial recognition, iris scan, and voice recognition. The biometric technologies market is expected to reach $55.42 billion by 2027, according to Statista.
- CVC2 (Dynamic) is a three-digit bank card verification code that is generally static. Still, you can add the ability to change it to a random number once a day or once an hour to strengthen the security of customer funds.
- 3-factor authorization, when authorizing or spending funds, three levels of protection are used: password, SMS, voice password, and fingerprint.
6. Get feedback and make changes.
The introduction of your mobile banking app is only the first step. You’ve designed your banking application up to this point based on what you believe is vital to your clients. Now you have far better guidance: accurate data from real customers who are using (or not using) your app.
How our Mobile Banking solution helps
When a mobile banking solution is installed on a bank customer’s smartphone, the user can remotely execute basic banking operations.
You can use banking apps to check your current account balance, pay for products and services, and transfer money to another account, to name a few things.
Mobile Financial increases service delivery while also allowing users to access banking services from anywhere and at any time.
Mobile Banking uses cellular technologies to improve the banking industry.
The advancement of telecommunications technology and better smartphone devices has improved user experience and optimized internet usage to provide customers with more robust offerings.
Conclusion:
Banks must quickly adapt to changing technologies and provide banking services via electronic channels such as ATMs, CDMs, Net Banking, and Mobile Apps. Customers can now also use branchless banking solutions to access banking services without traveling or waiting in extensive lines.
Banks save about half of their costs, which they can use to launch new products and expand geographically.
At the same time, agency Banking offers seamless integrations with your core banking system, legacy systems, and third-party provider services, as well as configurable forms and workflows, frictionless payments, and more.
