Making a mobile app for any sector is an enormous undertaking. However, in the banking sector, it is particularly difficult because you have to take into consideration a myriad of technology. Cybersecurity, as well as online payment options as well as authentication, UX/UI, and many more elements, need to be seamlessly integrated for the banking app mobile app design and development to be effective and competitive.
What do you need to do to hit the jackpot in the development of banking apps? What can you do as a decision-maker within an institution, to ensure that your app runs according to your expectations as well as those of your clients?
When you communicate your needs to a group of banking app developers, there are some basic concepts or pillars to remember. Nine of the foundations, which you could think of as the true load-bearing pillars are as follows and your communications should put the developers with no doubt as to the significance of these foundations.
Making a mobile app for any business is a major undertaking. However, in the case of banking, it is particularly difficult because you have to take into consideration a myriad of technology.
When it comes to mobile app design and development of banking app, security may seem to be common sense. However, applications that qualify as the top contenders for use of security technologies aren’t common in the banking sector.
In addition, it’s not just about the application’s code. If you aren’t able to personally choose the app’s developers for mobile banking for your project, the discussions with your service provider should emphasize the importance of security in the programming as well as among the developers.
A software application may appear invulnerable after release however when you’re not directly in charge of the mobile app design and development process, you will never know the coding methods that team members adhered to. Infractions to the discipline of the team can lead to flaws in the security of banking apps. This may not be an unlikely scenario but when millions of dollars are on the line, there’s plenty of room to be cautious. In essence, you need to make sure that a secure-first culture is embedded throughout your team.
Security from the Customer’s Perspective
Security is a complex problem. For instance, a lot of bank customers aren’t aware of mobile security on the internet, or its actual use. According to a study from 2017 by the Pew Research Center, only 52 percent of American adults utilize two-factor authentication. A quarter of them use basic, insecure passwords because they believe they won’t remember more complex passwords.
These statistics show the importance when working on the mobile app design and development for enterprise banking, to think about your users’ needs and think for them, to some degree. In the ideal scenario, you’ll remove the responsibility for app security away from the potential users. This might include using two-factor authentication by default, even if it could cost your app just a few points of usability in certain scenarios. It is important to minimize the human factor in security control making your app’s defense more effective.
Other good methods for securing banking apps include:
- The prevention of the local storage of sensitive data on the device used by the user
- Utilizing SSL for all communications between the app of the bank and its servers
- Implementing voice recognition or biometrics to improve security
- This includes automatic log-out following a time of inactivity (don’t offer the option of disabling it)
- Invoking code obscurity while being developed to prevent the app’s developers access to functions
A text notification added for every transaction made with the app for banking (so users can be aware of any fraudulent transactions). It is crucial when working on the mobile app design and development for enterprise banking, to take into account your customers’ needs, and perhaps do your thinking, to a certain degree.
If you’ve created the security requirements and other technical specifications for your banking app. In the last few weeks ago, the app is probably to be out of date. There are thousands of security breaches that occur across the globe every year. Intruder and hacking techniques remain in the forefront of technological advancement and the application of artificial intelligence to criminal purposes is in the near future.
Take a look at the evolution of the industry
In terms of the technology used to create your app’s base functions, features, and functionality. It is essential to take into account the possibility of obsolete requirements. When sharing them with app developers for banking. It’s either your duty or theirs to ensure that the technology used is in line with the industry norms, and allow your app to stay relevant, not only for the present but for at least the near future.
In this case, it’s evident that traditional banking has reached it’s end cycle. And that a new future is emerging with regard to financial service. Fintech companies are expanding their banking services and gaining the capability to compete against these newcomers is crucial.
A bank must be in line with the market and the market moves toward accessibility, convenience and mobility. It is also a function. The younger generation is in particular changing their approach to branch banking and are embracing mobile-only banking (as illustrated by an image below). If your banking app does not reflect this trend and isn’t already outdated and may not even make it to the app store that is most popular with users.
3. Differentiated Competitively
Every bank has at most one or two major competitors on the market. If you’re competing against other banks with apps, then the task is to create a similar efficient product. If you wish to be competitive use this formula that says competitor plus 1 equals your application.
As simple as having all the features included in the app offered by your competition. And at least one aspect that makes your app stand apart. You could take the initiative to revolutionize the banking sector with completely new features and products, however, it’s an extremely expensive undertaking.
With the same functionality, the addition of a single exceptional feature can have a profound impact on your brand’s image. Also the way potential customers consider it. However the development of mobile banking applications is a bit complicated and requires a lot of effort, so ensure that the feature you are introducing isn’t too demanding for your development team or your budget.
Concentrate on Features that Standout
If you’re thinking about what features could bring a competitive advantage to your app for banking. These examples, though well-liked by consumers. However, they aren’t present in the majority of mobile banking apps. So their inclusion in your product will allow making it stand out when launched:
- ATM locator: Make it simple for your customer’s ATM services when they are out and about.
- Tools for tracking expenses and budgeting
- Predictive management of money
- Management of investment orders
- Purchases and withdrawals at ATMs that are cardless Allow withdrawals through QR code and wallets. Which will make it easier to process payments at the POS
4. Made for Mobile
When your application is like in function, interface and the overarching logic of the website of your bank. It could be difficult for you to stay competitive. Apps are downloaded by people to enjoy a true mobile experience. They need to manage their money easily and without the hassle of screen swipes and taps.
Branding is the sole acceptable connection between your mobile website and your web application. All other aspects should be reduced to a minimum, simplified, and clear. This is the reason it’s an application. It is designed for a specific reason however, its sole purpose of being an extension of your website and as an additional channel to your bank’s online service can limit the benefit of your app.
Branding is the sole acceptable connection between your mobile website and your web application. Everything else must be streamlined to a minimum and simplified.
Banks are home to hundreds of customers. And as per an article on research results by The Financial Brand. 42 percent of increased use of their banking app during the years 2017 and the year 2018. A majority of these customers are eager for UX improvements, which implies that huge potential for a bank that is a leader in the field of user experience.
Sure, copying competitors will result in a functional app and will at the very least even a playing field. However, that’s not enough to meet the needs of the user from the point of view of your clients. Are you sure in the case of, say, your client base isn’t in any way different from the demographics of your customers or does not have different expectations for UX in comparison to customers who have bank accounts with your rivals?
There are a variety of ways you can get information on your clients’ preferences. It is best to determine which customers frequent your app and then reach them using a thoughtfully designed questionnaire. Do not begin your development of a mobile banking application without doing this kind of study and, ideally, without defining your requirements for effective personalization.
It’s not a secret that building your application is an expensive and time-consuming process. The total cost could be anywhere between $350,000 to $5 million. In this regard, you must be accountable to your customers to make sure that your product is on the cutting edge of technology for mobile banking. If your app is based around the nine foundations discussed in this post, you’ll not be able to go wrong But to make sure that these foundations are in place prior to launch, ensure that your IT staff examine the code with the developers.
This partnership will assure that your IT department is fully aware of what will be the product. This also helps the developers since they are able to get acquainted with those who will to be taking the reins. An easy transfer from development to deployment will be the final however, it is by no means the not the most important step in ensuring the reliability and success of your banking application.