In fact, due to COVID-19, the U.S. mobile banking penetration is rising, and the market for these solutions is expected to be at $1.82 billion by 2025. Thus, it’s more important than ever to pursue mobile banking app development that prioritizes features consumers value.
So, in today’s post we will discuss how to create a mobile banking application, what makes a great one, and some of the typical development challenges you may face. Let’s dive in.
Chances are, every financial organization wants to develop an online banking application that the end users love, thus differentiating from competition and increasing customer retention. Even with a constrained budget, it’s not advisable to sacrifice on the quality.
Therefore, to avoid wasting time and money, we’d like to share some must-have features you’ve got to implement during development. Let’s take a closer look at each one.
Naturally, the primary thing your mobile banking software must allow users to do is manage their accounts. Thus, it should provide the ability to monitor debit and credit cards, check balances, view transaction history, and seamlessly transfer funds between accounts.
You can also take it a step further and offer a “savings goal” feature and even automate the transfer of small amounts into consumer savings accounts to help reach their objectives.
Next up, you’ve got to ensure your mobile banking app features include secure and seamless transactions. Your customers should be able to easily transfer money to friends and family via peer-to-peer payments, scan QR codes to complete purchases, deposit checks by taking a photo, or exchange currency without having to go to a branch office.
Additionally, if you’ve already embraced blockchain technologies, your mobile banking solution should also incorporate this innovation. For example, by allowing users to store and manage cryptocurrencies so that payments can be sent around the world securely and with lower associated costs.
Whenever sensitive data is in play, customers want and expect a high level of security. Thus, their banking details should be well protected. To do that, consider implementing authentication features that can be quick while also making the users feel safe.
For instance, you can let your customers opt-in to multi-factor authentication. It can be time-consuming, but if it’s a choice left up to them — it could work. Or, implement biometric authentication technology which quickly verifies the person via physical characteristics like fingerprints, voice, or facial features.
Providing 24/7 customer support to your clients is a must in the modern world. After all, people may be across different time zones and would need any issues to be resolved quickly. Besides round-the-clock contact centers and chat features, you may want to improve the user experience even further.
So, consider adding intelligent chatbots to your mobile banking application development to-do list. They can easily answer simple inquiries, thus saving time for your managers while providing excellent customer service with high personalization.
If you want to ease the lives of your customers and have your app remembered as a truly helpful solution, you’ve got to add an ATM and branch office locator capability. It should showcase information on the services provided at nearby locations, opening hours, and even the most optimal routes to get there.
Push notifications are a must for pretty much any kind of mobile app looking to keep customers informed and provide a pleasant user experience. So, make sure your solution can send alerts on account updates, transaction confirmations, and other relevant occurrences.
However, be subtle and avoid too much intrusion with frequent notifications. Ideally, let your users easily locate and set up their preferences within your app. That way, you reduce the likelihood of them getting annoyed while using your tool.
Depending on whether your bank supports investment operations, you should consider adding these capabilities to the mobile application too. The sky’s the limit, as long as you’re providing features your customers actually use and truly value.
Let your clients manage their stock portfolio, purchase gold and silver, or even exchange cryptocurrencies. Offering robust investment management tools and features within your mobile application can enhance customer experience and empower them to make informed financial decisions.
When you set out to build a banking app, personalization should definitely be on your list of priorities. Customers like personally curated experiences and are more willing to engage with them.
In fact, according to research, 42% of consumers find personalized recommendations and offers important. So, to cater to these needs and differentiate from competition, consider adding personalized offerings like discounts, ticket sales, car booking services, flower deliveries, or restaurant and hotel bookings to your mobile banking app.
Finally, wearables and other smart devices are becoming more and more popular across the globe. Thus, your mobile banking software should have the ability to integrate with them and deliver a cohesive user experience through alerts, balance checking, and payment capabilities.
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Now that you know the main features to keep in mind during banking application development, it’s time to talk about some of the challenges you may have to face.
First and foremost, your banking app should adhere to all the required government regulations, have all of its licenses in place, and comply with KYC.
Finance companies have quite a few regulations to follow, depending on where they operate. Some of the most well-known ones are:
Of course, depending on where you operate, there might be more or less regulations for your online banking application to adhere to. So, make sure to double check that with your legal and software development teams.
The majority of consumers still don’t trust the security of their mobile banking app. This creates a challenge for financial institutions looking to build a solution that will actually be used to its highest potential.
So, how can this problem be addressed? To make users feel like their personal information is secure while they use your app, you should consider:
All of these safety measures will not only increase the security of your mobile banking app, but also make users trust your solution more. So, don’t be afraid to share with them all of the methods you employ to keep their data and accounts safe.
If you want to take it a step further, you can consider turning to blockchain-based technologies to improve data safety. They are already disrupting healthcare, retail, insurance, and finance industries by reducing risks associated with intermediary participation. So, why not embrace it for your mobile app too?
Dealing with finances can be stressful and only made worse by a poor user interface and complicated navigation. Thus, user-friendliness is of utmost importance and is something you shouldn’t compromise on.
Sure, younger generations that are familiar with modern technologies might have no trouble figuring out your mobile banking app design. However, it’s unlikely that your customers are all Millennials and Gen Z. So, make sure that there is clear visibility of elements and intuitive navigation logic throughout all areas of your solution.
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