Mobile apps have revolutionized the life of Millenials around, especially the way people manage finances digitally. According to the Study, 150 million mobile banking app users reached the end of 2020 and financial transactions are projected to grow by 121% by 2022.
The banking and financial system has undergone a phenomenal change with the exceptional rise of banking application development. Today people prefer to do online transactions just to follow the obligatory outcome of the pandemic and to carry less hard cash in their pocket.
It has also been estimated that credit cards and e-wallets are expected to surpass cash by the end of 2022, giving widespread access to banking apps in every single direction.
In case you are thinking to develop a feature-rich and secure banking app, then this short guide is for you. Over here, we will be explaining the necessary conditions to follow before getting in touch with a reliable banking mobile app development company, features to add, security concerns, and benefits.
So, without any further adieu, let’s get started on this.
Things to Consider Before Developing Banking Mobile App
1. Market Research: The first objective is to understand the audience and your competitors before developing the app. For this, you need to conduct extensive market research to learn many functions of the application that help the target audience to fulfill their purposes.
2. Customer Support: You also need to consider the customer support behind your banking app to provide necessary assistance to users. Since it is a matter of financial transactions being done through the application, so you need to either ensure about the support team or at least instill the feature of Chatbot in the application.
3. Operating System: There is no doubt in the fact that maximum preference goes towards Android app development covering a total market share of 85%. Still, you can also focus on iOS apps but only after the substantial success of the Android app. Being new in the state of banking app development, you need to carefully consider the impact of the application on one operating system before moving to another.
4. Finance Management: Another thing to consider is showcasing the transactional history and financial statements of users in the application. It allows users to keep a close watch on their spending habits, track finances and multiple options to bring a superior user experience.
Security Check Related to Banking Apps
Choose banking app security over features because of the reason that numbers of users access the application by sharing their valuable banking and credit card details. And, users are a bit apprehensive about the complete security their about security concerns of the app that should not be ignored at any level.
With the importance of banking app security in mind, let’s have a look at four important considerations
1. Allow Sophisticated Passwords: Make your app authentication process more secure by allowing users to set specific passwords as per the mentioned requirements.
2. No Need to Store Unnecessary Information: Avoid integrating the feature of storing unnecessary information in the app. Use tokenization process which means replacing the data with non-sensitive placeholders symbols called tokens.
3. Use Two-Factor Authentication: An ideal way to secure financial transactions through mobile banking app is by enabling two-factor authentication. Whenever users make the payment, they will receive the code via SMS and email to confirm the transaction.
4. Implement Payment Blocking: Be aware of the suspicious transactions that should be blocked at the initial stage. For this, you can implement an automatic block payment feature in the app whenever find some fraudster fiscal activity.
Features to Add in Banking Mobile Application
Now, you have got a clear idea of security concerns associated with mobile banking application. Next is to add key features like the below-mentioned ones.
* Login or registration page
* User Profile
* Transaction history & view & download passbook
* Push notifications
* Accessing the account offline
* Customer support
* Geo-location
* Secure authentication
* Quick transactions
* Account management
Benefits of Mobile Banking App
* Round-the-Clock Banking: One of the reasons the banking app are beneficial is in terms of providing a 24×7 banking solution. No longer need to visit the bank devoting much time and effort. Switch to online banking to send and receive money, make contactless transactions, and save cash as well.
* One App with Many Solutions: Mobile banking app is a single stop solution to open different types of accounts online, transfer and receive money from someone, deposit cash, and do other fiscal transactions as well.
* Cost and Time-Saving: The banking app does save a great deal of time and effort while handling finances through mobile phones only. You need not take manual resort of all the monetary transactions because all the records are inside the app that is easy to download.
Summing Up
Mobile banking has revolutionized the process of handling finances and offering a seamless view of transactions and payments. The demand for banking apps have increased tremendously over the past 5 years and offer a variety of benefits to carrying out secure fiscal processes.
If you are looking to develop a secured, feature-rich, and intuitive Android banking app, then get in touch with OrangeMantraTech. Avail of Android application development services from the company to create a profitable at a low cost.
