Mobile banking began its march in 1995, and after 28 years, more than two billion users use Internet banking, and this figure will only increase yearly. It is because mobile banking services are necessary for the financial technology industry, providing the ability to complete financial transactions quickly.
Let’s define mobile banking
Mobile banking is a financial service the banking industry provides that allows many users to make monetary transfers online using mobile devices. Simply put, this specialized application can perform most of the operations users do in a bank branch. But now everything can be done remotely.
The main advantages of mobile banking
In today’s rapidly evolving digital landscape, harnessing the expertise of professional developers is crucial for unlocking the full potential of mobile banking. By enlisting skilled developers, we can seamlessly integrate cutting-edge security measures, intuitive user interfaces, and robust functionality, ensuring that users can experience the main advantages of mobile banking with utmost confidence. The convenience of accessing accounts anytime, anywhere, coupled with streamlined transaction processes, empowers customers to manage their finances effortlessly. Moreover, the adept implementation of features such as mobile check deposits and real-time account notifications guarantees real-world utility. Therefore, investing in proficient developers paves the way for a secure, user-friendly, and feature-rich mobile banking experience that truly redefines modern finance. Read about successful cases and a lot of other information at the link – https://qarea.com/industries/banking-and-finance.
When a financial application is built, many benefits go to both sides: financial institutions and users. Thanks to this application, users can perform many financial transactions remotely and around the clock, and financial institutions are provided with a competitive edge.
The mobile banking application provides the following benefits for users:
- 24-hour access to the bank account is provided;
- secure login to the profile and instant transfer;
- advanced functionality with notification settings;
- there is an option to return funds;
- ability to control financial expenses.
These are only the main advantages of mobile banking for the user audience, and there are many others.
Benefits for financial institutions
Also, mobile banking provides many of the following amenities for the financial sector:
- expanding user audience;
- simple and fast development;
- simple testing;
- the ability to quickly contact users
- the ability to analyze the behavioral nature of customers and optimize the developed application.
Therefore, Internet banking is essential for business development and ease of use for the financial services sector.
Consider 7 steps when creating a banking application
The stages in system development cycle for a banking application are the same as when creating any software. An exception is the provision of increased security and reliability of its use since Internet banking is necessary for various financial transactions, where the confidentiality and security of the transfer are paramount.
1. Competitive market monitoring
Initially, it is necessary to carefully study the competitors’ market and their services’ effectiveness. You should also carefully pay attention to the culture and mentality of the intended consumer audience and get acquainted with their preferences.
As a result of such monitoring, it is necessary to obtain the following:
- consumer profile;
- analyzed competitive market;
- percentage occupied by the market;
- market habits;
- the cost of the banking application.
Thus, a general picture of the study of the competitive market is obtained, which allows for drawing specific conclusions before development.
2. Prepare a secure base
It is the main distinguishing feature of the banking application from the creation of the rest of the software. The design should provide a high degree of security to protect consumer confidential information and ensure the safety of financial transactions.
Consider what needs to be provided for by the development process:
- Ensure the strength of passwords: initially, passwords must be encrypted and transferred to the database.
- Automated exit from the profile is required – in the case when the consumer does not use the banking application for more than 15 minutes, and it is necessary to provide an automatic exit from the application.
- Preservation of confidentiality: developers creating a banking application should not have access to users’ passwords and personal information – the information must be on offline platforms.
- Security certificates are required: SSL protocol or SSL pinning (for mobile applications). The presence of these documents guarantees that all transmitted information from the web server to the browser will be secure.
- Secure User Authentication: Provision should be made to use fingerprint protection for operating systems.
- Secure map information: VGS must be used to represent user map information.
Each of the above aspects is important, and you need to pay enough attention to them.
3. Prototype and test
It is necessary to develop a minimum viable product to be tested. This application model includes the following aspects:
Of course, the prototype differs significantly from the finished product regarding functionality and performance. This model is provided to consumers – thanks to the reviews, it becomes clear that it does not function correctly. Then a correction is made.
4. UX and UI design development
Based on the results of the user’s use of the prototype, an application design is created, which should be as convenient and understandable as possible in use. Ensuring the comfort of service for a banking application related to financial transactions is essential.
5. Software creation
First, you need to decide on the banking application development environment. For the iOS operating system, the requirements of technology stacks are Swift, X-Code, and iOS SDK. The tools of choice for the Android operating system are Java/Kotlin, Android Studio, and Android SDK.
6. Consolidation of third-party developers
Third-party integration is required when creating a banking application. Using other services will provide more comfortable product use, expanding the user audience. Segment, Interable, Onfido, Plaid, and Sendbird are the most famous mobile banking providers. They provide reliable tools to improve the efficiency of the banking application. The main aspects of outsourcing are business continuity, security, and regular product support.
7. Start, support, and optimization
With the release of products, the final stage of development begins. There is an active use of the banking application, resulting in various user requirements, based on which it is necessary to adjust the created software.