Mobile banking software

Mobile Banking
Development as a
Fintech Software Trend Development

Over the past 10-15 years, the finance and banking industry saw a true digital revolution.Mobile banking technology has become an obvious trend that doesn’t seem to slow down anytime soon.The ability to manage finances within a couple of clicks captivates millions of users worldwide, and this number is projected to exceed 3.6 billion by 2024. Banking app development has become a must for financial institutions that focus on enhanced user experience and aim to bring their financial service to the next level.Here’s what you need to know about this current fintech software trend.

Why Building a Mobile Banking App is Totally Worth It

Mobile app development

In an attempt to improve user experience and attract new customers, banks go for implementing innovation into their business routine. The development of internet banking services is a great example of a win-win solution to boost a banking company.

User Benefits

  • Accessibility. Having an access to a personal bank inside the screen of a smartphone 24/7 is probably the most user-attractive mobile banking feature. Whether a customer needs to check one’s monthly spending or pay rent in the middle of the night - it’s perfectly easy and simple within an app.

Internet banking has developed into a comprehensive financial instrument to let bank account holders enjoy the full range of fintech benefits.
  • Swiftness. Internet banking service allows people to make financial actions with maximum speed and efficiency. Queuing at a local bank branch is not an option for the majority of people who strive to be able to manage their finances quickly on their own.

  • Intuitiveness. The biggest fear of mobile banking users is to click somewhere wrong and lose their money. While this idea is more common for people slightly above the active age, even those who use financial apps on daily basis feel uncomfortable when making a financial transaction. With an intuitive banking service at hand, these fears won’t have a chance to live.

  • Usefulness. Apart from being equipped with basic functions, mobile banking apps offer an array of additional features like spending monitoring, notifications, cashback option, and others. Internet banking has developed into a comprehensive financial instrument to let bank account holders enjoy the full range of fintech benefits.

Business Benefits

Business benefits
  • Enhanced engagement. A mobile banking application provides a direct channel of bank-user communication that can significantly improve customer loyalty and makes sure a person is fully integrated into the bank ecosystem. Compared to desktop internet banking, mobile apps are more efficient in terms of creating special company-customer ties.

  • Strengthened competitiveness. The fintech industry is a highly competitive business ground. That’s why by timely following mobile banking development trends financial firms can ensure their place among the top ones and preserve their audience’s loyalty.

  • Better analysis. Mobile banking software provides an access to a pool of valuable customer data that can be deeply processed and transformed into visual statistics and trends. Having such insights at hand, a business will have a chance to understand its users better and meet their needs as fast as possible.

  • Cost-effectiveness. If to look at the fiscal side of the question, the development of an efficient banking app shifts a considerable part of work from local bank branch employees and even can substitute for the opening of physical bank units.

Mobile Banking App Development Trends to Keep in Mind

Modern banking applications

Introduced in 2011, internet banking has undergone some major changes to present us with the modern banking applications we actively use today.In fact, the process of software product development never stops, adding new trendy features that cater to the needs of today’s users.

Biometry

Security is the foremost concern of online banking services that try to develop new and more reliable ways of data and money protection. Biometric authentification is widely used to prevent all types of criminal actions and ensure customers of their safety.

Modern smartphones surprise users with cutting-edge technologies and induce banking companies to take these innovations into account.

AI Chatbots

The trend for incorporating chatbots into banking applications has come to stay. Apart from reducing the workload of bank consultants both at bank branches and at call centers, the technology improves user experience by cutting the waiting time and enhancing engagement. Besides, chatbots are projected to save $7.3 billion spent on customer services.

Voice Payments

Modern smartphones surprise users with cutting-edge technologies and induce banking companies to take these innovations into account. Paying by voice is a recent trend that hasn’t been widely implemented yet, but certainly has the potential to become viral.

In-App Mobile Payments

Apple Pay and Google Pay are not going anywhere, yet developing an option of in-app payment will make a mobile banking application even more useful and comprehensive for customers who appreciate all-in-one solutions.

5 Steps to Successful Banking App Development

Building a user-friendly, secure, and efficient mobile banking app is a task for the ultimate software development experts. However, having a clear understanding of the process itself is a must for anyone considering implementing the internet banking solution into one’s business.

#1 Research and Analysis

Before rushing straight into app development it’s crucial to dive into market research first. The app should be the answer to the requirements of people in a certain locality, so analyzing user financial behavior patterns, discovering your target audience, and studying competitors’ pros and cons are vital.

#2 Security Framework Building

To stress the significance of security in mobile banking it’s enough to say that each year bank account holders lose over $1 trillion due to safety breaches. Financial app development has to be centered around sensitive user data protection. The security framework should be multilayered and include strong password demand, default logouts, compliance with security certificates, and a double authentification feature. There’s never too much security.

#3 Prototype Creation

Building an MVP before embarking on the full-scale application is the right thing to do. At this stage, customer feedback is a prerequisite for a successful final product launch. The prototype should include the fundamental features of the future app to be able to introduce changes in the early stages. Although an MVP might not look like the final app version, it tests the concept to find out if it’s worth implementing.

#4 Development and Design

After the MVP proved itself, it’s time to get down to software building and designing. Here the crucial thing is to choose the right framework and coding language. Each option has its peculiarities, so a team of experienced developer engineers and UI/UX designers is vital to making the right choices. Intuitiveness, navigability, ease of use, and clarity are a must when it comes to building banking apps since a user must know exactly what he’s doing inside the application to avoid bad experiences.

#5 3rd Parties Services Integration

It would be nice to be able to stop at stage 4, however, no mobile banking software can do without integrating third-party services. They extend the product's effectiveness by adding extra features and options that can be useful for customers.

The list of mobile banking app development steps could be much more elongated since after a product is launched the work on its continuous improvement begins and never really stops. So it’s important to be prepared for flexibility, change introduction, and facing the real customer demands.

Wrapping Up

The importance of keeping up with the trends in fintech can’t be overestimated. The abundance of banking services stirs the industry competition, making financial institutions hunt for new ways of attracting customers. Mobile banking app development, if implemented thoughtfully, is a highly effective tool for boosting banking business performance and opening up unlimited growth opportunities. Don’t miss a chance to create a software product that will join the list of top banking apps.

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