The banking sector is also now transitioning towards the modernization of payment algorithms and advanced data management structures for consumers. This segment is constantly growing and developing mobile banking apps in a more efficient and user-friendly manner.
Some banks are also including AI enhancement support systems which minimize human tasks and improve the journey of payments of its users
For example
Bank of America integrated Erica, an AI-powered virtual assistant, into its app, allowing users to handle tasks like bill payments, credit score tracking, and investment advice, boosting user satisfaction ( Innowise )
The main goal of these developmental changes is to improve and enhance the experience of users in the processes of transactional transit and improve the history of payments more precisely.
But how will banking sectors improve their developmental mobile banking apps while also being in trend?
Well, buckle up because we will provide you with full-fledged information regarding mobile banking app development in this article without any hassles
So let’s begin!
Trends in the Banking Industry
You may predict the evolution of the industry by being aware of the primary innovations in the development of banking applications. Here are some major trends in contemporary mobile banking apps mentioned below –
From multiple roles to a full-time assistant
Mobile banking apps now seamlessly replace going to a bank branch, offering consumers more than just a few in-app functions. Chatbots can provide rapid help to customers because their efficiency is unmatched during AI powering.
Designed for advanced users
Financial institutions can provide specifications targeted at more experienced customers, such as greater customization and a greater range of banking app capabilities for improved control and interaction because younger generations are tech-savvy.
Did you know? Apps like KH Bank’s focus on enhancing user experience with intuitive interfaces and advanced features such as investment tracking and loan applications Source ( Zenitech )
Integration with mobile payment tools
methods, electronic wallets, and NFC become more widespread in recent years as they are fast and reliable, and as a new payment gateway, it has some exclusive saving perks.
Improved Security
Offering two-factor authentication and other secure features, including facial recognition, to advanced banking users in a banking application is becoming more and more significant in the market, especially as customers’ perceptions of cybersecurity in banking continue to develop.
Voice Payments
Voice payment is one of the innovations that are consistently showing up in banking apps due to the popularity of voice search in general.
Chatbots
Customers prefer using chatbots to receive answers to their questions rather than contacting call center employees each time an issue occurs.
Advantages of Mobile Banking Applications
A well-designed mobile banking app offers numerous advantages to your company, such as:
Increased customer value
Customers can get superior value overall by using a mobile application that streamlines everyday banking tasks and provides tailored banking experiences.
Enhanced Brand Recognition
These days, having a mobile banking app is a need rather than merely a politeness. Adding one enhances your brand by giving the impression that your financial institution is up-to-date and technologically savvy.
Quicker Assistance
Customers can now perform some complex tasks and data verifications, which are now achievable with direct support.
Enhanced Competitiveness
The majority of all the top traditional and online banks have an application since mobile banking software as a service has become so popular.
In the current scenario, it is nearly impossible to maintain a competitive edge without a banking app, thus creating one is important to increasing market competitiveness.
More outlets for communication
Customers can use the mobile app as an additional means of communication, enabling them to use their chosen device if they need assistance.
Demographic statistics As you can see, the graph attached below shows the potential growth of mobile banking development by the year 2030
8 Steps for Mobile Banking App Development
In the end, creating a functional mobile application offers financial organizations many advantages, but it also takes a great deal of preparation and experience. This is a detailed tutorial on how to make a mobile banking app.
Step 1: Conduct Research
It is extremely important to conduct market research before beginning the mobile banking app development process, to determine the market’s leaders and competitors and their advantages and disadvantages. This will support you in creating a compelling and unique set of requirements for your application in the future.
Usually, this phase takes a month or two. You can utilize commonly used techniques to maximize it.
Step 2: Build a Prototype
Given the complexity of a banking application, developers typically create a prototype using specifications created after consulting with the customer. The software development process doesn’t start until a prototype has been approved.
You must carry out several primary research for the prototype to accurately represent the functioning and output:
Speaking with the product owner: In this phase, the designer makes clear the requirements and preferences related to the product.
User narratives: They are usually an amalgamation of many stories. This is the typical format for a user story: “Being <role or user type>, I want to <perform an action> to <get the result>”
Jobs stories: Here, the user’s wants must be the main focus. Use the following formula to construct them: “Situation” -> “Motivation” -> “Expected result”.
Jobs-to-be-done: This is a thorough analysis that establishes the extent of the forthcoming work and aids in creating a product that satisfies every consumer need.
Step 3: Provide the Security
Unlike other public applications, mobile banking applications require a significantly higher number of security endorsements. Therefore, it is important to select a team that has experience producing similar items to assure full compliance.
For instance, in comparison to regular applications, banking software must comply with a far lengthier set of regulatory security standards to protect sensitive data (such as GDPR, PSD2, PCI DSS, CCPA, etc.). This implies that it is crucial to confirm that the intended functionality conforms with all of these policies before beginning to develop a product.
Step 4: UI/UX Design
The ui/ux design of mobile apps typically comes before business logic and functions are implemented, enabling developers to show clients a rudimentary working version of the product.
In some selected countries, web accessibility is controlled at the legislative level and is a crucial component of mobile banking applications. WCAG 2.0 principles serve as the foundation for the majority of web accessibility laws.
Step 5: Choose a Tech Stack
The developers select a tech stack, mostly depending on the client’s budget and business objectives, before beginning to deploy the underlying technology that underpins the functionality of a banking mobile app.
The functionality of the application and the selected mobile operating system will influence which software tools developers utilize.
Step 6: Develop the App
Developers start putting the application functionality into practice as soon as the final approval of the pre-phase infrastructure is received. To make sure the application runs as required and anticipated, it is tested repeatedly as each stage of development is finished.
Regularly corresponding with the development team and providing input is crucial to ensuring that the final product lives up to your expectations. Team workflows will be sped up, and fewer edits will be made as a result. Product development can take anywhere from three to six months, depending on how complicated the functionality is.
Step 7: Release and Maintain
Upon its successful testing, the product is put into production and supported by developers’ experts to ensure that any technical problems are quickly fixed.
Depending on the operating system they were made for, public apps are generally posted to Google Play and the App Store. It is crucial to keep in mind that costs do not stop when the application is made publicly available. You will still need to pay for server capacity, support for certain technologies, payment gateway integration, and other expenses on an ongoing basis.
Step 8: Improve and Update
The program can be enhanced and expanded with new features as the client’s company expands and market demands increase.
You can identify possible areas for optimization or modification with the aid of fresh marketing research (see Step 1). Therefore, it is possible to think of the entire software development process as cyclical.
Conclusion
The mobile banking app development is a monumental advancement in meeting the needs of consumers.
There is no need for people to stand in large lines at financial institutions. Rather, users merely launch the application and complete their tasks within minutes.
In contrast to other project segments, developing mobile banking requires a strong emphasis on data privacy.
For this reason, you want to incorporate the security phase within the procedure. It influences the features you include and poses new difficulties.
