The banking industry has joined the tech revolution. Modern banking solutions offer flexibility, convenience, and mobility. If you want to know how to create a mobile banking app of your own, you have to be prepared to study market trends and tech stack requirements. The competition is really stiff!
1. How Do You Create a Banking App That’s on Trend?
Modern banking apps assist users during their everyday, fast-paced lives. If you want to create a bank app that meets their needs, your app will need:
To be available 24/7 a day
To allow customers to review their transaction history and status
To make remote deposits
To be as secure and safe to use as possible
To allow customers to pay bills easily
2. Why Create Mobile Banking Applications?
The main reason large financial institutions want to create a banking application in Android or iOS is that their customers demand it. There are nearly 3 billion mobile banking users in the world today, and the number keeps growing. 50% of customers will go digital when they apply for financial products.
However, there are other perks to developing a mobile banking application. Mobile banking apps can reduce your operating expenses because the need for a physical bank and tellers is reduced. The customer experience is enhanced, which leads to additional transacting. You’ll also gain access to invaluable customer data that can be used to innovate in the future, and you can communicate with your customers easily through push notifications.
3. How to Create a Mobile Banking App That Really works
When you develop your mobile banking app, you have to create the right combination of features in order to succeed. These features include:
Authentication and authorization flows
Multi-factor authentication determines who your users are when they sign in, whereas authorization determines what those users are able to do in the app after they’ve logged in. You should apply biometric authentication through fingerprints or facial recognition to keep your customers’ accounts safe.
Account Management
Your users want to see their bank balance, track their spending, view their transaction history, print statements, and conduct transfers through their apps. But you can offer so much more than the basics. If you really want to compete, you should offer your customers more than the stock-standard banking experience. Help them set saving goals, get pre-approval for loans, automate regular payments or set up investing plans in the app and you’ll really gain an edge over the competition.
Customer support
Your customers need to get in touch when things go wrong or when they have trouble navigating the app. Make sure that they can reach customer support when they need to. Some banking apps are using AI chatbots to answer frequently asked questions or guide users through the app. This not only creates a great user experience but helps reduce the number of human agents you need to employ in your contact center.
Secure payment and transaction processing
In-app payments and transactions should be secure and available at any time, regardless of the location. QR payments are becoming more common, so be sure to include those in your app too!
Push notifications
Keep in touch with your customers on the go by sending regular notifications to your customers about special offerings, interest rate hikes, or new products.
Conclusion
Now that you know how to create a mobile banking app, you can get started with your project. Remember to conduct thorough market research and test every feature to ensure that it’s ready to go live before the launch date.