As recent research in Europe has shown, users are more likely to resort to a smartphone rather than a computer to check the status of their bank account. That’s why the trend of developing mobile apps for banking has emerged.
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- How to Create a Mobile Banking App
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Both parties, the owners of financial institutions and their clients, benefit from using mobile banking software. Clients save their time and get a chance to address financial issues in an easier way. And the bank gets satisfied and loyal customers, which positively affects its profitability.
The world’s largest banks already have their own mobile applications. It’s time to follow their lead and build a successful FinTech app too. The task is rather intricate, and you need to find a wise approach to it. Luckily, we’re ready to help you with our tips.
Difference Between Online and Mobile Banking Apps
Money and bank account management is a natural part of our life. Fortunately, modern Internet and mobile technologies have made it much easier. We no longer need to go to a bank or other similar institution, most financial services are available anywhere and anytime. All we need is a PC, smartphone, or any other device with Internet access.
A natural question arises: what is the difference between mobile and Internet banking? And does it even exist?
Yes, it does, and we’re happy to detail the matter:
- Access to the service. The Internet banking platform is operated using a browser installed on a PC (mostly). As to mobile banking, access to the service in its current form is possible through an application on a smartphone.
- Internet dependence. The name speaks for itself: surely, Internet banking is only available online. However, mobile banking can be dealt with even offline using SMS. The functions of the service will be very limited in this case, though.
- Mobility. Mobile banking apps allow customers to get financial services whenever they want, even on the way to work, on vacation, on the street. Internet banking doesn’t provide such freedom.
- Functionality. Sometimes mobile banking offers fewer features than a website. However, forward-thinking leaders of financial institutions are taking a smarter approach to mobile banking app development and expanding the functionality of their applications.
- Interface. Unlike Internet banking resources, mobile applications usually have a simplified interface aimed at small-sized smartphone screens.
What is mobile banking software?
As the name suggests, mobile banking is done using a smartphone or other device of the same type.
History of mobile banking services
Banking organizations have long mastered the digital area and began to serve their clients both offline and online, using special Internet technologies. And people didn’t need much time to appreciate all the benefits of remote account management.
As time went on, mobile devices appeared, and Internet banking ceased to seem so convenient. A more modern solution was required: one that would allow financial consumers to remain as mobile as possible and to perform banking transactions on the go, anytime, anywhere.
This initiated the emergence of technologies for mobile banking apps (which happened around the end of the 90s of the twentieth century). Initially, these services were presented in the form of SMS banking.
How to use mobile banking software
Dealing with mobile banking services is extremely simple:
- First, you should go to App Store or Google Play and download the desired application;
- Install it and open access to some functions of your device (if desired). If you don’t, the service won’t work as it should.
- Register and customize the application to suit your needs:
- select the frequency of push notifications;
- choose the best way of protecting confidential data;
- decide on a theme (design) of the interface (if possible);
- set funds limits and other useful restrictions.
- the application is ready to use!
Types of Mobile Banking Apps
#1. SMS banking
The simplest mobile banking option is SMS banking. The user manages his accounts remotely via SMS. Of course, his capabilities are rather limited, but even such a reduced set of features is better than nothing.
#2. Mobile internet banking
The second option is access to the account through the mobile version of the bank’s website. To be precise, we are, again, dealing with Internet banking. The difference is that we work with the system via the browser of a mobile device.
Among the advantages is the high mobility of the service. However, there are significant drawbacks, such as the need to adapt the site to small-sized device screens, which entails a simplification of the interface and a cut in functionality.
#3. Basic mobile banking applications
We’ve finally gotten to the discussion of developing mobile apps for banking in their modern form. Of course, we are talking about the simplest versions of applications.
These programs need to be downloaded from App Store or Google Play and installed on your smartphone. They have basic functionality and don’t provide all account management options. However, the crucial, must-have financial features are available to clients. What’s more, the interface of such applications is much more user-friendly than that of mobile Internet banking systems.
#4. Improved mobile banking apps
The most relevant type of mobile banking is modern apps with advanced functionality. These are the same aforementioned applications that have evolved over time (thanks to the advancement of digital technology).
Services of the sort have a diverse set of top-notch features and meet the latest mobile banking app development trends.
Wanna know more about digital transformation in banking? Follow the link and read our article right now.
Now let’s discuss the benefits of mobile banking application development.
Benefits of Banking App Development
- Improving the quality of customer service. Modern mobile banking apps offer users a whole range of services, from conducting various transactions to searching for ATMs. This is the so-called Daily Banking concept.
- Increased customer loyalty. The first two advantages of mobile banking are intertwined: by serving your customers better, you increase their loyalty. That’s natural, right?
- Mobility. Applications provide an opportunity to use banking services anywhere in the world. You don’t even need to leave your home and wait in line at the bank to complete a particular banking transaction.
- 24/7 access. Financial services are available not only during the bank’s working hours; customers get access to them around the clock.
- Greater audience coverage, including young people. The younger generation loves innovative technologies, and mobile and internet banking is no exception.
- Creation of complex ecosystems. Top banking apps aren’t limited to financial services today, they offer real ecosystems to their users. Among other things, customers get access to the goods and services of the bank’s partners, whether it is buying train tickets, booking a seat in a cinema, paying for parking, and so on.
- Lack of paperwork. By creating mobile apps for a banking institution, we thereby reduce paperwork. A number of documents can be digitized, which helps to decrease the level of bureaucracy.
- Cost control. Among the main mobile banking features, there is a special option that allows the user to control his expenses and income in a more efficient way.
Great, we’ve done with the advantages of banking app development. And how about its disadvantages?
Disadvantages of mobile banking services
- Internet problems. Of course, as we’ve already said, some services are available even offline via SMS, but internet availability is still desirable.
- No single international standard for mobile banking services. Although this problem is likely to be solved sooner or later.
- Security problems. The owners of the most popular banking apps go to great lengths to protect customer data, but this isn’t always possible. Let’s say, if an antivirus isn’t installed on the user’s phone, there is a risk of personal information leakage.
- Clients’ conservatism. Basically, it’s about elderly people. They find it difficult to accept new technologies.
- Problems with the device. There is always a danger of loss, theft, or damage to the device with the installed application, which can lead to very sad consequences.
Key Features of Mobile Banking Apps
- Account creation. We start by creating a user account. And the main thing is to provide secure authorization.
- User’s personal account. Now the user has his own personal account with constant access to his financial data.
- Conducting transactions. The main reason for building a mobile banking app is to allow the user to make all kinds of transactions remotely. That is, he must be able to top up the account, transfer funds between his cards, send some money to other accounts, and so on.
- Currency operations. In other words, the user can buy and sell currency.
- Payment for various services, such as utility bills, Internet, and more. It all depends on which companies the bank cooperates with.
- Payment templates. If the payments are regular, the user will be happy to create a template and simplify the entire process. In the future, he’ll be able to select the desired template and make a payment in two taps.
- 24/7 customer support. Let’s say your client has encountered a problem while using your service. What should he do? The simplest solution is to ask your company representatives for help. Therefore, the top mobile banking features must include a chatbot option, a feedback form, and more.
- Bank branch locations. Add a map indicating the location of your bank branches, ATMs, so that the user can quickly find any of them.
- Push notifications, designed to increase customer loyalty. Notifications inform the user about the flow of his funds, as well as warn him about suspicious account movements.
- Loyalty program. We are talking about connecting a cashback system, a program for accumulating interest and bonuses (and other things like that).
- History. And of course, the list of key features of mobile banking apps would be incomplete without this last option, so that the user can always see the history of his financial transactions, get an account statement, and so on.
Premium Mobile Banking Features
Now let’s talk about additional features that will take your application to a whole new level. Their implementation costs more, but they are better at attracting users:
- Personalized content. Do you want to win over your customers? Provide them with personalized content suiting their specific needs. Track user behavior, analyze the received data, and adjust your strategy.
- Contactless payments, made using the phone. All top banking apps must have the feature in question (considering the pandemic and quarantine restrictions).
- Video communication, which will better the interaction of customers with bank representatives.
- Improved mobile wallet with an extended set of account management options.
- Payment via QR codes won’t hurt either. Users would appreciate such a feature.
- Virtual cards. They have become one of the mobile banking app development trends in recent years. Thanks to virtual cards, users don’t need to have their plastic analogs with them all the time.
- Smartwatch support. We are already used to managing some applications with our smartwatches. Why should mobile banking be an exception?
How to Build a Successful FinTech App
Okay, let’s start discussing the most interesting part of our article. We won’t go into all the details, just outline the very substance of the matter.
Firstly, you need to assess the overall situation. Research the market, analyze competitors and consumers. The resulting data will form the basis of your strategy and ensure effective mobile banking app development.
Of course, you need to hire a team of experienced UI/UX experts able to create cool app designs. Keep reading our article to understand why this step is so important.