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How To Develop A Successful Mobile App for Banking Sector

Posted on 27/07/2020 by CS Web Solutions

mobile-banking-app

Today, half the world uses mobile applications in their daily life. They make life easier and offer the convenience of accessing services at the tap of a thumb.

The banking sector is one of the major benefactors of Android and iOS app development. Almost all banks have a native mobile application that provides convenient and on-to-go banking services to their customers.

Why do banks opt for native mobile applications?

Banks and financial institutions hire a mobile app development company for a native banking app that can provide all the services to their customers over the phone. Apps have reduced the hassle of physically visiting the branch for availing any service. With a mobile application, users can -

  • Open a bank account
  • Pay for utility bills
  • Apply for loan
  • Transfer money between accounts
  • Make payment for online shopping
  • Apply for credit card
  • Make a fixed deposit
  • Contact customer support and much more

Expert app developers know that these features have allowed banks to get closer to their customers. It has given them a convenient way to access banking services.

With COVID and the lockdown, banks do not have any customers physically visiting their branch. In such cases, mobile banking has multiplied. It has led to a steep rise in the demand for app development in Toronto for mobile banking applications.

mobile-app-banking

How to develop a successful banking mobile app

Banking mobile apps allow users to access the services 24x7. It is a time-saving and cost-effective method of utilizing banking services for a particular account. To develop a feature-rich banking app, react native app development is a feasible choice. Here’s a list of things to consider while developing a mobile app for banking -

Security is key

Security should be the topmost priority in your mobile banking app. Before you develop any feature, you need to ensure the highest level of safety.

Remember, the mobile app is dealing with the money of millions of users. They will make billions of transactions, which should be secured by the highest level of encryption.

Even a single mistake or loophole in security can cause the bank millions of dollars. You need to integrate two-factor authentication and password-protected access to banking services. A good practice is to automatically log out when the user closes the app.

Every mobile app development company that builds a mobile app for banking lays significant emphasis on security. Users will store their ATM and credit card details, net banking details, online transaction history and much more. The app must have enough security to avoid any kind of data breach that could compromise all this information.

On the other hand, you cannot control human factors like losing the mobile device, changing the device, and much more. Send regular reminders to change passwords and protect the app. Have strict privacy measures taken to secure your app on public networks.

Develop an appealing UI/UX

Another primary thing to keep in mind is the user interface of the application. Even though it is a banking app, it should not be boring and mundane.

Your banking mobile app must have an aesthetically appealing yet intuitive user interface. It ensures that users can take an action with the minimum number of steps. It allows them to engage with your app for more time.

React native app development allows app developers to add rich user interfaces to both Android and iOS using the similar codebase. It enables them to add the same functionality in the mobile for both the platforms.

Developers must create an easy to use navigation with shortcuts for services on the first screen. The interface of the first screen must be amazing, which encourages the users to take more action and engage in a better way.

Ensure that your interface doesn’t lag and take too long to load. It will hamper the user experience, and people won’t trust the banking app for doing any transaction.

Design the user interface in such a way that it is compatible with different mobile devices with screens of varying sizes. You can ask the developers to add native functionalities for enabling the app to access native applications of the device.

Add excellent features

The next step is to add useful and valuable features in the mobile banking app. Whether you have an option for Android or iOS app development or both, you need to provide functionalities that make the user’s visit worth it.

Some of the best features to add in a mobile banking app include -

  1. User profile creation - Allows the users to create their own profile and add a photo for a more personalized experience.
  2. Transaction history - Provides the user with a complete transaction history of their account, enabling them to maintain all records.
  3. Money transfer - One of the essential features of mobile banking apps is the money transfer feature within and outside the bank.
  4. Account summary - An important feature that shows the account balance, any loans, any deposits, mutual funds, etc., linked to the account.
  5. Bill & shopping payment - Mobile banking apps must enable users to pay utility bills, recharge their phones, and pay for online shopping.

Apart from these, there are a host of features that app developers can add in the mobile banking app for smooth user experience.

Keep updating

Once your mobile app for banking is up and running, you should keep updating it regularly with new features. Companies providing app development in Toronto suggest that you run frequent tests to find any bugs in the application and fix them to improve upon the app.

On the other hand, you must provide new releases and updates in the application that will drive more traffic. People need a user-friendly mobile app, and you should try to achieve that with every new release.

Updating regularly also allows you to stay relevant in the industry and keep your brand image in the minds of your user.

While getting a mobile for banking, you should not worry about the price of the mobile application. Instead, your focus should be on hiring the best mobile app development company that can develop an application which can offer the best possible experience to your customers.

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