Effective mobile banking solutions provide flexibility and convenience of use at any time, regardless of the consumer’s geographic location. With the proliferation of remote banking services, financial institutions must consider consumer demand to expand their user base.
Benefits of Mobile Banking Apps
The following user benefits drive the sharp increase in consumer demand for mobile banking:
- the-clock access to financial services;
- control over transactions;
- increased security;
- implementation of financial transactions in one click;
- deposit management;
- opening of credit lines.
In addition, there are many advantages for financial institutions:
- reduction of financial costs for operations;
- effective return on investment;
- provide personalized services based on user analytics through the use of artificial intelligence;
- high-quality client experience;
- increasing benefits through various notifications.
Therefore, it is very beneficial for the banking sector to have a developed mobile application that allows them to be competitive.
Although the creation of a banking application is not an easy task, but with the right approach and outsourcing of development, you can be sure of the quality and uniqueness of such bank application. QArea developers with vast experience can help implement the most daring ideas, while maintaining the quality and speed of the software, and also may maintain the viability of the application, update and prevent emerging important changes in the regulation of the market.
What useful features does mobile banking include?
The created applications for financial institutions provide various sound options to improve efficiency and ensure security.
Account and User Identification
To use the application, registration is required to create an account. And to then log into your account, you will need authentication (sometimes multi-level – password, biometrics, voice, fingerprints).
Provide an opportunity for application consumers to monitor the balance of their funds, control cost savings, and record the history of transactions. In addition, you can offer investment and automate regular monthly payments.
Users must have 24/7 access to operators when problems arise. With such a service, the application will be in demand.
Availability of ATMs and bank branches
Thanks to the search for located ATMs and bank branches, it will be easier for users to find out which one is closest and the operating hours.
Conducted financial transactions must ensure a high level of security and confidentiality. Users need to be sure that this platform is reliable and that there is no possibility of cybernetic hacking by intruders.
Mobile application users should receive various notifications about payments made, withdrawals, repayment of a loan, and so on. In addition, pop-up messages can serve as hidden offers from a financial institution (promotions, bonuses, etc.).
Problems when creating banking applications
The most fundamental issue in application development is security. Such an application must have a multi-layered degree of protection and respect for confidentiality. Consider aspects related to security and reliability.
Compliance with KYC policy
These requirements imply – to know your client. KYC rules allow you to reduce the risks of exposure to intruders for unauthorized entries into the financial system. Various technologies for verifying the user’s identity are used in this case.
In addition, the financial sector must comply with the requirements of AML – preventing money laundering. If such rules are ignored, penalties and various restrictions are imposed on the financial institution.
User environments should require consumers to use strong passwords. If the user has used a weak password, you can only register once he sets the appropriate one. After a certain period, you can offer to change the password.
Two-level and or multi-level identification
Such a technology for verifying the identity of users will make sure that this is precisely the person for whom he claims to be. Such checks include several stages: password, electronic signature, biometrics, and more.
Thanks to such blocking, it will be easier for you to prevent fraudulent actions of intruders in suspicious situations (blocking of payment cards, prohibition of logging in, and so on).
The developed software for the financial sector must comply with various legal requirements:
- GDPR – requirements for the protection of personal data;
- PSD2 – Payment services directive;
- PSI DSS – payment card security rules;
- CCPA – Confidentiality assurance consumers.
Therefore, if your product does not follow these rules, you cannot release it to the consumer market.
Mobile banking application development process
To effectively develop such an application, several aspects must be considered. Monitoring competition will provide an opportunity to create unique products that fill the gaps of competitors. After all, only in this way will your application be able to take a worthy position among competitors. And for the convenience of practical development, create a trial model: structure, functionality, design solutions, and so on. Thanks to this, quickly eliminating shortcomings, including those related to reliability, will be possible. Remember that for financial applications, a high level of security is the main criterion for the success of products.
The user interface should be as convenient and understandable as possible, attracting more consumers. In addition, you need to decide on development tools – the right technology stack reduces financial costs and speeds up production. It is followed by writing and integrating the application code with different solutions. In this case, ensuring compatibility with various software is mandatory. The final stage is the release of products to the consumer market, promotion, and support (including systematic updates).
Applications for mobile banking allow you to quickly and efficiently solve various financial tasks, facilitating financial institutions’ work and providing users convenience.