Mobile Banking Development
Today we will address the topic of 'mobile banking development'.
In doing so we will ask the following questions:
What are the key features of a great mobile app banking experience?
How can financial institutions gain more market share with a great app?
And finally, What is the step by step process when developing a mobile banking app?
Today is a mobile-centric world. We rely on our smartphones - and are rarely without them.
Life is busy - and we need easy, reliable and secure access to our money when we need.
Mobile Banking Apps provides users with flexible ways to access funds on the go. While increasingly popular with users, mobile banking apps also offer significant benefits to the financial institutions.
The commitment to a superior and competitive mobile banking experience fosters long term customer loyalty.
But what constitutes a great banking experience, what are the benefits here, and how it all put together?
Before we tackle these questions, first a quote. Today from Marcus Tullius Cicero.
“We are bound by the law, so that we may be free.”
Cicero was an Ancient Roman lawyer and philosopher. He is most famous for his oration skills, and lived form 106 BC to 43 BC.
Let's hear his quote again:
“We are bound by the law, so that we may be free.”
For myself, this quote relates to the advantages of law.
Strong, fair law - justly implemented - is the foundation of peace. As a community, we willingly live within the frameworks and jurisdiction of laws and dictates - to guarantee our security, promote prosperity and maintain personal freedoms.
Mobile banking apps offer a similar set of advantages.
The guarantee security of paramount, we need the freedom and flexibility to access our funds on demand, and of course, we all share the dream of prosperity.
So let's get started on 'Mobile Banking Development' with our first question:
What are the key features of a great mobile app banking experience?
Firstly, it must be noted that most financial institutions have multiple apps to service individual client needs - which vary in scope.
Most banks today provide an all purpose comprehensive banking app - for payments, ATM transfers, account summary, customer service etc.
Some financial institutions offer additional niche banking apps - tailored to customer needs and product offerings. Common examples here include:
Branded Credit or Loans Apps
Digital Wallet Apps
Wealth Management Apps
and Video Banking Apps
Whilst niche is good, without careful implementation - too many apps can deliver a fragmented user experience. Is it wise to separate your targeted offerings into separate apps - or will a fully featured, integrated solution work best for you.
Consider carefully how your mobile banking experience will function as a whole - and strategically access the pros and cons of each separate application.
Easy to use features and a clear interface design is always paramount. Again - customer care must be front and centre here.
Here are some key checkpoints to ensure your banking app meets the needs of your customers whilst ensuring security protocols:
Easy and secure customer registration
Simple login procedures with a mapped User ID and 4-6 digit pin
Fingerprint Scan ID
Clear Brand Messaging and Value Propositions
Easy Navigation & Summary Screens
Integrated Customer Care Solutions (to reduce calls and in-bank visits)
Status Tracking
GPS tracking for ATM location
Calendars, alerts, reminders and reward prompts
Interactive Help & FAQ
A popular banking app will grow your market share. Deliver innovation with
customer-centric solutions that meet the individual needs of your target user.
Remember, according to Cicero - “We are bound by the law, so that we may be free.”
While we may indeed be 'bound' by the law - we don't want to see it. We want to focus on freedom, lifestyle and what's on this weekend! Similarly, your banking app has to focus on the positive - providing a modern, easy to use and value packed user experience. You want people to love your banking app. Positive user experience will grow your client base.
So, how can financial institutions gain more market share with a great app?
It is simple. Find new ways to meet the needs of today's market. Think outside the box and discover innovative ways to bring value to your customers.
Here's some innovative mobile banking features that might be good fit for your next app:
1. Peer to peer payment systems
What is a peer to peer payment system?
It's person to person. Direct transfers between people.
Think Paypal. Paypal have dominated the peer to peer payment landscape for over a decade. More financial institutions are offering initiatives in this area and customers appreciate the independence it offers. There is lots of scope for innovation here.
2. Voice banking
Voice banking is an emerging technology and tipped to be incredibly popular. Here, customers are able to purchase items, pay a bill, send money and more with a simple voice command.
Early adopters of voice banking can reap rewards if voice banking is strategically integrated into mobile offerings.
3. Budget Planners
Your customers are keen to find news ways to save and invest. Review the many budget and money planners available on app marketplaces and integrate the best features into your next banking app. Seek to find new ways to improve what is currently out there and add your own brand flavour to the experience.
What is the step by step process when developing a mobile banking app?
OK. You and your financial institution are considering a new mobile app.
Now, what steps does the development process include?
1. Comprehensive design and ideation phase.
Let's get started! First and foremost, your app must be designed for your user. As stated previously, you want people to fall in love with your app! Usability and interface design are key challenges. Ideas and alternative solutions are discussed in the context of market competitors. Goals, budget and timelines are established. Detailed wireframes are carefully designed to represent your brand and achieve your goals.
2. Development of Proprietary APIs
For those not familiar, an API is simply an Application Programming Interface.
APIs permit applications to communicate efficiently between each other. To ensure security and bespoke functionality your mobile banking app will require the development of a proprietary API. This represents the beginning of the development phase.
3. Build Security With Sandboxes
Sandboxing is a defensive application development and management strategy.
It isolates applications from system critical resources and provides an additional layer of security. This prevents malware, spyware or viruses from negatively impacting upon your system.
Mobile-only banking apps requires the usage of a sandbox during development. This ensure a secure environment during which development can proceed safely and smoothly.
4. Build Security With Encryption
Software encryption keeps your data safe from hackers. Use a password strength checker to ensure that encryption levels are high. Security, privacy information protection are always critical concerns.
5. Test UI and UX
Include real world customer testing to ensure your user experience and interface design really deliver on performance.
Above all, keep it simple - but stay true to your brand and your values.
Aim to stand apart in the banking marketplace and invest time to discover and take advantage of your key points of difference.
As Cicero said “We are bound by the law, so that we may be free.”
Mobile banking apps delivers on this promise of freedom - offering flexible solutions that far surpass those available to earlier generations. Take advantage of this opportunity - but above all else: get to know your target customer - and serve them well.