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Why You Should Develop Your Own Mobile Banking App in 2020?
Monday, 10 August 2020

Smartphones are all the rage right now. They have apps for many things, from entertainment to education. They are designed to make life easier. With the growth of the e-commerce industry, there is a growing need for apps that ease online payments. There are many available third-party e-wallets. But banks should take it upon themselves to develop mobile banking applications. There are pros and cons to this venture, but the advantages take the cake.

Benefits of Developing a Mobile Banking App for the Bank

1. Mobile banking cuts costs. You will need fewer employees if more of your customers do not need to come to the bank. You also cut costs on customer service as they can get it in the app.

2. Ease of reaching your clients. You can connect to your customers on the app. You can notify them about their transactions and your offers.

3. You will be able to connect with millennials. Many millennials are tech-savvy. Using an app is a way of connecting to them in their world.
4. Paperless record keeping. The app will record all transactions on your database. Your employees will, thus, spend less time digitizing records. You will also save on paper.
5. Increase your transaction rates. Most physical banks operate on business days and business hours. An app is 24/7/365, meaning more transactions take place in a day.

Advantages of a Mobile Banking App for Your Customers

1. Mobile banking boosts efficiency. Coming to the bank, filling forms, and queuing is a long and tedious process. Using the ATM is a shorter process. Neither is as efficient as banking from the comfort of your home or from wherever you are.
2. Apps are more accessible. You can access your account anytime and wherever you are as long as you have a network connection.
3. Apps are convenient. They save your customer the hassle of queuing and filling forms. They also connect them with your customer care agents faster.
4. Apps increase the financial awareness of your customers. You customer can check their balance on their phone.
5. Apps are sometimes more secure and convenient than browser websites. In a place with an unsecured connection, e.g., when using public Wi-Fi, using your app is more reliable. You can also do more on your phone, like access your contacts and get push notifications.

You may be wondering why you should develop a mobile banking app. This is especially true if you already provide online banking services. After all, a typical online banking website contains more features than the mobile banking app. Here are a few reasons why mobile banking apps are better than online banking websites.
  • Users generally spend more time using apps than using browsers.
  • It’s easier to send notifications on the app than the browser. Yes, an email is a fast way to notify your client. But your in-app notifications and push notifications are faster.
  • Mobile apps are more secure, especially in unsecured connections.
  • The app serves as a way of branding. Even when the customer isn’t using the app, they still see it on their phone every time they swipe past it.
  • Some apps can work offline. You need the internet to browse, but your app may only need a network connection.
  • You can personalize the app. The customer can choose custom colors for the app. Also, by collecting user data, you can customize the app to the individual.
  • You get to incorporate the device features. You can scan QR codes with the device camera for faster payments. You can use geo-location to help your client locate the nearest branch. You can use the touch screen feature to incorporate a biometric login feature.
Check this guide for actions that are considered best practices when it comes to mobile banking app development. By best practices, it means they are accepted as the most efficient for a specified purpose. Here are core activities that are the best practices in the mobile banking app development process.

Understand your customers

Mobile banking is replacing visiting bank branches and contacting customer care. If this is your goal, figure out what your clients would like in an app. According to studies, most clients want to be able to do the following on their phones:

a. Verify balance.
b. Make deposits and withdrawals.
c. Check loan status and make payments.
d. Pay bills.
e. Receive notifications.

Generally, the more the app can do, the slower it becomes. The best thing to do is to incorporate only vital features on the app. Here are some extra features you can incorporate into the main app:

1. Gesture and voice navigation.
2. GPS location services.
3. Biometric authorization.
4. QR technologies.
5. Ability to convert currencies.
6. Money management feature like a budgeting tool etc.

Focus on security

Your clients need to feel like it is safe to use the app. Configure your servers to make them secure. If possible, incorporate a multifactor authentication process. Use password checkers to tell your clients if their passwords are reliable. Incorporate timers that log out inactive sessions after a set time. Update your apps often to upgrade security features and ask your clients to do the same. Also, consider using digital signatures.

Make the app user-friendly and straightforward

Using your app shouldn’t be a chore. Customize your app so that even the least tech-savvy clients can navigate it easily. Use fewer features. If you have to, you can create multiple apps that have different functions. For example, if your bank offers to trade stocks and commodities, have a separate app.

Have apps for different devices

There are many different operating systems. Devices also have various features like different screen sizes, caches, and screen features. Create and test apps that cater to different functions. Also, install analytic services on the app. They will inform you of bugs, gather metrics, and evaluate performance. You will need this information when making app updates

These days, phones operate like mini computers. Many of your customers are using smartphones in their day to day activities. Bring your services to their fingertips by creating a mobile banking application for them.
 

 

 
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