February 5, 2020 Last updated March 6th, 2020 1,263 Reads share

A Complete Guide to Developing a Mobile-Only Banking App

Image Credit: DepositPhotos

Payments today have become seamless and mobile-based. Payment apps like PayTM are encouraging more and more users to go mobile where financial transactions are concerned. Well, PayTM is a peer to peer payment app. In addition to such apps, mobile banking applications are quite sought after.

A mobile banking app helps consumers make online transactions, as well as make payments or even pay utilities such as bills online. Thanks to the security of mobile banking apps, consumers can now know their account balance, as well as carry out almost every primary banking function, thanks to the versatility of these mobile banking applications. Well, here’s a guide on developing a mobile-only banking application, a mobile finance solution that is great for both the bank as well as the customers.

1. Find out Your Target Audience

It is vital to note that a lot of people across ages and races use banking services. Find out how they use mobile applications instead of visiting branches or using customer care numbers. A lot of customers tend to use mobile applications when interacting with banks. Target this audience. Find out what your client wants, and why they are interested in using a mobile app instead of conventional banking methods.

The main reason for using mobile apps include verifying balance, verifying transactions, money transfers, and deposits. In short, mobile apps are a great way to gauge your current financial situation. Which is why a lot of people gravitate towards apps. Find out what features of mobile apps customers love more, and what similar features you might develop to satisfy them.

2. Always Maintain Tight Security

Any company that works with money, no matter what the sum, needs to provide specific guarantees of financial safety. Customers love apps with proper security measures. You must always remember to check security policies to ensure they are up to date. Always configure servers and test platforms to ensure they are safe from phishers and spammers. Integrate 2FA, or simply add an option of a second login confirmation, via either SMS or Google Authenticator.

Allow your clients to use a digital signature for better security. Prompt users to set up a strong password, with different characters. Ensure that inactive sessions expire, and no accounts are left open, lest frauds get access. And most importantly, avoid ‘jailbroken’ mobile phones, as such apps reduce the security of a device, greatly. 

3. Keep Your Interface Simple

Users hate complex applications. All they want is a few basic functions, as large apps drain the battery. Usually, users might just want to check balance, transfer money and speak to customer support. Ensure that the core functions are set up with a host of support functions that the customer can use if need be. Ensure your app is minimalistic and ergonomic, and the logos are instantly recognizable.

Try to allow customers to add personalization, such as push notifications about transactions, and financial news. When creating a finance app for a bank, keep your interface simple and attractive.

4. Ensure Your App Is Compatible Across Devices

Usually, the target audience tends to use a variety of smartphones and tablets from a variety of manufacturers. Gadgets have different operating systems, processors and screen sizes. Try to ensure that your app is compatible with all gadgets. Try to run as many tests as possible, on various devices.

A good pre-launch testing regime may help save you from any bugs and user complaints. Integrate analytics in place so you can gather metrics, and calculate performance. This will help you solve problems quickly, collect user experience and subsequently provide upgrades for your app. 

5. Have an Easy Login or Registration Page

If you are a mobile-only banking application without the support of a website, then you need to have a good login or registration page where customers can either log in using existing details or click on a new account. A good login or registration page also needs to have a strong back-end so it is not vulnerable to hackers.

Keep a simple and easy login-registration page, with one or two steps, for existing customers, and a registration method for new customers. A new customer might need to provide details in order to get registered. 

6.Online Passbook

Most banks and net banking portals allow clients the facility of viewing their passbook, or transaction history. If a bank solely relies on a mobile application, a passbook is a must. The transaction history of the customer should be laid out in a simple way, so it becomes easy for the customer to understand what amount has been debited or credited to his account. If you want to add additional functions, you could perhaps add a budgeting tool, which could offer clients valuable tips on how to control and manage their earnings. 

7. 24/7 Customer Support

Any good banking application/website needs 24X7 good customer support. Customers need to feel safe and secure knowing that they can get solutions to any problems anytime. Customers may speak to bank customer care executives, who can tell them their account details, transaction history, or clear any other account-related doubts.

A good customer-service facility for a mobile banking application is a must, so the clients are kept happy and satisfied all the time. The application may even have an in-built chatbot that can speak to customers whenever the latter have doubts. In short, constant support is what is vital to ensure that your mobile banking app is a favorite amongst customers. 

8. Text-Based Banking

A lot of banks offer the facility of knowing your bank balance by sending a simple text. It would be great for bank customers if they don’t have to launch the app every time. Sending a simple message could do the trick. The number to be SMS’ed should be clearly spelled out on the app’s home screen. 

9. Apps Compatible With Smartwatches

Imagine a situation where an app sends you locations of the nearest ATM’s to your smartwatch. An app that transcends mobiles and tablets, to work well on wearables might just be the sign of the future. 

Hence, it is important to keep the above points in mind when developing a mobile-specific banking app. Since the security of mobile banking apps is high, customers are likely to gravitate towards its use. Ensuring a simple but robust app is guaranteed to ensure a smooth customer experience. 

online banking – DepositPhotos

Nasrullah Patel

Nasrullah Patel

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