The most prevalent trend of the present-day is getting all your work done via mobile. This also includes managing one’s financial sectors. Many years ago, the success or failure of any bank was mainly judged on the basis of its interior and office.
But now in the twenty-first century, it does not matter whether a bank is prosperous or not or has any kind of luxurious office. All it needs is an advanced website where the customers can easily access their personal bank account. So a mobile application for the users, with which they can manage their bank account despite their location, is very essential.
Why is a Mobile Application for a bank Important?
The most prevalent trend of the present-day is getting all your work done via mobile. This also includes managing one’s financial sectors. Many years ago, the success or failure of any bank was mainly judged on the basis of its interior and office.
But in the twenty-first century, it does not matter whether a bank is prosperous or not or has any kind of luxurious office. All it needs is an advanced website where the customers can easily access their personal bank account. So a mobile application for the users, with which they can manage their bank account despite their location, is very essential.
Why is a Mobile Application for a bank Important?
A mobile app development company for the bank should develop its personalized mobile application for increasing competitiveness. This is the main reason and it helps them to stand out among the various other banks. It makes their banking process more easy, convenient and effective.
A 21st-century customer will always prefer internet-banking more compared to visiting a real bank in person. Therefore, it is always better if a bank provides Internet banking options through an app that is user-friendly and fast. This also helps the bank to win the loyalty of their customers, make them more competitive and mobile.
The Core Features that have to be kept in mind while developing a Mobile Banking App
While developing a Mobile Banking Application there are some core features that just cannot be ignored by the mobile app developers. These two main features are Security and Simplicity
Security
Taking into consideration the various credit card information leakages all throughout the world, it is expected that most of the consumers will be worried about the numerous security risks that are involved with payments via mobile applications. Therefore while developing a responsible mobile banking app, the app developers need to keep in mind that Security is the top priority.
Simplicity
The app should be simple and easy to use. Most people who will be using the app do not need all the banking functions. The app should provide in a simplified manner, the most important functions which the customers can utilize. It is always better to have a lighter version of the app for mobile phones instead of simply copying the website version.
While developing a Banking App, these are some few Security Tips that must be kept in mind:
- Minimize the total number of functions that can be performed via the app and keep it simple
- Create an attractive and easy design so that people of all age can use it
- Making an intuitive interface is important to increase the security level
- Personalize the experience that a customer will get while using the app
- Customize the experience and use it for further app development
- Control the response time and try to keep it short. Shorter the response time, greater the customer-satisfaction.
Functions of a Mobile Banking App
- 1. The app should facilitate users to pay various bills like the Internet, mobile communications, utility services, and loans.
- 2. The app should allow users to transfer money from one account to another
- 3. It should allow the user to check his transaction history and his balance at any time
- 4. It should have a currency conversion facility
- 5. The app should alert the user every time money is debited or credited to his account
- 6. The app should generate statements to review total account activity
- 7. It should provide the locations of the nearest banks or ATMs via geo-location services
Different Stages of the Development of a Mobile Banking Application
These are the different stages that a mobile application development company have to go through
have to go through
1. Planning the App
The first step to developing an app is planning. This stage is all about collecting ideas and simplifying project details.
2. UI/UX Design of the App
Designers need to work first before developers as it’s important for them to see the app before they can start coding it. Designers develop the UI wireframing, the UX design and the mockups.
3. Developing the App
The next important task is to develop an app that has been designed. Hiring Software engineers is necessary for this step. They perform two sections of the development procedure— the frontend and backend coding.
4. Testing of the App
Different types of testing process should be carried out while developing the app. This ensures that the final product will work perfectly well.
5. Developing and Marketing the App
Marketing and advertising the app is necessary as it helps to attract as many customers as possible and get ample feedback. The marketing drive can be carried out via social media or even with the assistance of successful bloggers and journalists through email circulation and search advertising. The cost of marketing, however, should fit within your budget.
6. Support and App-Maintenance
The maintenance and updating of the app are very crucial for it to provide a successful performance. This has to be done post-development of the app and the cost required for it should be separate from the total expenses.
7. The Total Cost of App Development
The total cost of development should vary between $200,000 and $500,000. Also, simpler banking apps can be made within the range of $25,000–$50,000. This range is a good choice for startups. The development cost of mobile banking apps varies from place to place as it depends on the programmers who will build the app and their respective rates.
So these are the basic important steps that have to be followed while developing a mobile banking app. For knowing more about this domain, you can contact the experts at ParamInfo, who can guide you through the process efficiently, with years of experience in this domain.
