In our life, we want everything to be fast and at our fingertips. Then why should are banking sectors slow? Developing a mobile app for your business is a serious undertaking but for the banking purpose, it can be challenging, authentication, online payment solutions, UX/UI and many others elements must be integrated seamlessly for a security proof mobile application and to be both functional and competitive.
What does it take to hit a home run in banking app development? How can you handle all this as a decision maker within a bank, ensure that application is working precisely as per the expectations?
When you are communicating about requirements to a banking app developer team, then there are few fundamental principles or you can say major pillar, to keep in mind. Below I mentioned that 7 pillars which you might consider as a real bearer.
In mobile banking app development, security must be your first priority. But always remember that apps qualifying as front-runners in the use of security are not prevalent in the banking industry.
Secondly, it’s not always about the codes. If you aren’t taking it personally to pick the mobile banking application for your project, don’t discuss with your provider that all can impact on the security in both programmings and among the programmers.
An application may seemingly be unbreakable once it released, but if you aren’t direct control of the development, you will never know what coding practices the team members followed. Any misunderstanding among the team member could invite the weakness in the app’s security. In short, you must have to ensure that solid security is your main priority across your entire project team.
If you had already composed a list of security and other technical requirements for your banking application more than a couple of months ago, so it might be outdated already. Thousands of security techniques happen around the world as well as outdated too but hacking and intrusion methods are continuously growing in sophistication and the use of AI for a sinful purpose may be just around the corner.
Consider Industry Evolution
Regarding your app that underlying technology, features, and functionality, it is crucial to account to share its details with the banking app developers. It’s either your job or there, to maintain the technologies and deployed the stretch beyond industry standards and enable your application to remain relevant, not just at the moment but at least in the near future.
The banking industry has to follow the market and it tends for increasingly towards convenience, accessibility, functionality, and mobility. Now, millennial are shifting away from the branch banking towards only mobile banking. If your banking app isn’t showing tendency then it’s already obsolete.
- Competitively Differentiated
All banks have competitors in the market. If you are competing with the other banks that already have the apps, then your job is to release an app that has a similar functional product, but you also have to apply one formula i.e. competitor app’s + 1 = your app.
This is so simple you just have to add all the features of your competitors’ app and one more element that can help you to stand out your app. Of course, you can go and revolutionize the industry and find out more new features but it can be incredibly costly.
Having the same functionality plus adding one more feature can have a dramatic effect on your brand and on client’s hopes also. Obviously, mobile app development in the banking industry is quite complex. So, you have to make sure that feature is not too taxing for your developer team or mainly for your budget.
- Made For Mobile
If your app is very simple in UI, functionality, and overarching logic to your bank website then you may have to struggle to remain competitive in the market. Customers download the app because of its authentic mobile experience. They want to manage their account and transaction within minimum taps and swipes.
Only branding is acceptable between your website and your mobile application. Except this everything should be minimized, de-cluttered, and simplified. That is why it called an app. There is a specific purpose for having an app.
Among the many banking app features, the offline and online function for their users stands out the app from the crowd. There is nothing special ability than having an offline as well as online app and check your balance using a mobile application.
Let’s look deeply at the pool of potential users for any banking application. Many reports have shown that the iOS device is their daily driver and so, their expectations about the functionality and UX design are near universal. Then you have Android and Windows users too and there is some blackberry too.
There are many mobile platforms that have to be considered and you have to pay special attention to hardware requirements.
For multiple operating systems you have to build native apps but if you don’t have a budget for such app then you should consider cross-platform banking app development tools, which can save the time of your valuable developers.
After all, the best and careful planning, if your app is confusing the customer and some clients. The application might be the primary source of communication between them and the bank.
To get rid of this problem, it is crucial to add customer service within your application. However, there are many other ways to provide a responding channel to your app. You must have to make sure that support is easy to find.
It is important for any app to undergo numerous times of testing for an outstanding launch. Especially banking application needs even more rigorous testing and they need to support thousands of users. Many activities that have to be performed flawlessly – report user activities, integrate with numerous third parties, handle large databases, and perform a range of all the other functions.
App Testing: An Expensive Essential
Yes, testing of an app is expensive but it can’t be considered optional because you are paying for the future stability of your product and majorly for protection against potential legal issues arising from the undiscovered bugs.
Just make sure to communicate your testing requirements very clear to your development team. Above all, do not accept the app if it does not go through with the testing procedure.
On a Final Note
Building a banking application will be a time-consuming and expensive process but with that in your mind, you owe it and you have to make sure that your product is at the forefront of mobile banking tech. if you base your app with these 7 Pillars described in this blog, you never go too far wrong.
A smooth transition from the development to deployment is the last process; the last critical step is cementing the success and integrating of your mobile banking app.