With the penetration of mobility solution, the banking & finance industry has arguably experienced massive growth in a relatively short time. In today’s time, almost one-third (32%) of the global population utilizes mobile banking applications to make a quick transaction, bill payments and many more. Around, 25% of the top global banks have gone mobile and offer quality m-banking solutions to their customers.
The banking & finance industry is driven by the evolution of technology, providing a valuable and convenient way for both banking institutions and customers.
Due to the increasing demands for a mobile baking mobility solution, people have stopped using desktop internet banking and visiting local bank branches. Moreover, mobile banking apps have made baking processes or operations easier related to bank clients significantly.
Various mobile app development companies have dive into mobile banking application development and providing innovative mobile banking application development services to the banking & financial institutions.
If you are running financial & banking institution then you must have a baking app for your users to provide them with a unique experience. Here in this article, we will help you build an interactive and secure mobile application. In this, we will cover-
- The key features of Mobile Banking
- Some important industry trends
- The ever-changing market for a mobile banking app
Let’s get started-
What are the key features of Mobile Banking?
Mobile Banking is commonly used in a retail type of banking to connect the customers with their accounts. Investment banks can also use it to facilitate trade with capital markets.
M-banking is generally utilized in a retail sort of banking to associate the clients with their records. Venture banks can likewise utilize it to encourage exchange with capital business sectors.
Core Banking Feature
The core banking software solution as a minimum should include the following features:
- Transaction Management
- Customer Service and relationship management
- Payment Processing
- Loan Management
- Deposit and Withdrawal Management
- Interest Calculation Management
- Account Management
There are more features to Core Banking application.
What is Core Banking?
The Core Banking permits the clients to utilize quick, secure software to encourage their exchanges. Center banking additionally depends on the foundation which not exclusively will associate numerous branches, however, that likewise associates clients with the bank through different interfaces like ATM's, sites, portable applications and with the speed up web it has been conceivable to perform exchanges at a moment.
There are alternative platforms, which does not exactly follow the custom and are showing up as instalment strategies, advanced monetary forms, and enormous information examination. Then again, the banks should guarantee the security and dependability of the client information by furnishing them with admittance to their records while keeping up the security from the assailants.
Features of Mobile Banking
Well by reading the article above we know that the core banking is directly proportional to mobile banking.
With the increase of smartphones and the internet, these day’s consumers are sending and receiving money, managing their loan payments and they are managing their accounts like opening a new one or closing an existing one. This is the new trend and it will continue to grow as customers expect some more and interesting features in the mobile banking application and its services.
Some Feature that we might give our look on:
- Loan Payment
- Bill Payment
- Transferring Money
- Safety and Security
- Travel Services
- Secure mobile check deposit through mobile camera
- 24/7 access to account passbook including account history and transactions.
Challenges that are faced in implementing these features:
It could be hard to integrate complex features and advanced technologies in a mobile solution. If we look more closely then there is a much larger potential for data theft, data fraud, and data validation difficulties.
There are some major key challenges that are faced by the developers while:
- Keeping the services and features in the application simple and way secure
- Verifying the user input
- Protecting the privacy of the user
- And one of the most important to make the platform secure to use.
- To reduce the cost of the service
- Getting Across the cheaper funds
- Selling More to its customers
- Attracting other or small businesses.
- Improve customer experience
Well, this raises to the count of challenges:
- The increasingly popular Mobile Check Feature which uses the mobile camera for security. It removes a great deal of control of the bank.
- To prevent additional validation steps on the back-end prevents fraud checks from being processed successfully.
- Well with the increase in the use of mobiles, It has been seen that it introduces a potential for desktop computers like data entry problems and mistakes which are sometimes caused by keyboards, and other input methods.
- The OS used in Mobile could be vulnerable to the bugs, viruses, and malware not found on desktops.
Security features in Mobile Banking
The mobility services must be secure and reliable, but for the future extensibility, they will need flexibility at the same time. If a bank founds a change in the need or expectation, regulation, and some available technologies, then their services need to be able to adapt and expand the changes.
Similarly, the traditional usernames and password, some banks are stable on the cutting edge but when it comes to keeping their applications safe then, the security features include:
1. Biometrics
The Touch ID, face recognition, IRIS recognition have been there all the time when it comes to the security in the banking systems and these security features have been implemented by most of the leading banks worldwide to enhance the security features in their applications.
2. PIN Systems:
Passwords and PIN are required to login to the application then, there are TAN which means transaction authentication numbers which are created automatically to make a secure transaction through their banking apps. These are one time passwords which are used to authenticate the transactions. TAN can be OTP which are sent to the users via SMS, e-Mails, or by a call.
3. Voice Recognition Systems
There are a number of banks which are now offering voice recognition services for enhanced security in their application as alternative passwords for the transaction.
Investment Banking and its Features
When you compare it to retail banks, the trading banks have very strict requirement on the execution of their back-end software. Financial institutions like banks rely on a high-performance system which helps to facilitate the purchase and sale of assets.
Investing Bank should include:
- Big Data Analysis
- Blockchain
- Artificial Intelligence
- Cloud-enabled Technologies
- Secure API’s
What is the best Mobile Banking Applications to use?
There are many mobile banking applications which are famous for their banking features according to region/countries. The IKO is the most rated best banking app defined by Retail Banker.
According to the USA, the most used and highly rated application is Capital One with an average rating of 4.7 both in the Apple Store and Google Play.
*There are some well known mobile banking applications all over the world: *
- Bank of America
- JP Morgan Chase
- HSBC
- Capital One
- Wells Fargo
- Chime
Mobile Banking Application Development
There are major two things why most of the users use mobile banking applications, one of them is checking their account balance and transferring the funds between the accounts.
Essential Features of Mobile Banking
There are some general features used in the Mobile Apps for banking operations:
- Account Creation
- Account Management
- Secure Payments and Transactions
- Push Notifications
- ATM & bank branch locations
Cost of Mobile App Development for Banks
The banking app development can be splitted in two stages, one is the discovery stage and another is the development stage.
The Development Stage
- Planning
- Design & Development
- Quality Assurance
- Project Management
- Testing
- Submission and Maintenance
The Discovery Stage
- Business Planning & Analysis
- UI/UX design
- Software Architecture Development
- Project Management
- Team Review
There are some deliverables after the discovery page which includes:
- The Final App Concept
- The Architecture Plan
- The Product UI Design
- Market and Competitor Analysis Reports which could be optional to include
A cross-functional team is allocated during the app development process which includes:
- Quality Assurance Engineers
- Back-end Developers
- Project Developers
- Client-Side Developers (Android & iOS)
The cost the banking app development is looked at when it comes to the banking app development and regardless of the cost, on an average of $120000per app is spent by 15 global banks. The total expenditure on these bank applications went to around $70 million to $80 million and it included 600 different banking apps.
The major factor influencing the mobile app development cost is the rate of development. Well, in Europe particularly Eastern Europe, especially Ukraine is a well known offshore development region known for its reasonable pricing and high-quality software development.
In the end, let’s check
How to create a banking app project successfully?
What is it that makes a good banking application?
- User-Friendly Interface
- The application should be built with innovative technologies like AI, Big Data, AR or VR and many other technologies which enhance the user experience.
- New functionality in the software according to the upcoming mobile banking application.
Conclusion:
Mobile Banking application development offers many different opportunities that create a customer-centric experience in the banking world. This genre has enough room for good banking applications, so you can still plan your own banking application today. Well if you are interested in knowing how much would it cost and how much time will it take to implement your banking application? then consult us. Well, our team is ready to consult you with the detailed development process and the quotation with an approximate app budget.
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