Mobile App Development for any industry is a serious business, but in banking, it can be very challenging because of the need to consider so many different technologies. Cybersecurity, online payment solutions, authentication, UX / UI and other elements must integrate seamlessly for banking applications to be functional and competitive.
What is needed though, for hitting a home run in the development of banking applications? How do you, as a decision-maker in the bank, make sure your app is doing exactly as per your expectations, and those of your customers?
When communicating your needs to a banking application development team, there are some basic principles, or pillars, to keep in mind. Nine of the pillars, you might consider the real load carrier, described below, and the communication you have to leave the development team under no illusions about the importance of the foundation.
Mobile app development company in Bangalore for any industry is a serious business, but in banking, it can be very challenging because of the need to consider so many different technologies.
In the development of mobile banking applications, security may also appear to be a matter of common sense. But really, the application qualified as a front-runner in the use of security technology is not prevalent in the banking industry.
Furthermore, it is not always about the application code. If you do not personally choose mobile banking application developers for your project, discussions with your providers should emphasize the need for security both in programming and in between programmers.
A possible application as if it could be solved once released, but when you are not in direct control of the development, you never know what team members followed coding practices.
Any breach in discipline among the team can invite security weaknesses in banking applications. It's probably not a likely scenario, but when millions are at stake, there is little room for complacency. In short, you must make sure that the first solid security ethos exists throughout your project team.
Security of Customer Perspective
Of course, security is a multi-dimensional problem. For example, many consumers do not understand mobile banking or online security of its practical use. According to the 2017 report from the Pew Research Center, only 52% of American adults use two-factor authentication, and a quarter use a simple password is not secure because they feel they will not remember more complex.
Statistics such as this highlight why it is important when engaged in the mobile app development for the banking enterprise, to consider your end users-and even do their thinking for them to a certain extent. Ideally, you would take security control of the application of the hands of your potential users, which could mean using two-factor authentication by default,
What is needed though, for hitting a home run in the development of banking applications? How do you, as a decision-maker in the bank, make sure your app is doing exactly as per your expectations, and those of your customers?
When communicating your needs to a banking application development team, there are some basic principles, or pillars, to keep in mind. Nine of the pillars, you might consider the real load carrier, described below, and the communication you have to leave the development team under no illusions about the importance of the foundation.
Mobile app development company in Bangalore for any industry is a serious business, but in banking, it can be very challenging because of the need to consider so many different technologies.
1. Security
In the development of mobile banking applications, security may also appear to be a matter of common sense. But really, the application qualified as a front-runner in the use of security technology is not prevalent in the banking industry.
Furthermore, it is not always about the application code. If you do not personally choose mobile banking application developers for your project, discussions with your providers should emphasize the need for security both in programming and in between programmers.
A possible application as if it could be solved once released, but when you are not in direct control of the development, you never know what team members followed coding practices.
Any breach in discipline among the team can invite security weaknesses in banking applications. It's probably not a likely scenario, but when millions are at stake, there is little room for complacency. In short, you must make sure that the first solid security ethos exists throughout your project team.
Security of Customer Perspective
Of course, security is a multi-dimensional problem. For example, many consumers do not understand mobile banking or online security of its practical use. According to the 2017 report from the Pew Research Center, only 52% of American adults use two-factor authentication, and a quarter use a simple password is not secure because they feel they will not remember more complex.
Statistics such as this highlight why it is important when engaged in the mobile app development for the banking enterprise, to consider your end users-and even do their thinking for them to a certain extent. Ideally, you would take security control of the application of the hands of your potential users, which could mean using two-factor authentication by default,
even if the loss of a few points for your application uses in some scenarios. The important thing is to reduce the human element in the security control to make your application more robust defense.
If you compile a list of security and other technical requirements for banking mobile app development you are more than a few months ago, it is likely to be worn out already. Thousands of security breaches occur worldwide each year. Hacking and intrusion methods continue to grow in sophistication, and the use of artificial intelligence for evil purposes may be just around the corner.
Daily Dot In an article published just last year, a spokesman for IBM suggested that the AI-powered malware may have been in the hands of criminal organizations. Even if certain fears proved to be unfounded, the financial institution has every reason to ensure applications are constantly at the forefront of tackling cybercrime.
Regarding the underlying technology your applications, functions, and features, it is very important to take into account obsolete when sharing requirements with the developer of banking applications. It's either you or their job to ensure the technology is deployed stretching exceed industry standards and allows your application to remain relevant, not only now, but at least in the near future.
For example, it is quite clear that traditional banking reaches the end of its life cycle and that a different future is in progress for financial services. Fintech company takes over more banking services, retains the ability to compete with the new company is a must.
A banking organization should follow the market, and the market tends increasingly towards convenience, accessibility, mobility, and function. Millennium, in particular, has increasingly shifted from branch banking and embrace mobile banking (as shown by the graph below). If your new banking app does not reflect the trend, it is already outdated, even before reaching the recommended app store.
All banks have at least one or two major competitors in the market. If you are competing with other banks that have applications, then your job is to release a similar product functional. However, if you want to have a competitive advantage, then follow this formula: + 1 = application of your competitors.
It's quite simple: all the features included in the app with your competitors, plus at least one element that makes your product stand out. Of course, you can go ahead and revolutionize the banking industry with a completely new set of features and products, but that can be a very expensive undertaking.
Has the same functionality and adds only remarkable feature can have a dramatic effect on your brand and how potential clients perceive it. That said, the development of mobile banking applications are quite complex, so make sure that this feature is not too heavy for your dev team or budget.
If you're wondering what kind of features can add a competitive edge to your banking application, all of the following examples, while popular with consumers, still absent from many mobile banking solutions, so that their inclusion in your offering should help it to stand out after launch:
ATM locator: make it easy for your customers to find ATM services when out and about
budgeting and expense tracking tool
Predictive money management
order management investment
Cardless ATM withdrawals and purchases: allow tethering via QR codes and digital wallet to simplify the POS payment
Has the same functionality and adds only remarkable feature can have a dramatic effect on your brand and how potential clients perceive it.
If your application is very similar in functionality, UI, and overall logic to your bank's website, you may struggle to remain competitive. People download apps because they want to experience the authentic mobile. They want to manage their money easily and with a minimum of screen taps and swipes.
Branding is the only similarity between the web site and welcomes your mobile application. Everything else should be minimized, simplified, and decluttered. That's why it's called an application. It has a specific purpose, but only to serve as an extension to your website and extra-channel access to your online banking service is to limit the potential value of your application.
Branding is the only similarity between the web site and welcomes your mobile application. Everything else should be minimized, simplified, and decluttered.
Banks have thousands of customers, and as stated in an article research findings from The Financial Brand, 42% of these customers increase their bank application usage in the 12 months between 2017 and 2018. Many banking consumers would welcome UX improvements, which means opportunities significant wait brands who think big in terms of customer experience.
Of course, copying the competition will get functional applications, and will be at least level the playing field. However, it does not adequately address the needs of the user experience from the perspective of your customers. How confident are you, for example, that your customer base is not a different demographic, or do not have entirely different expectations from their bank UX than your competitors?
Yes, testing is expensive-but should not be considered optional. You pay for the future stability of your products and even for the protection of the legal issues that may arise from undiscovered bugs, especially if they have to relate to data privacy or security.
Testing may be the most monumental effort from all of your project, it might require two or three times the number of hours used for application development, but does not need to be particularly daunting to manage and monitor.
Make sure that you communicate clearly your testing requirements to the mobile app development company. Above all, do not accept the final product until all your testing requirements have been implemented in full, and you believe that little if the problem persists.
2. Future-Proof
If you compile a list of security and other technical requirements for banking mobile app development you are more than a few months ago, it is likely to be worn out already. Thousands of security breaches occur worldwide each year. Hacking and intrusion methods continue to grow in sophistication, and the use of artificial intelligence for evil purposes may be just around the corner.
Daily Dot In an article published just last year, a spokesman for IBM suggested that the AI-powered malware may have been in the hands of criminal organizations. Even if certain fears proved to be unfounded, the financial institution has every reason to ensure applications are constantly at the forefront of tackling cybercrime.
Consider Industry Evolution
Regarding the underlying technology your applications, functions, and features, it is very important to take into account obsolete when sharing requirements with the developer of banking applications. It's either you or their job to ensure the technology is deployed stretching exceed industry standards and allows your application to remain relevant, not only now, but at least in the near future.
For example, it is quite clear that traditional banking reaches the end of its life cycle and that a different future is in progress for financial services. Fintech company takes over more banking services, retains the ability to compete with the new company is a must.
A banking organization should follow the market, and the market tends increasingly towards convenience, accessibility, mobility, and function. Millennium, in particular, has increasingly shifted from branch banking and embrace mobile banking (as shown by the graph below). If your new banking app does not reflect the trend, it is already outdated, even before reaching the recommended app store.
3. compete Differentiated
All banks have at least one or two major competitors in the market. If you are competing with other banks that have applications, then your job is to release a similar product functional. However, if you want to have a competitive advantage, then follow this formula: + 1 = application of your competitors.
It's quite simple: all the features included in the app with your competitors, plus at least one element that makes your product stand out. Of course, you can go ahead and revolutionize the banking industry with a completely new set of features and products, but that can be a very expensive undertaking.
Has the same functionality and adds only remarkable feature can have a dramatic effect on your brand and how potential clients perceive it. That said, the development of mobile banking applications are quite complex, so make sure that this feature is not too heavy for your dev team or budget.
Focus on Standout Features
If you're wondering what kind of features can add a competitive edge to your banking application, all of the following examples, while popular with consumers, still absent from many mobile banking solutions, so that their inclusion in your offering should help it to stand out after launch:
ATM locator: make it easy for your customers to find ATM services when out and about
budgeting and expense tracking tool
Predictive money management
order management investment
Cardless ATM withdrawals and purchases: allow tethering via QR codes and digital wallet to simplify the POS payment
Get a secure banking application future-proof with the developer this Iflexion
Has the same functionality and adds only remarkable feature can have a dramatic effect on your brand and how potential clients perceive it.
If your application is very similar in functionality, UI, and overall logic to your bank's website, you may struggle to remain competitive. People download apps because they want to experience the authentic mobile. They want to manage their money easily and with a minimum of screen taps and swipes.
Branding is the only similarity between the web site and welcomes your mobile application. Everything else should be minimized, simplified, and decluttered. That's why it's called an application. It has a specific purpose, but only to serve as an extension to your website and extra-channel access to your online banking service is to limit the potential value of your application.
Branding is the only similarity between the web site and welcomes your mobile application. Everything else should be minimized, simplified, and decluttered.
4. Personalized
Banks have thousands of customers, and as stated in an article research findings from The Financial Brand, 42% of these customers increase their bank application usage in the 12 months between 2017 and 2018. Many banking consumers would welcome UX improvements, which means opportunities significant wait brands who think big in terms of customer experience.
Of course, copying the competition will get functional applications, and will be at least level the playing field. However, it does not adequately address the needs of the user experience from the perspective of your customers. How confident are you, for example, that your customer base is not a different demographic, or do not have entirely different expectations from their bank UX than your competitors?
App Testing: An Essential Expensive
Yes, testing is expensive-but should not be considered optional. You pay for the future stability of your products and even for the protection of the legal issues that may arise from undiscovered bugs, especially if they have to relate to data privacy or security.
Testing may be the most monumental effort from all of your project, it might require two or three times the number of hours used for application development, but does not need to be particularly daunting to manage and monitor.
Make sure that you communicate clearly your testing requirements to the mobile app development company. Above all, do not accept the final product until all your testing requirements have been implemented in full, and you believe that little if the problem persists.
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