Mobile Apps Serve Better for Banking Actions

By CIOReview | Wednesday, October 23, 2019
Cioreview

Cioreview

The advent of mobile phones has accelerated the development of banking apps to ease their functioning for users.

Fremont, CA: Technology has primarily impacted the banking sector in reducing time and effort while enhancing security. It maintains a streamlined workflow with its advancements primarily through mobile applications. These days it has become a rare sight to see anyone without a smartphone. The enormous growth of mobile users in the past few years has led to the creation of new mobile banking apps. These apps have reduced the time spent on making transactions via all mobile devices. Now, people quickly make transactions through well-known mobile apps, including Google Pay, and many more than preferring the traditional way of visiting the nearest branch.

Moreover, these apps have eliminated the need for ATMs and debit/credit cards. Further, these apps can be downloaded from the Google Play store and installed in Android, Windows phone, or iOS. Now, CIOs of the banking sector believe that the banks that can provide better mobile banking technology will lead the market. However, creating a mobile banking app is not an easy task like developing other mobile applications demanding experienced mobile app and bank application developers.

Keys to Develop a Mobile Banking App

Security

One of the sectors that require more protection is the banking industry, and it is incredibly important to develop safe mobile apps. It relies on the use of security features of the mobile apps that influences its wide application. Since millions of customers use these apps, extra caution towards the development of a banking app is needed.

Personalized

Banks should agree with the point that only if they meet their customer needs, they will be preferred. It does not matter if these banks copy certain features of their competitors in the technology they use, it relies on how they provide a fantastic user experience. Reaching out to their customers to research their needs and wishes and developing apps, accordingly, can improve the user experience of the app, thus providing a personalized experience.

Well-differentiated

All the banks have come up with their own mobile apps for their customers to make transactions. Only a few offer unique features that will serve their customers better than others. To have any competitive edge, the banks should focus on developing apps with new delighting features that may cost a substantial amount.

Future-Proof

App developers should concentrate on jotting down the list of requirements that should meet not only the present needs but also future requirements, especially concerning security. As hackers are always on the lookout for bugs and errors, it is essential to adopt new technologies like AI while developing apps.

Easy-to-use

If the apps are as complicated as direct banking procedures, and employing the logic similar to that of a bank’s main website, there is no use creating an app, and banks will fail to remain competitive. People demand apps that provide them with authenticated mobile experience while managing money conveniently with minimum efforts.

Assisted

Although these apps are made with careful planning, there can be times when people need support to use some features. Those banks that consider this feature are regarded as the best, and the help features can be automated such that bots respond quickly when people search for assistance. Make sure that the help option is easy to spot and use.

Offline features

Among all in-app banking features, those with a combination of both online and offline features standout from others. Any useful functionality that can be used in offline mode is likely to add fame to the app against its competitors.

Diverse

A banking app should employ a design that fits various platforms that customers use, which can be android, iOS, or Windows. Thus, enterprises should pay extra attention to hardware requirements. Have a cross-platform banking application that can run smoothly in all the platforms eliminating the need for building a specific app for every platform.

Tested

Finally, before launching an app, it has to be tested on different platforms for the smooth running of various features to avoid potential inabilities. As it is a banking app, it has to undergo rigorous testing and should pass all the tests profoundly.

Next-level Apps in the Banking industry

Utilizing all the keys and establishing an app can take the banking industry to a higher level. Here are some fantastic features that can be used in the creation of the app.

Chatbots

It is a common feature seen in all banking apps. Chatbots allow banks to communicate with their active users in a user-friendly manner. Chatbots developed with the combined technologies of artificial intelligence and predictive analytics can enable users to make better decisions. Their enhanced ability support users with instant services like checking balances, making payments, and more.

Blockchain

Cryptocurrencies have escalated the importance of blockchain in the present market. They help financial institutions to improve their business operations and processes. Blockchain technology is well-known for its transparency and addressing problems by making the system more straightforward.

Open API economy

Anyone can create an app with simple features and services. Existing apps offer advanced features and some value-added services in applications independently or simply by working with financial technology service providers. However, it is possible with accelerated programming interfaces (API), allowing secure, reliable, and efficient data sharing between systems making it more comfortable to add new features to an existing application.

Voice payment

It is one of the recent developments where Google Assistant and Siri can understand the commands to pay bills, make transactions, and check the balance.

Geolocation

With the geolocation feature in the app, banks can help users locate the nearest ATM and also provide additional information regarding the availability of cash.

Financial planning

As banks are the trusted sources, their apps are also the same, and if those trusted banks provide features for budget planning and management, it is a big plus. This feature can help users to make sound business decisions, increase savings by giving tips for careful management, and much more.

Context-aware notifications

This additional feature can help users in handling privacy and security issues. The context-aware notification feature can take personalization to a higher level.

As banks are increasingly transforming how they offer their services via apps, and those who have not, need to adapt to stay in the technologically advanced competition.

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