Mobile banking software solutions have been offering flexibility and convenience for decades now, irrespective of hours and locations. With the growing demand for banking services, traditional finance institutions must meet current market trends to retain their existing clients while attracting new ones.
The coronavirus pandemic has decreased the pace of economic growth worldwide. And the banking sector suffered a huge impact with many still dealing with increased debts and NPA (Non-performing Assets). their high operation costs result in fuel loss, making it more challenging for some financial institutions to meet the Break-Even point.
The Need For A Mobile Banking Application
Banking industry experts have predicted that now post-pandemic, banking institutions will reform their operations by inclining towards digital banking we’ve seen many banking institutions solely operating via digital channels with less operational costs when compared to traditional banking infrastructure.
Note that there is a growing customer preference for mobile banking, and if you haven’t thought about banking application development for your business, it’s high time you think about it.
Internet banking via mobile banking apps is a convenient and easy solution. It eliminates the need to visit the bank and long waiting hours while allowing users to access the services irrespective of their location.
In this blog, we will discuss the steps involved in creating mobile banking app. If you are a newbie and want to for your banking app project, knowing the ins and outs of the entire process will save you from further hassles. So, let’s get started.
Steps to mobile banking development
Mobile banking application development is similar to developing any product, except for the security stage which needs a primary focus. Here are the 7 steps of developing an online banking application.
Step 1: Do a Thorough Research
At Android Developer, we start with a market analysis to study the competitors and market trends we are about to enter. For mobile banking development, we recommend paying close attention to the cultural aspect, mindset, and user usage pattern. For instance, when we build a banking application for the US market, 70% of Americans have at least one credit card. It means companies developing a banking mobile app cannot afford to exclude the credit option. Therefore, the cultural aspect of the market is crucial to monitor, which will give us the following insights:
- User persona profile
- Market analysis
- Market share
- Market habits
- Value proposition
Step 2: Create a security base
It is one step that differentiates mobile banking application development from the others. While working on mobile banking software, focus on securing the sensitive user data and the following:
- Secure password
- Auto logout
- Data privacy
- Security certificates
- Secure authentication
- Secure card info
Step 3: Develop & test a prototype
Any product’s success lies in the number of interactions on it. Therefore, a prototype must include app logic, structure, and design, which makes it a simplified version of the final product. Although the prototype is far from the final product in terms of functionality, stability, and aesthetics, you can at least test your idea. Building a prototype is the best solution to validate the usability, design, and functionality of your mobile banking app.
Step 4: Design UI & UX
A user-friendly UI design is one of the greatest benefits of mobile banking applications. When people deal with anything that includes their money, they fear doing something wrong. Therefore, ensure you create a good UI & UX designer who can help create a simple, intuitive, and friendly design.
Step 5: Develop the app
At the beginning of your app development stage opt for Native app development than React Native. For an Android app, look out for Java, Kotlin, Android Studio, and Android SDK. On the other hand, an IOS-based mobile banking app demands Swift, XCode, and iOS SDK.
Step 6: Third-party integration
A third-party integration can make an advanced user-friendly app flow and retain customer attention smoothly. A professional Android app development company is crucial for your assistance in creating a stable, secure, and actively supported mobile banking app.
Step 7: Release, Maintain and Improve
When you launch your final product, a new sequel gets started. Users will start interacting with it, create new requirements, and a demand to implement more new features. Be prepared for major changes on the road to application development.
Summary
A multi-functional online banking app is almost a prerequisite for customer loyalty. It provides competitiveness for a longer period and opens new channels for customer interaction.
Are you looking for an Android app development company that can help you create the best banking mobile application? We can help.
Connect with our experts to know more.
