Factors Worth Paying Attention to When Developing a Banking Application

The penetration rate of fintech services is extremely high. This means that every day millions of people log into mobile banks, transfer money, order cards, and pay for services. People are used to solving financial issues in the application chat, and not in the branch queue. If you want your business to prosper and are looking for a reliable fintech software development company like Kindgeek, then this article is for you.

What Problems Does a Banking Application Solve?

 

The banking app offers benefits not only to users but also to businesses. Let’s look at the main benefits:

 

1. It automates business processes and reduces costs.

 

In the mobile application, the client can order a statement, open a new product, repay a loan, and ask questions to the bot – all without human intervention.

 

2. It increases revenue per client.

 

Banks onboard new functions and products directly in the application, offer to try some functionality and evaluate its benefits, and send individual offers. All this helps increase conversion.

 

3. It lowers the barrier to entry.

 

Downloading the application, entering a phone number, and opening an account remotely are much easier than going to a bank branch. The shorter the user path, the higher the chance of getting a new client.

 

4. It strengthens positioning and increases loyalty.

 

The ability to receive a banking service at any time on a smartphone can play a decisive role for a potential client.

Mobile Banking Functions

 

To become competitive and attract an audience, a mobile application needs to have a basic set of functions, as well as innovative solutions that improve customer interaction.

 

Main functions:

 

1. Flexible user authentication that does not interrupt the client journey, but at the same time is reliable and secure.
2. Push notifications or SMS about all actions with the client’s account and cards.
3. Chatbots and customer support 24/7.
4. Remote opening of banking products: cards, accounts, loans.
5. Convenient transfers and payments by phone number and card.
6. Visual analysis of expenses and control of funds flow.
7. Convenient search for ATMs or offices.

 

Additional functions:

 

1. Remote closing of banking products: cards, loans, deposits.
2. Investments: purchasing securities, and opening brokerage accounts.
3. Opportunities for obtaining insurance
4. Ordering certificates and documents from the application.
5. Joint accounts, and children’s cards.
6. Personalization. The user can choose a theme and add an image. Individual card design.
7. Collective transactions, for example, joint savings accounts.
8. Bonus system and cashback for purchases through the application.

Application Development Stages

 

Each application is developed individually, but you can estimate the amount of work in advance. Here are the steps the fintech software development team takes to release a fintech product.

Study

 

To make a high-quality mobile application, you need to analyze the market leaders: look at the interfaces, and test the interaction mechanics. This will help you create a map of best practices that will form the basis of your application.

 

It is also important to understand the barriers and needs of the audience. Studying specialized forums, reviews of competitors in stores, in-depth interviews, and mapping the customer journey will help with this.

 

Based on the information received, project goals, interface and security requirements, functionality, development stages, team composition, and budget are written down.

Design

 

First, wireframes are created on which the basic logic and functionality are reproduced. This allows you to test the future product, make adjustments, and improve the level of user service.

 

Development of UX/UI design. UX covers areas such as easy navigation through the application, menu functionality, and the user’s transition plan between pages. UI is focused on defining the design of the site, in particular the color palette, font size and type, icons, and buttons.

Programming

 

Front-end programmers develop the client interface and product logic, and back-end developers create a server for storing and exchanging data.

 

Solution development can be native, hybrid, or cross-platform. A native application involves creating an application in the native programming language of the platform: for Android – Kotlin and Java, for Apple iOS – Objective-C, and Swift.

 

This choice provides you with more opportunities for analytics, stability, and the ability to work with custom interfaces and complex business logic.

 

Hybrid apps combine elements of a web and native app. The hybrid is created using HTML, CSS, and JavaScript, but packaged in a native container. This allows you to use it on any mobile OS.

 

This choice allows you to reduce development costs and increase development speed. The hybrid approach also offers wide functionality and a high degree of customization. However, hybrid apps have disadvantages, such as reduced responsiveness and speed.

 

Cross-platform development allows you to cover multiple operating systems with one code. For example, you can create applications for IOS and Android using Flutter. If later you want to upload the application to the Huawei store and rework the code, you will only need to do the integration.

Testing

 

QA specialists test functionality, performance, and design, look for potential errors, and eliminate them.

Publication

 

When the application is ready, it is uploaded to the store. Further support and development are required.

Application Security

 

Money and personal data are a sensitive topic. Therefore, it is critical to consider the security of the fintech solution and ensure protection from attackers. Here are popular compromise solutions:

 

1. First login using the card number and SMS.
2. Show the SMS code separately when displaying details.
3. Confirm changes in personal data using a photo, for example, a selfie.
4. Multi-level authentication, for example, using a password, FaceID, or SMS code.

Wrapping It Up

 

To successfully create a mobile banking application, it is enough to implement a modern and simple UI/UX design with simple navigation and well-thought-out scenarios, full protection of personal data, details, and user money, as well as the necessary modern functionality, including remote opening of products, transfers and payments, analysis expenses and control of the movement of funds, search for ATMs. We recommend turning to Kindgeek, whose experience will help you plan and develop a reliable and effective fintech software that will captivate many users.