There are 5.07 billion mobile users around the world and 1.9 billion people are using mobile banking it is considered that by 2024, there would be 2.5 billion mobile banking users will be available.

How to Develop a Mobile Banking Application

In modern times, it becomes too easy to get our salary directly in our account and we can even spend it just after the second we get our salary credited to our account. But do you know how people in the 90s used to get a salary?

Now let me tell you the story of the 90’s salary. First of all, on the first of every month a peon used to come with a white envelope, he used to give that letter to everyone and in the Letter, there was a cheque, now the employee has to go to the bank, wait in a long line for his turn then he submits the check and waits for another two or three days for the check to get clear then he goes to the bank again, waits in the long queue again and get the cash.

Thanks to online banking that made banking easy for us.

What is Mobile Application Banking?

As the name Mobile application Bank simply says Mobile banking is a service provided by a bank or other financial institutions that allow the consumer to have money transactions remotely using a mobile phone.

With mobile banking, you can use every activity you do in a real bank, but with mobile banking, you can do it at your fingertips.

Benefits of Mobile Banking

After reading the above story many of you must get a clear view of how mobile banking has made our lives easier, now we don’t have to stand in big lines for debiting cash or crediting checks. We can do all of these things just by clicking.

Mobile banking has many benefits like :

• 24/7 bank account access
• Fast money transfer
• Fast and secure access to the account
• Notifications set up
• Broader functionality
• Cashback
• User-friendly UI design
• Spending tracker.

How to Develop a Mobile Banking App

Research

The first and most important step of developing anything is research, now before developing a mobile application you have to conduct careful research about what is in trend, there are a few features you need to add to your app like:

• Fingerprints lock
• Credit Card services
• Cash Back
• Instant transaction
• Timely payment of EMI’s, Bills, and Loans
• Secure investment

These are some of the services that you must give in your mobile banking application, besides you must also research the problems people are facing while using other banking applications and you must try to cure that problems.

Prepare the Security Base

Now this is the step that makes mobile banking app development different from other app development. While preparing a banking application you have to be more concerned about security, you must understand that you are working with very sensitive data like a person’s bank account and money transfers, thus you need to create a very secure application.

While preparing the security base, there are some features that you must keep in your mind.

• Secure Password
• Auto Logout
• Data Privacy
• Security certificates
• Secure authentication
• Secure Card Information

Design UI and UX

If you are a developer so you must know the importance of User interference and User experience in application and web development. Based on the information we gather from research we must develop a user-friendly UI design.
Now while developing a UI or UX design for a banking application there are a few things that you need to keep in your mind. First of all, you need to develop a simple and trustworthy worthy design because this application is connected with people’s money.
Develop an application design that enhances user experience by providing him with better functions. Your application should have account management features like viewing account balance, checking cards, transaction history, managing cards, etc. and most important your design should be easy, research says that users tend to abandon a banking application if they found it difficult to manage cards and watch account history.

Conclusion

Banking applications are gaining popularity every day and many organizations are updating them according to the modern time Ally Bank was one of the first banks to introduce virtual assistance, and The Bank of Melbourne was the first one to create the mobile banking app for apple watch, The live app developed by Emirates NBD for millennials allows splitting bills instantly with a friend via social media. These are some of the latest innovations in the field of mobile banking app development.

About Coregenic Softwares – Coregenic Softwares is a global-based Digital Marketing and IT solutions provider. We are a team of highly professionals who aim to provide your organization with every help in the Digital marketing and the IT field. We have successfully worked with 1000+ organizations making them smile.