In recent years, the banking and financial system has undergone a phenomenal revolution with various upgrades and advanced technologies. More and more consumers experience the various perks of the new mobile banking application development like a great convenience, speed, and financial insights. Here in this blog we are discussing “How to Create a Secure Mobile Banking App for Android Platform”.
However, if you are planning to develop a banking app, security risks, data safety, and user-friendly design must be taken into account to avoid any risks associated with it. Also, to gain the trust of your customers, one needs to maintain a balance between innovation and safety.
Why create a mobile banking app?
The advent of innovating technologies like IoT, Blockchain, cryptocurrencies, Fintech, and digital transformation has largely contributed to the need to create a robust mobile banking app. People no longer visit their bank’s branches to open an account, deposit money, apply for a loan, or withdraw cash. They want everything available in the form of smart banking solutions. In fact, slowly yet gradually, most of the top financial institutions are keen to offer internet banking and Android app development services to their customers.
The mobile banking facilities are not just confined to developed nations, but countries like India and China are also uplifting their economies with mobile banking facilities. The day is near when more and more individuals will access mobile banking features to open their accounts and make this industry bright and highly innovative.
What are the features to add to a mobile banking app?
Now that you understand the significance of developing a mobile banking app, let’s find out what are features you should add to it to boost up its security and popularity.
Login and Registration Page
Like most mobile applications, the banking mobile app also requires a login or registration page where the users can sign in by using their email-id and phone numbers. Users can enter both the information to get a verification link over their email to activate the account. Also, you can send an OTP on their linked mobile phone for the two-step authentication process.
Create a User Profile
The user profile consists of the identity information of the user like his name, email id, phone number, bank account number, bank branch, IFSC code, and more. A user can access these details and perform m-banking functionalities by entering the password or the Pin number.
These days most banks offer the facility of accessing the passbook and transaction history via a mobile app. The transaction details must be displayed in a very simple way so that the users (both literate and illiterate) can understand the amount debited or credited in their account.
If your goal is to develop a highly-functional and user-friendly app, provide your users the fund management tools like budgeting tools, which offer tips and guide to control and manage their finances.
There are numerous hosts of services one should add to a mobile banking app to boost its efficiency rate. From money transfer via net banking or IMPS to users booking flight and railway tickets online, the goal should be to maximize the app’s host of services. Gone are the days when people applied for a loan after doing rounds at the bank every day. Today, these processes get completed within a few steps.
Also, you can add features of making payments for different insurance premiums, operating the Demat account for sharing trading, and more.
This feature is very crucial for all types of mobile apps. In banking apps, the push notification will help users get SMS alerts in case of debit or credit in their bank account. This feature makes users cautious about fake calls like a lottery, spam, phishing, and account hack. Furthermore, the bank can send discount vouchers and attractive offers on any purchase made by the users via credit or debit card.
Account offline access
To enhance the mobile app’s functionalities, it is crucial to provide offline services besides online solutions. Developers can integrate this feature along with the geo-location tools, which help them access their account from anywhere even without access to the internet connectivity.
Customer support is a very critical asset to add to every mobile banking app. The customers need to contact their bank customer care executives in case they want some information or facing some issues related to their account transactions.
As mentioned earlier, banks must offer a geo-location facility along with offline connectivity. This feature helps users in finding the nearest branch or ATM of their bank.
Why choose professionals for banking mobile app development?
Evidently, the success rate of your banking app depends on numerous factors. However, choosing a reliable developer from a trusted app development company works as insurance for app security, brilliant design, and trending features included.
We are one of the most trusted mobile and web development offering the best-in-class services for building banking mobile apps. However, if you are wondering whether or not it is a wise decision to hire Android application developers from a trusted app service provider, here is the checklist:
- A professional team will focus on security from the preliminary stage of development
- Advanced data security and regular data backups are what they are committed to
- They will help you access unique UX/UI designs and easily navigate interfaces
- Utilization of agile technologies and process transparency
- Time to market overpasses the rivals and release updates in a short span of time
Mobile banking apps have brought a revolution in the way people access financial services. It has grown tremendously and helped users make real-time payments hassle-freely. The banks are working hard to enhance and improve security measures while adding more facilities to their existing lists.
How long does it take to develop a mobile banking app?
It depends on how many features you want to add to the app. Other factors that decide the time it takes to develop a mobile banking app include the app platform, the complexity of design, features, functions, testing, launch, and more.
How to hire a developer for mobile banking app?
You can search for the right mobile app developer online. Google reviews may help you choose the best out of numerous companies available online that claim to be the best. Ask for a consultation service to measure their expertise, portfolio, clientele, and experience.
How much does it cost to build a mobile banking app?
The cost of developing a mobile banking app depends on numerous factors including the location of the developer, app design, features, and more. However, considering the market demand, creating a mobile banking app may cost you from $50k to $80k.