Mobile Banking App Development: 3 Important Benefits You Need to Know

By: | July 21, 2021 | Tags: , ,

Are you here for information about mobile banking app development?

By reading this post, you discover the importance of mobile banking app development for both you and the banks.

There are three important benefits to mobile app development:

  • Social distancing
  • Speed
  • Convenience

As the lockdown showed us, we need apps. More than ever before do consumers function online.

The economy didn’t stop during the lockdown. It pivoted online.

This increased use of mobile apps didn’t stop. It became more ingrained in us.

This dependence on smartphone apps will continue and increase.

This reliance on apps certainly makes mobile banking app development important.

More than ever before, people are using mobile banking apps to do banking right from their phones.

Let’s discover more about mobile banking app development.

Mobile Banking App Development Statistics

Let’s begin with some data:

There are 7 billion mobile users worldwide (Source).

When surveyed, 90% of people cited the main reason they use mobile banking apps is to check their bank account balance (Source).

Gear Up with Mobile Banking Application Development

How to Get Started with Mobile Banking App Development

In today’s day and age, everything can be done online. With more and more transactions made without interaction, mobile banking becomes inevitable. Who doesn’t have a mobile banking app on their phone today?

Mobile banking application development is needed big time today. One can easily skip the lines and embrace the comfort of their own homes for debit or credit money. Fintech (financial technology) app development plays a critical role in finance and helps develop secure software solutions for the same.

Benefits of mobile banking app development:

Mobile banking is a service offered by banks for customers to make transactions using their mobile phones without visiting any bank. An app made for this purpose is released by the banking service and is quite different from the online banking we’re used to.

Statistically, there has been a considerable increase in the usage of mobile banking apps since 2012. Over three-quarters of Americans reportedly used their mobile to check account balances. Developing a user-friendly app should be the bank’s main concern, and it should hire a proper fintech service for the same. 

Building mobile apps helps banks as they:

  • Help decrease expenses for banks
  • Get higher returns on Investment (ROR)
  • Gather necessary intel, analytics, and demographic details
  • Simplify and secure transactions made
  • Enhance customer service and provides notifications on updates

Uses:

mobile banking app development

Source

Customers can do a number of things using mobile banking apps. Some of which include:

  • Secure payments and transactions
  • Avail loans
  • Get statistical reports and records
  • 24/7 accessibility
  • Customized structure
  • Payment Gateway Interaction
  • One-click feedback and contact
  • Offline access
  • QR integrated ATM technology

Along with all these, customers should also easily manage their accounts, use geolocation and navigation, use mobile RDC to check deposits, schedule payments, and customize alerts.

How to Get Started with Mobile Banking

It is important to understand and equip mobile banking apps with certain features to help the overall development and enhance the experience. A great place to start is to pick the best technology for you and using the technology stack for app development.

To make apps successful, one needs to take care of the following:

  • Research and plan: Find your target audience and suit their needs.
  • Foolproof: Keep the banking app smooth and easy to use. The app should also specialize in specific features and provide customizable options.
  • Security: For both the customers and the institution, security is a huge factor because any compromise can affect efficiency, credit, and reputation. 
  • Have a vision: The app shouldn’t just look at what’s needed now. Along with meeting today’s expectations, the app should be constantly updated and keep the experience user-friendly. The app should also be quick to respond and give customers their desired results in a few functions.
  • Be unique: Having a standard app that every other bank has on the market isn’t going to do much. Stay ahead of any competition with unique and remarkable features that resolve any issues in other such apps.
  • Use technology stacks: For iOS, Objective-C, Swift, and Apple XCode are well known to create object-oriented, error-free codes with debugging. Android, Java, Kotlin, Android SDK, and other such stacks create lightweight, flexible, and highly secure apps. For cross-platform and hybrid apps, C# and HTML5 are popular.
  • MVP development: Test the basic features without much expenditure for checking before launch.

Why Choose Fireart Studio?

mobile banking app development

Source

Fireart Studios constantly develop and provide solutions for a wide range of problems. For multi-functionality and other advanced features, they offer the best apps for your financial institution.  

For mobile banking application development, one needs to ensure that all essential features like sign-in,  account management, payments, history, customer support, and notifications are available. Additionals like QR code scanning also help enhance the UI/UX experience. 

Mobile Banking App Development: FAQ

What are the applications of mobile banking?

There are many important applications of mobile banking. First, you don’t need to go into a bank and risk catching a disease if someone is contagious. Next, you can skip lines and do your banking in the comfort of your home.

Wrapping Up: Mobile Banking App Development

To recap:

This article shared the benefits of mobile banking app development for both the bank and the consumer.

The advantages of mobile banking app development for you:

  • No need for you to visit a bank
  • One can easily skip the lines
  • Embrace the comfort of their own homes for debit or credit money

As you can see from this post, mobile finance is a huge industry and gets bigger as time goes on. For that reason, mobile banking app development is taking center stage among financial technology applications.

Readers, please share so smartphone users discover this information about mobile banking app development.

I look forward to your views in the comments section. The post cited data that claimed 90% of smartphone users use a mobile finance app to check their bank balance. Do you?

Related Reading

This post was about mobile banking app development. There are more apps bloggers can use. You will find them here: Blog Gadget.

Authors: Janice Wald and a Contributing Author

This post was made possible by the support of our readers.

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