Today, the revolution in the FinTech industry has completely changed the world of commerce. You don’t have to stand in the long queues outside banks to pay the bills or deposit and withdraw money. All thanks to banks creating mobile banking apps, you can do all such tasks from mobile phones during 2024.
Nowadays, paying utility bills, transferring money, checking bank statements, and even opening bank accounts is possible from the home’s comfort. You can perform all financial operations with unique features in mobile banking apps with few clicks on mobile phones. Banking applications are also helping users in card-less ATM cash withdrawal and deposit in advanced countries.
Mobile banking apps and internet banking services have become the front door to banking operations globally and in the USA. Speaking of 2024, digital banking has turned necessary for both banks and users around the world. As most users do financial transactions online and over mobile, so developing a banking application provides a competitive advantage.
We acknowledge all the happenings in the world of banking and the progress in the FinTech industry. Digital technology and smartphones are also revolutionizing the banking sector. This guide will explain that creating mobile banking apps will help you in serving more users.
Reasons for the increase in usage of Mobile Banking Apps
Firstly, it is important to discuss why customers are using mobile banking services more than using traditional banking services. The answer to this question is very simple. People don’t want to stand in the long queues to access banking services. As they can utilize all those services from the comfort of their homes through mobile banking.
Till April 2020, 70% of customers from the top four banks of the USA used mobile banking apps. Yes, this significant increase in the usage of digital banking surged because of COVID-19. But digital banking adoption is rising for the past several years.
Users are embracing digital banking due to technological advancement. The extraordinary efforts of android and iOS app developers are also transforming traditional banking. Modernization of the banking process is mutually beneficial for both customers and banks.
Now let’s discuss some causes that motivate customers to use mobile banking apps.
- Single platform for everything Banking
- Fast Money Transfers
- 24/7 Banking Services and Support
- Reducing the Time and Cost for Users
These reasons are also encouraging the banks towards creating mobile banking apps amid 2024.
Single platform for everything Banking
A single powerful app that covers all banking services solves many problems. Likewise, modern mobile banking apps bring all banking tasks to your fingertips. For example, paying bills, shopping online, transferring funds, accessing bank statements, etc.
Fast Money Transfers
Mobile banking apps support speedy transactions as users can transfer money easily. Whether you do local funds transfer or international money transfer, the process takes only a couple of minutes. Banking applications enable customers to send money to anyone around the world in a very short period.
24/7 Banking Services and Support
Customers can do banking tasks with mobile banking apps, for nonstop 24 hours a day, and 7 days a week. Unlike traditional banking services, which are provided to consumers for a limited number of hours and five days a week. Customers can access mobile banking applications at any time and on the move from anywhere they are.
Your app must be able to provide the customers with 24/7 support. The queries of customers can be solved by online customer service representatives or traditional phone support. Similarly, using chatbots driven by AI is taking customer support to the next level.
Reducing the Time and Cost for Users
One of the major inspirations for increasing usage of mobile banking apps is they cut the transaction time short. Since customers are not required to visit the brick and mortar branch of a bank.
Mobile banking applications are also cost-effective. Because no charges are taken by banks for online services, as they are completely free. Equally, this also leads to the reduction of costs for banks as well.
Features to equip Mobile Banking Apps with
In case, you are building a mobile banking application and want to give it a modern touch. Then, here are some features which you must load your app through 2024.
Now we debate over the capabilities that can make mobile banking apps stand apart and more useful for customers.
Basic Banking Operations
This is the simple set of features that mobile banking apps must offer to the customers. It includes balance checking, funds transfer, online payments, and mobile top-ups, etc. This feature is probably the first thing customers go through when they use the app for the first time.
Push Notifications
This is another fundamental feature that mobile banking apps must provide to consumers. The app should be able to notify customers when their account is debited or credited. This can also warn users in case of a fraudulent financial transaction.
Debit/Credit Card Management
Today, the globally increasing cashless purchasing trend means that debit/credit card management should be essential in mobile banking apps. Customers should be able to activate their payment cards or block them in case they get lost. Card management also includes setting payment limits and transfer of cards to another account.
Offline Mobile Experience
This feature adds value to mobile banking apps. It would be great if your banking application works offline or in a poor internet connection. This will ensure that you can facilitate more users and in all circumstances.
Ways to make Mobile Banking Apps successful
Programming banking application is not an easy task to perform as things might get tricky. While developing a fintech application, you must make sure your platform is trustworthy to carry out financial transactions. Here are some points which you must look after to ensure the success of the mobile banking apps.
We briefly deliberate over these ideas now.
Prioritizing Security
Empowering mobile banking apps with security protocols is the most crucial stage. Banking applications must be able to keep the customer data safe and secure. Assure that the app is safe from the reach of hackers and data breaches.
This way customers can operate the application in a risk-free environment. Features like fingerprint and FaceID sign-in can improve the protection of the finances. Investing in safety measures greatly increases the trust of your bank’s consumers.
Providing Ease of Use
To ensure the success of your banking application, it should be user-friendly without any complexities. The application you develop must have a motive to provide the best user experience. Hence, immense importance should be given to the UX design process while creating mobile banking apps. A UX should be interactive that holds the power to gain customer loyalty and attract more users to the app.
Testing the Mobile Banking Apps
When you are developing a banking application, there is no room for mistakes. That’s why it is mandatory to test all the features before launching the mobile banking apps. With testing the application, it should be maintained and updated from time to time. Therefore, take note that quality assurance is an ongoing process when it comes to digital banking.
Cost of building Mobile Banking Apps
The cost of creating mobile banking apps depends on the geographical location you are getting the solution coded. So, the development cost varies from country to country. It also depends on the app development company you choose.
Till 2017, the world’s 15 top banks had consumed $79 million on the establishment of about 606 banking applications. These are whopping expenses by any estimate. But the rewards you get in the form of return on investment (ROI) are also great.
You can reduce the price of creating mobile banking apps in several ways. Making a flutter app instead of separate native apps for android and iOS is an option. Moreover, outsourcing the banking application is another cost-saving solution.
To Sum Up
Digital banking and especially mobile banking apps have become vital in today’s ever-changing financial markets and eCommerce industry. Online banking and mobile banking have changed the overall dynamics of banking. Because customers now prefer using banking applications instead of seeking traditional banking services.
Today banks all across the world are adopting the technology by coding perfect mobile banking apps. The United States being the technological leader is also a pioneer in this sector. These trailblazing banking applications deliver the best service to their existing and new customers.
Do you need to craft an advanced Banking app? Connect with Techliance to make a futuristic fintech solution. Increase your userbase and facilitate current customers with cutting-edge banking features.
