The complete Guide to Developing a Mobile Banking software App

Posted by Zahra Casey
6
Apr 14, 2020
345 Views

What Is Banking Software?

The banking industry provides monetary services to its customers. The repertoire of services of the banking industry includes -

·         Receipt and holding of customers' money in different types of bank accounts.

·         Payment of cheques and debit transactions of customers.

·         Provision of financing and loans.

·         Management of trade finance, foreign exchange, corporate banking, treasury services, and wealth management.

·         Dealing in a wide array of financial products such as credit cards, equity trading accounts, etc.

 

Developing a mobile app for any industry is a serious undertaking, but in banking, it can be especially challenging because of the need to consider so many different technologies. Cybersecurity, online payment solutions, authentication, UX/UI and many other elements must integrate seamlessly for a banking app to be both functional and competitive.

What does it take though, to hit the home run in banking app development? How can you, as a decision-maker within a bank, ensure your app performs precisely as per your expectations, and those of your customers?

 

Why Should You Build a Mobile Banking App?

The main reason for developing a mobile banking app is competitiveness. An application stands out among numerous ordinary tools, as it has turned into the most convenient and effective channel of interaction with customers.

Today’s consumer would rather choose a bank with a convenient website, Internet banking, a user-friendly mobile application and speedy services; indicators such as interests and deposit rates, or the place of a bank in some ratings, are placed on the back burner. Hence, to win the loyalty of clients and remain competitive, a bank should be mobile.


Some statistics to prove the increasing popularity of banking apps:

 

·         Mobile banking users are expected to exceed 1.75 billion by 2019, representing 32% of the global adult population, according to Juniper research.

·         45% of respondents named convenience the main reason they started using mobile payments, Statista found out.

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·         As of June 2018, the financial business is in the top of the most popular Android app categories worldwide, taking 25.53% of the market share.

·         Statista also provided data on the availability of the world’s leading payment providers Apple Pay, Samsung Pay and Android Pay in global regional markets. It turned out that the Asia-Pacific region has the highest number of total active markets across all three payment systems.

What are the main reasons you started using mobile payments?


NCrypted has deep knowledge of banking processes and expertise in implementing banking software app solutions. With our solution, you can be assured of providing the best digital services to your customers.

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