9 Essential Consideration for your Mobile Banking App Development

We live in a fast paced world, where customers prefer to perform their transactions via mobile applications. Since the start of the COVID-19 pandemic, mobile app usage has escalated at an unprecedented rate. Therefore, it is important for businesses to provide mobile application features that will ensure easy and frictionless interaction via explicit functionalities. Embracing a development strategy that covers security, ease of use, functionalities that align with what customers want and the current market needs, will have a positive impact on growth of your customer base and revenue. For instance, making self-service options available. Some considerations include:

  1. Clean and Simple Interface – Your mobile interface design needs to be intuitive and responsive. It needs to accommodate various segments of customers with a responsive look and feel, like making the buttons, numbers and text large enough, otherwise, a fixed design might not display properly on various mobile devices. A good mobile app provides information that is appealing to users, and is not just numbers and text. FIs and merchants can offer a dedicated interface for each device. Implementing a responsive design, enables a dynamic payment interface that automatically detects the customer’s device, provides a suitable display option and adjusts immediately.
  2. Easy Status update – For instance in mobile banking, the application should be able to afford customers the ease of obtaining quick balances, transaction details and receipts. Users should be able to “preview” or “peek” at their account balance with a swipe. The app should not just show the amount of payments made, it should display full contact info for the payee, including address, phone number (with click-to-call option) and a map showing where the payment was made. Users can take photos of receipts to help them keep track of expenses.
  3. Put in place more security options such as Two-factor or Multi-Factor Authentication – Simply requiring the submission of a single password before granting access to a user, is a defense system which can be exploited. By adding a multi-factor authentication feature – such as generated one-time passcodes or fingerprints via the enabled device – you add an additional layer of defense which cannot easily be deceived. In mobile banking apps development, it is important to use end-to-end encryption. It is also important for you to conduct periodic security audits and penetration tests of all channels, which will take your security measures an extra mile.
  4. Customer Service Facility – Having a means of providing instant support to users like a chat facility via the mobile app, will have a positive impact on customer loyalty. For instance, in banking, getting help from a personal banker quickly, or setting up an appointment with a financial advisor, should be possible via the app. Users should also be able to browse FAQ’s and video tutorials to get help without speaking to anyone.
  5. Mobile Payments – Depending on the purpose of having a mobile app, if it involves transactions, then users should be able to effortlessly transfer money into their account anytime, from virtually anywhere, using your mobile app features. For instance users should be able to set up a one-time or recurring payment in a matter of moments. In mobile banking app development, an extensive money transfer facility should be implemented, such as, Intra-bank fund transfers, standing orders, transfers to other banks, transfer to mobile wallets, bulk payments, bill payments, and more.
  6. Branch Locator – Users should be able to locate your branch office closest to them, in case they want to arrange a personal interaction. As a financial institution, your customers should be able to locate your branches and ATMs based on either their current GPS location or a search function. Results should include hours of operation and phone numbers (with click-to-call functionality). It is helpful to list what services each location provides — e.g., ATMs that accept deposits.
  7. Personal Financial Management Tools (PFM) – Having a PFM implemented in your mobile app allows users to view, aggregate and manage money with goals, and spending alerts. Some PFM can provide save-to-spend capabilities. It’s one thing to know your “available balance”, which can be misleading and result in reckless spending. It’s another thing to know exactly how much you have available to spend. At a glance, users should be able to know how much they have left after their scheduled bill payments, pending transactions and savings goals have been accounted for.
  8. Personalization/Customization and availability on multiple Mobile platforms – Users can quickly view a list of their most frequent actions (For instance, a shortcut listing recurring bill payments). They can customize their dashboard, menu or interface to suit their needs/situation and be able to personalize their profile.
  9. Real-time text and email Alerts and Notifications – Implementing this feature will help your customers stay on top of their finances via event-based push notifications, SMS and email alerts. It should offer fast-loading, intuitive UX and fully customizable branding, based on your vision and needs. It is safe to assume someone using mobile banking on their smartphone has direct access to their email and/or text messages. By sending a quick, real-time email or text alert to notify a customer of account activity, they could easily prevent fraud. For example, some mobile bank applications allow you to be notified if more than a customer-specified amount of money is spent. This type of notification could easily let someone know if their information has been compromised, as they would be aware of such a large amount of money being spent from their account, if it was their transaction.

There is no doubt that mobile apps and online platforms have made transactions and business processes convenient for people. Factoring the above considerations into your mobile app development, will result in a more appealing tool for customers and a viable way to drive engagement, increase transaction volumes and increase growth. At DIDHub, we help businesses across various sectors to realize their digital transformation initiative. We can help you realize yours. Get in touch with us today!