When it comes to mobile banking, the future is now. According to a recent study by Juniper Research, the total number of digital banking users will exceed 3.6 billion by 2024. That’s a lot of people!
With the ubiquity of smartphones, it’s no surprise that mobile banking is on the rise. And as more people turn to their phones for everyday tasks, that number is only going to grow.
In this article, we will explore what these considerations are so that you can make an informed decision about whether or not developing a mobile banking app is the right choice for your business. But where do you begin?
Why Do You Need Mobile Banking Apps?
There are many benefits of having a mobile banking app for your financial institution. Here are just a few:
- Increased Customer Engagement:
A mobile banking app can help you increase customer engagement by providing them with a convenient way to bank on the go.
- Improved Customer Retention:
A mobile banking app can also help improve customer retention rates. This is because it provides customers with a convenient way to access their account information and conduct transactions.
- Increased Customer Acquisition:
A mobile banking app can also help you attract new customers. This is because it allows you to reach a wider audience of potential customers.
- Improved Operational Efficiency:
A mobile banking app can also help improve your institution’s operational efficiency. This is because it automates many of the tasks that are typically performed by human tellers, such as account balances and transaction histories.
- Reduced Costs:
There are two main types of mobile banking apps: native and web-based.
Native mobile banking apps are designed specifically for a particular operating system, such as iOS or Android. Web-based mobile banking apps, on the other hand, can be accessed through a web browser on any type of device.
Also Read: Fintech Ideas for Startups
Essential Considerations Before You Start with Your Mobile Banking App
Seeking to build a mobile app for your banking institution? Here are the five tips that will help you get started:
Know Your Customers
The first step in creating a successful mobile banking app is to know your customers. What do they want and need from a mobile banking app?
To find out, you can conduct customer surveys or focus groups. You can also look at your institution’s existing mobile app usage data.
Keep It Simple
When it comes to mobile apps, less is more. The app should be easy to use and navigate.
That means including only the essential features that your customers want and need. Anything else is just clutter.
Make It Secure
Security is always a top concern for mobile users. So, when you’re building your app, make sure to incorporate the latest security features, such as fingerprint authentication and two-factor authentication.
Test, Test, Test
Before the launch of your app, it’s important to test it thoroughly. That way, you can find and fix any bugs or glitches.
To do this, you can create a beta version of your app and offer it to select customers or employees for testing.
Promote Your App
Once your app is ready to go, make sure to promote it! You can do this by creating marketing materials, such as website banners and social media posts.
You can also encourage customers to download and use your app by offering incentives, such as discounts or special offers.
More points to consider:
- In order to make your app successful, you need to ensure that it is constantly updated with the latest features and security measures. This way, you can keep your customers happy and engaged.
- It is also important to monitor your app’s performance after launch. This way, you can quickly address any issues that may arise.
- Finally, always be prepared to evolve your app based on customer feedback. This way, you can ensure that your app is always meeting the needs of your customers.
Essential Features for Mobile Banking App
The features of a mobile banking app vary depending on the institution and the customer’s needs. Some common features include:
- Account Balances: Customers can view their account balances and transaction history.
- Bill Pay: Customers can pay their bills using the app.
- Mobile Check Deposit: Customers can deposit checks by taking a photo of the check and submitting it through the app.
- P2P Payments: Customers can send money to other people using the app.
- ATM Locator: Customers can find nearby ATMs.
Mobile banking apps offer many benefits to both financial institutions and customers. However, there are some risks associated with these apps. Financial institutions can reduce these risks by taking a few precautions, such as providing customers with guidance on how to safely use the app and implementing security measures.
How can QSS Technosoft help in the development of your mobile banking app?
QSS Technosoft, being a leading mobile app development company, is exceptionally competent to deliver one-stop digital products for both iOS (iPhone and iPad), Android (phone and tablet), and Windows surface platforms. We specialize in bespoke mobile app development, which means that each app is designed and constructed to appeal to the specific tastes and preferences of the target audience.
Contact us today to get started!!