Guide To Create A Digital Banking App
Digital banking is defined as a business that uses modern technology to provide financial services. The rise of digital banking has created new opportunities for consumers, businesses, and the economy. Digital banking also promises to improve the delivery of financial services to low-income customers who have historically been underserved by traditional banks.
Financial institutions are now providing customers with digital banking apps, which are becoming the default way to access and manage accounts. Every financial institution today should start a digital bank.
What is a Digital banking app?
A digital banking app is an e-banking mechanism that allows you to access your bank account and make transactions by logging into your mobile device. In practice, it is a mobile application that interacts with the user’s bank account (offline or on) via a secure communication mode like tokenization.
What do you need to create a digital banking app?
The following are essential tips that you need when building a banking app.
Analytics plays a vital role in creating digital banking apps. It helps to understand the user’s choice and brings convenience to the decision-making process. This includes developing new services and figuring out how to improve the existing ones by looking at metrics, statistics, and other relevant information.
Core Banking System
The core banking system includes all the functionalities of an application like performing transactions, reconciliation, reporting, and managing customers’ accounts including opening accounts, maintaining customer files, and taking payments which include both deposits and withdrawals.
Digital Security System
The digital security system is meant to prevent fraud, protect confidential information and ensure that the digital banking experience is smooth, fast, and secure. It can help you build a more customized and convenient digital banking experience for mobile devices, web applications, and desktop systems.
Digital Support System
A Digital Support System will take your digital banking app to the next level by offering you an integrated system that can support almost everything, from user education and onboarding through to testing, launch, and optimization. A Digital Support System is based on a single platform that can be customized and extended at any point as your project grows.
A good User Interface and User Experience design
User Interface and User Experience design are the core of digital banking apps. User Interface is what users will see when they access your website or mobile app, UI is the picture that gives users an idea of how the app looks like. However, UI can only deliver value when backed by the right kind of User Experience (UX) design.
Market insight information
Market insight is the informed understanding of how customers behave, how they interact with each other and with their physical surroundings, and what they value most. This information can be used to inform your business strategy as you develop new products or services for your customers. The market insight information provides key information about user preferences, needs, and expectations.
Advanced mobile banking app features
Any digital banking software should have the following features:
P2P Transfers: The P2P Transfers feature allows users to send or request money with friends, family, and co-workers quickly and easily.
Remote check deposit: Remote deposit is an extra layer of security that allows users to verify and approve deposits with their phones. Most banks offer remote deposits as part of their mobile banking app and can be used any time clients need it.
Quick Balance: This is a powerful and lightweight feature of the app that allows users to keep track of their account balances and transactions with ease.
Touch ID fingerprint scanning: This is an advanced mobile banking app feature that lets users access their accounts and make transactions quickly, securely, and privately.
Nearby ATMs & branches: Clients can locate the nearest ATMs and branches with a link on the mobile app.
Automatic bill payments: Automatic bill payments are a convenient feature that allows clients to set up recurring payments for specific bills.
A step-by-step guide on mobile banking app development
Step 1: Do research and make a plan
There are quite a few places you can start. You must gather as much information as possible so that you have a clear understanding of what you are trying to accomplish. Researching the target customers and their needs, as well as competitors in your market niche, will give you a tremendous advantage by allowing you to anticipate future changes in their needs. Your plan should outline the key features of your product, how the user will interact with them, and the development timeline.
Step 2: Build and verify a prototype
This involves creating an application that closely resembles the final product, so use your imagination to visualize what you want your app to ultimately do. It also means simulating most of the expected user interactions, such as how customers will enter data.
Step 3: Lay the groundwork for security
This step includes creating a framework for identity management and user authentication. In this step, you also need to be able to ensure that your app is protected from cross-site scripting, cross-site request forgery, and man-in-the-middle attacks. Finally, you need to make sure that users can review any cookies from your app and delete them at will.
Step 4: Create UI/UX design
In this step, you will create a wireframe for your mobile banking app design. You will lay out the pages of your application and build the layout that we want to use for each page. It is crucial, to begin with, a good design as it not only helps you visualize how your app will look but also saves time and money later in the project.
Step 5: Choose a tech stack
A tech stack includes every technology and software you will use, such as frameworks, databases, and programming languages. This step helps you select a tech stack that matches your app requirements and business goals.
Step 6: Code the app
At this stage, you’re building the app itself, including any content that will be displayed by the mobile banking app user. This includes all the screens (home page and others), buttons, menus, and other elements that define what the customer sees and interacts with when using the mobile banking platform.
Step 7: Integrate with third-party solutions
You can integrate your mobile banking application with third-party tools that help capture customer data and control customer experiences. When assessing integration, it’s important to note that some solutions will require a significant amount of customer transaction data while others may only need information at key moments in the customer lifecycle.
Step 8: Release and maintain
Step 9: Market your app and get feedback
The best mobile app will not get all the attention if it is not marketed correctly. App marketing is a job in itself, and it should be done professionally. The first step to marketing your app is to find interested parties who can use your product and respond with feedback on how to improve it further.
Step 10: Improve and update the platform
To make sure that your mobile platform offers its full capacity, it needs to be improved and updated. You need to constantly provide your users with new functionalities, keeping in mind their challenges and providing solutions.
The abovementioned are the steps on how to start a digital bank application. These steps are essential to create a successful application and have a good customer base for the same.
Mustafa Al Mahmud is the Founder and CEO of Gizmo Concept and also a professional Blogger, SEO Professional as well as Entrepreneur. He loves to travel and enjoy his free moment with family members and friends.