8 Key Pillars of Successful Mobile Banking App Development

Mobile apps have transformed the way businesses operate in today’s age. It has impacted every sector of the industry, be it retail, manufacturing, education, transportation, banking, and finance. For example, traditional banking has transformed into mobile banking in the last few years, proving beneficial to billions of users.

High-end accessibility, convenience, customization, and time and cost-saving, are the reasons behind the massive success of banking core software development agency. Digitization has truly arrived in the last five to six years, and banking is one of the first sectors to adopt this change to better customer service. Today, mobile banking is not an add-on service but a bare necessity.

There are 196.8 million digital banking users in 2021, and it will be 216.8 million by 2025.
86.5% of Americans used a mobile device to check their bank balance in 2020.
According to a Mobile Banking Competitive Edge Study, 89% of people use mobile banking, which becomes 97% when talking about millennials.

By 2015, almost 65.2% of the US population will shift to mobile banking.

All these numbers indicate one major trend: mobile banking is here to stay for a long time. If this trend continues, then IT companies will have a massive demand for mobile banking app development. However, the question is, what are the key pillars of a successful mobile banking app? Throughout this blog, we’d dive deeper into this subject.

Key Pillars of Mobile Banking Apps

1. Stability and Peak Performance

If you’re developing a banking application, one of the first things you need to keep in mind is its processing power. Of course, the app can’t compromise on this aspect as it is the heart and soul of banking operations. But, it also needs to deal with a vast amount of data and provide accurate customer queries. Therefore, the application needs to be stable and high-performant, and you can ensure these qualities by conducting various tests like load, stress, spike, etc.

2. High-End Security

When you think of any banking or financial app, security is one of the core features you want to implement during development. Nowadays, with so many fraud transactions occurring daily, ensuring the highest level of protection becomes paramount. Therefore, the developer team should enforce strict guidelines for the safety of banking apps, and no team member should compromise on that aspect. Otherwise, it would affect privacy, and that would be catastrophic.

3. Eye on Future

With technological advancements and updates getting released every day, you need to look for the future when developing the mobile banking application. Also, many new types of vulnerabilities are coming to the fore each day, and that’s why it becomes essential to upgrade your banking application at a regular interval. The update should focus on bug fixes and high-end security enhancements to prevent the app from the new-gen viruses and malware.

4. User-Experience

With millions of users accessing the banking apps, you need to ensure the highest level of user experience for your customers. For that purpose, provide smooth navigation, prominent and visible text, and bright color buttons in your banking app. All these features will contribute to enhancing your user experience. In addition to all these features, you should also focus on beta testing before releasing the app. It would provide you with honest feedback on where you stand.

5. Personalization

In today’s day and age, every customer wants personal attention from their clients, and the same is the case with the banking sector. Bankers always give personal attention to their customers, and that should also reflect in the application. Analyze your customer’s data and track their daily activities. Based on those analyses, provide a personalized dashboard to find each of their needs in a single place. It would help you to create a customer loyalty program.

6. Provide Online and Offline Access

Offline access is something that is talked about a lot in mobile app development services nowadays. If your banking app can provide this feature, it would definitely stand out among the competitors. For this purpose, you might take advantage of the progressive web app (PWA) that supports both offline and online access. Many banking applications are shifting from native application development to cross-platform technology to inherit the offline access feature.

7. Covering All User Bases

There are 3 major platforms to develop a mobile app – iOS, Android, and Windows. Each of these platforms has its own set of requirements, and their users also expect the same kind of user experience from your banking application. So, considering the hardware and UX requirements of all the platforms would be a wise step. Furthermore, it would allow you to cover a diverse user base and make your banking application popular among a wide range of users.

8. Verification and Testing

Software testing is often overlooked in the software development lifecycle. However, it is as crucial as development, and therefore, as an app development firm, you should always give importance to verification and testing before the final product release. It will allow you to know whether the core functionality of the application is working well or not. If it’s not working correctly, you can make the required changes before it reaches your audience.

In a Nutshell

Developing banking and finance applications is not an easy task. It takes a lot of time, effort, and money to build such complex applications. However, if you want to create a successful banking app, you require more time and effort. Therefore, you must know the inevitable pillars of making a successful banking application. Let us know what all things you consider most essential to building a world-class mobile banking app, and also, use this blog as a guide to making one.