The technical world is moving with a high speed, we need to keep the match. Everything is on Internet today; therefore we need to develop reliable and secure measures to keep the highly sensitive data that is our bank details safe from any hacking or leaking. That is we need to make use of the developing technology, to build a secure and reliable mobile banking app that can provide excellent and safe experience to your customers. Making sensible information safe from the clutches of cyber attackers without compromising on speed and quality. As the mobile is becoming the controller of the market, the customer’s financial figures too should be on their finger tips. Thus, we know that banking service too has moved from physical branches to mobile screens and desktops.

The Needs to be a Good Mobile Banking App:

Before developing or creating any kind of apps, we should know the expectations of our customers and what do they need in their apps to make it helpful and convenient for their use. Therefore, we need to apply all those expectations and needs while developing the mobile banking app too. The basic mobile banking should have the following features:

  • Balance checking option
  • Money Transfer option.
  • Easy payments
  • Reviews Transaction history.
  • User Profile
  • Notifications
  • Customer support and FAQ
  • Geo-location facilities.

These are the basic needs of a mobile banking app. As the customers, would be from wide range of backgrounds the app doesn’t needs to be overloaded with complicated functions and stuffs. You need to design it as simple as possible, so that it can be used easily by everyone. It is necessary to keep few things in mind:

  • Decide all the features you are going to put in.
  • Choose between what is important and what is not
  • Create a priority list.
  • Understanding your customer.
  • Provide shortcut keys for important functions
  • Include different types of gestures; swipe, pinch, rotate etc.
  • Minimalistic key functions are must.

The Security should be on Top:      

The purpose of designing the mobile banking app is to make things easier and convenient for our customers. Therefore, security should be at the top of the priority list as we need to win the trust of our customers by providing them with the best services, which is both secure and reliable. Banking apps contain the most sensitive information of the user, like their credit cards and all the bank account details, and all of this is their utmost confidential details. They are highly concerned while sharing any of this information with the apps, for making them believe in you needs to provide them with the most secured app that cannot be hacked easily. 

For developing this kind of security features you need to follow some steps:

  • It is always better to test your products by yourself before selling them to anyone else. The same applies here. It is always highly recommended to double-check all the terms and conditions of your apps security, and it should be ensured that they keep up a strict vigilance and pick up a control over how the mobile app is working over different networks.
  • You should thoroughly examine the configuration of the application servers. You need to make sure that all the mails sent are in the Spam category and have been tagged as phishing emails and are not forwarded to the mobile devices.
  • It is very necessary to use the latest technology and trend while you are developing the app. Also, makeup gradation in your banking apps whenever a new technology kicks in. Send notifications regarding this to your users, and help them in remaining up to date with things.
  • You should keep your password entering criteria as strong as possible. Make it mandatory for all your users to formulate a strong password. You can make the criteria that the password created should have certain symbols, numbers and letters of both small and large caps. That helps to prevent any illegal hacking in your banking app. Also, make your customer aware about this by adding this point in your home page while they log in.
  • Keep your customers aware about the frauds and illegal things that are happening with the banking apps users. You can do this through sending them regular emails or messages, telling them to be aware of any kind of fraud calls, or emails that are giving them any kind of rewards or fake prizes by asking the user to share their bank details with them.

The Cost of the Developing a Banking App:     

There are various factors that decide the development cost of the mobile banking apps:

  • Platform
  • Number of features
  • App design
  • The security infused
  • The kind of technology used
  • Outsourcing

 The world’s leading banks spend approximately $132,000 on the development of the mobile banking app. Though a middle-sized outsourcing company would charge you $40,000 to $60,000 giving you the maximum benefits at a very reasonable price. Usually, mobile banking app development cost depends on the developers’ salaries and the number of working hours needed to complete the project. Having proper security onboard mobile banking applications may be highly profitable. However, while the development of banking app the thing is not only about money it also lies with trust. Definitely A secure and reliable mobile banking app can serve as your best product for customer acquisition. The development cost differs from nation to nation and the App development company you choose for your app development.

Things you should make your Customer Know:

  • They should avoid saving login information.
  • If possible they should use facial recognition and fingerprints to log in
  • They should never use public Wi-Fi while doing any of the banking work on their phone.
  • They should obtain software that automatically erases data on a stolen device

Once, you are done with all these things, you are good to go.