Top 3 Reasons to Develop a Mobile Banking Application

Mobile Banking Application 2022

Mobile banking application solves more, and more, problems not directly related to financial services. This is a new challenge for banks – to help clients learn about the possibilities of digital services and take full advantage of them, to motivate them to take important business actions.

We have prepared information for you to help you figure out how to increase the depth of using your mobile banking and improve business metrics of a digital product, as well as correctly prioritize development – bet on new products or keep focusing on key functionality. Feel free to visit our blog and knowledge base. Here you can find the answers to more related issues as best Shopify apps to increase sales.

A mobile bank is a range of banking services that are SMS-informing, as well as an Internet service that makes access to a client’s bank account convenient through mobile communications (smartphone, tablet, desktop computer). At any time and in any place, the client has access to carry out various transactions with the account, as well as obtain additional information on it.

How does Mobile Banking Application Work?

Basically, to use mobile banking, you need to connect to the global network, less often – through SMS command codes. You can get access to operations through separate phone notifications or dedicated mobile banking applications. Also, in some cases, you need an Internet browser.

Modern banking institutions even have their own mobile service applications. There are different designs of the app for various mobile platforms: Android, Windows Phone, etc. Mobile banking application development for smartphones is, in fact, the best way to attract customers.

You can arrange the connection of such a service at any branch of your bank. Mobile banking is frequently included in the package of “free” services to your card account.

What Can be Done Through the Mobile Bank?

What are the benefits of a customer using a mobile bank? Firstly, you can make various payments directly from your phone: pay for mobile communications, make card transfers. In addition, at the request of the client, you can receive notifications about the debiting or receipt of funds on the main account, you can always check the current balance of the card.

A number of financial institutions offer an expanded range of mobile banking services: loan repayment through a plastic card, card blocking, creation and saving of transaction templates, the ability to transfer payments to the category of “permanent” (automatic).

For example, some banks allow you to purchase air tickets, iTunes gift cards through a mobile service, pay for theater and cinema tickets (through service sites), and carry out operations to transfer funds to charitable accounts (for example, the Give Life Foundation).

Pros and Cons of Mobile Banking App

The biggest plus of this service: saving the client’s time. You can carry out transactions at any time convenient for you, 24 hours a day. To do this, you only need to have a mobile device, fortunately, today almost each of us uses our own phone every day

The main disadvantage of such a service is the low level of security of the client’s account. That is, there is a threat of loss of confidentiality of information through a browser without antivirus protection or through servers that are not protected by a password. Another threat to the security of your account can be theft or loss of your mobile device. In the event of a loss, first, block your SIM card at the representative office of your telecom operator and suspend the operation of the mobile bank.

The good news is that when displaying data in mobile banking, part of the information is not shown in full (full client account number, his account). This increases the level of user protection.

What transactions in banking mobile applications are most in-demand by the consumer?

To understand the step to which you should develop your banking application, you first need to understand the basic needs of your customers. Among the basic needs of online banking customers are:

• authorization and installation of a shortcode to enter the application;
• checking the balance of accounts and cards;
• search for an operation in history, view its details, and repeat from history;
• transfer to a card of another bank;
• opening and replenishment of the deposit;
• replenishment of the transport card and creation of a template;
• payment for mobile communication and creation of auto payment;
• payment of the traffic police fine and the creation of a subscription to new fines;
• opening a currency account and buying currency;
• search for around-the-clock ATM with cash deposit;
• ordering an account balance statement;
• credit application;
• payment for communication services, housing, and communal services, the Internet, taxes;
• transfer of funds between your accounts and cards, as well as to a client of your own or third-party bank;
• making a deposit or investing in another instrument;
• loan repayment;
• information about products and operations;
• blocking the card or setting and/or changing the limit of card transactions.

Be Aware of New Products and Trends

An overview of key events will clearly show where the market is heading, what functionality is a must-have in the mobile bank, and what gives added value.

The study will allow us to understand what functions competitors are investing in: how the mobile bank is developing, what exactly the leaders are developing, and what they see as the future of digital service.

Top 3 Strategies for Developing Online Banking

Most banks also faced this problem. In order to somehow stand out from the general background, developers use the following strategies:

1) Integration of mobile banking applications with other services. Among the most common are utility bills and state duties – however, this is already yesterday. 

2) Integration of applications with online stores is much more relevant today. However, banks are lagging behind mobile money developers here.

3) Integration of various payment systems. In addition to the traditional banking system, mobile money has a significant market share. Consumers are highly motivated to easily and painlessly transfer money from their bank account to their mobile and vice versa. Until recently, banks deliberately slowed down this process, but realizing that it would be impossible to ignore mobile money, they decided to lead it.

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