6 Major Pillars of App Development for the Banking Industry

Creating a mobile app for any leading industry can be challenging. However, in banking, it can be very difficult because of the need to consider different types of technologies. Ranging from cybersecurity to online payment solutions, authentication, user experience, user interface, and many other elements you must assimilate seamlessly for a banking app to be fully functional and competitive in 2019. Any leading iOS or Android app development company may find it exceedingly hard to integrate the mentioned elements when it comes to creating a mobile banking app.

But how can the biggest decision-makers working at a bank can make sure their mobile app performs at an optimum level. When discussing your overall requirements to any iOS or Android app development company, there are several pillars to remember.

1. High-End Security

When it comes to mobile banking application development, ensuring extra security holds the highest priority. However, many apps qualifying as front-runners in the use of security technology that are not up to the mark in the banking industry. Moreover, it’s not entirely about the app’s code. If you are responsible for outsourcing the app development for your bank and you don’t think twice before choosing banking app developers for your project, later discussions with them can be stressful. Promoting high security should be the first strong pillar to cement the foundation for an enterprise-grade banking app. A banking app may be unbreakable once launched, but people who are not in direct control of the development may never know what coding practices the iOS or android app development companies follow. When millions are at risk, there is no room for complacency.

2. Future-Proof

If you enlist all the security and other technical needs for your banking app more than a few months ago, it’s likely to be obsolete already. Many constant breaches are happening around the world every single year. The latest hacking and intrusion methods are continuously growing in sophistication, and the use of AI for scandalous purposes may be just around the corner. Based on your app’s underlying technology, overall functionality, and other reliable features, it is important to account for obsolescence when sharing requirements with banking app developers. It’s either your job or theirs to ensure the technologies executed stretch beyond industry standards, and enable your app to remain relevant, not just now, but at least into the near future. With the rise of fintech companies taking control of the banking services, maintaining the ability to stay head to head with these upstarts is crucial for any iOS or android app development company.

To make your banking app future-proof and updated according to the latest trends, turn to ITSolution24x7, a leading IT Solutions company offering cross-platform app development services.

3. Made Specifically for Mobile

If your mobile app is identical in regular functionality, user interface, and comprehensive logic to your official bank’s website, you may find it difficult to stay competitive. Consumers download mobile apps because they want an authoritative mobile experience. They want to handle their money conveniently and with a minimum amount of screen taps and swipes. Personal branding is the only acceptable commonality between your banking website and your mobile app. And, everything else should be reduced, streamlined, and decluttered. The reason it’s called a mobile application. Every mobile app has a particular purpose, but merely serving as an extension to your website and an extra access-channel to your online banking service is to restrict the potential value of your app.

4. Completely Personalized

Banks have thousands maybe millions of customers. And, according to the financial brand, over 40% of these customers increase usage of their mobile bank’s app in the 12 months between 2017 and 2018. Numerous banking consumers would welcome user experience improvements, meaning adequate opportunities await any brand that envisions big in terms of customer experience. There are several ways you can receive information about your customers’ preferences. Your best chance is to quickly identify the customers who use your existing app regularly and reach out to them with a carefully crafted and interesting questionnaire. As a vertical-leading android app development company, we would suggest to not start your mobile banking app development without organizing this type of research and ideally, without defining all the requirements for meaningful personalization.

5. Merging Offline and Online

Among the different and leading banking-app features, those banks that fuse online and offline functionality for their frequent users stand out from the crowd. FYI: There is nothing remarkable about the ability to check an account balance using a mobile app for instance. (Even though every iOS and Android app development company considers it the primary feature) But, when your regular customers can quickly take a photo of a utility bill and have that information scanned by the mobile app to use for future payments, your product is reaching into the highest echelons of what fintech apps can provide. Other personal benefits that can boost your banking app is the ability to deposit checks by taking their photos or being able to revise personal information by sending a picture of a new driver’s license or any similar document.

6. Diversity

Dive into the pool of potential users for any banking app. Some customers use iOS devices and expect universal functionality or UX, while some have Android and Windows users too. With such a wide variety of mobile platforms to consider, it is best to pay special attention to hardware requirements. What may run smoothly on one of the older iPhones might have some problems with budget Android devices only because of the hardware differences. Then again, if your bank doesn’t have a premium budget to create native apps for multiple operating systems, then you should always consider cross-platform banking application development tools. It can help you save valuable time for your app developers. Also, think about the overall size and hardware needs.

Get in touch with an iOS or Android app development company who has previously created banking apps and have prior experience in the fintech industry.