How to Develop a Successful Mobile Banking App?
Imagine you are paying for your lunch at your favorite café when your debit card is declined. Ouch! Many thoughts run through your mind: Has someone hacked my banking account? Is there something wrong with my card? Is it an error on my end or the café? To begin your investigation, you will either call your bank and wait for a customer service representative to assist you. All the while you are panicking and thinking, “There has to be an easier way of dealing with this!” Well, to be honest, there is! If your bank has a mobile app, you are able to check your balance within 10 seconds; no waiting on the phone, no unnecessary heart palpitations, no extra stress!
Mobile apps have found their way into every area of our lives, finances included. About 25% of the top 50 banks in the world win more business by offering mobile apps to their customers. A study shows that by 2019, about 32% of the world’s adult population will make banking transactions on their smartphones. In growing markets like Africa and Asia, about 50% of the population own smartphones while only about 37% use traditional banking. The cost of serving a customer is reduced by 50 – 70% when mobile devices are used.
Top 5 tips for successfully developing a mobile banking app:
Know your Target Audience
Before you develop a mobile banking app, you need to know who your end customers are. This knowledge will help you build the app to fit their needs. Most people make the mistake of only targeting tech-savvy/upper to middle-class people who are comfortable with gadgets. These are not the only people that need your mobile banking app.
About 45% of seniors (65+ years old) use mobile banking. Of that 45 %, about 20% of them complain of not understanding mobile banking apps. So, if you want to include these people in your target market, you need to make the app as easy to understand as possible.
Your App Must be Secure
With the increase in stolen credit cards and data breaches, it is important that your banking app is as secure as possible. When making your app secure, you should make sure these steps are completed:
- Review your app security policies to make sure that they control how mobile devices are used on your network.
- Configure your application servers so that emails marked as spam and phishing emails are not forwarded to mobile devices.
- Use the latest signature technology available to you.
- An encryption program should be installed for storage cards
Adopt a means to give regular reminders on things like using passwords for protection, logging out after every session and updating the app regularly. You can also notify customers of any transaction via SMS and set a limit to transactions that can be made with the app.
Go for Simple and Fast
It is very important that you choose simplicity and speed over complexity. Most people have an attention span of just 7 seconds, so, your app should not take more than 7 seconds to load. You should strive to keep the functionality to the minimum. About 86% of people using mobile banking apps want only two features: receive/transfer funds and check their balance.
Instead of putting all the functions you want into one app, you can build separate apps for these functions. This way, you keep your apps simple thereby attracting more users.
Aim at Attractive, yet Minimalistic UX
Mobile banking apps are usually the least attractive apps around. Most people just focus on the functionality and ignore the design. A well-designed app that is easy to navigate attracts more users than otherwise. Some design principles that will help you in building your app are:
- Intuitive navigation – the operations should be done in the least possible steps
- Personalize the app experience – users should be able to personalize contents and notifications.
- Make navigation easy by creating shortcuts for operations based on the frequency of transaction.
- Using gestures like pinch, rotate movement and swipe add to the experience users get from using your app.
Pay attention to Mobile Diversity
Since your app is going to be targeted for a large number of the population, you should consider the diversity. There are different types of smartphones that support different features. Also, put in mind that cache sizes and screen sizes are not the same on mobile devices. For example, some devices use a keyboard while others use touch screens.
The compatibility of your app with all these devices is very important. You should run tests on different devices. Monitor the app performance and track the app metrics by installing an analytics solution. This way, you will detect potential problems quickly and solve them.
Are you ready to build your banking app?
You can offer your customers the peace of mind they need when dealing with life’s every day “digital hiccups,” such as declined transactions. Not only will your customers feel in control of their finances, but they will also feel technologically competent when braving this new technology-driven world!
“Smartphones and tablets are transforming how and where we consume news and information. The ABC must meet the challenge of delivering content to the audience at a time they want and on the device and format they prefer.”Mark ScottManaging Director, ABC
The Broncos evaluated numerous Fan Engagement solutions over recent years and Gomeeki's passionate & experienced team, combined with their innovative FanTribe platform was the only solution that we believe will deliver a winning mobile experience for our fans.Terry ReaderChief Commercial Officer, Brisbane Broncos NRL
“Health Partners selected Gomeeki on the basis that the services provided are far more than just an app development house. The relationship to date has delivered Health Partners the benefit of a much deeper insight into digital strategy, the power of Gomeeki’s Ubiquity platform and a disciplined, structured development process. As a customer, we have been delighted with the quality and outcomes to date.Colin LangmeadCIO- Health Partners
So, are you looking to join the party and tap into this rapidly growing market? You can start by keying into our services. We are a mobile tech company that can help you develop a customized mobile banking app to your preference.