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The development of mobile applications in the financial sector is one of the most popular areas in 2022. According to Insider Intelligence, 89% of banking users use mobile banking — mostly Millennials and Gen Xers between 20 and 55. The mobile application allows you to completely replace or reduce the load on bank branches, reduce the cost of renting premises and personnel, and increase customer loyalty.
What tasks does the banking application solve
Automates processes and saves budget. Using the online service, a person can apply for a loan or receive a debit card, download the necessary certificates or ask a question to a chat bot without the participation of bank employees. So the application avoids the human error factor and saves money on training and maintenance of employees.
Increases loyalty. The ability to receive any banking service at any time without leaving home gives a good competitive advantage and keeps customers among regular users.
Provides an additional platform for marketing and analytics. In the application, you can inform about new services and changes in work, hold promotions and contests, create a separate loyalty program and send push notifications with an individual offer to each client. The service also provides detailed analytics of user actions: from which channels they come, what functions they use most often, what they spend money on, etc.
Mobile banking features
In the process of creating mobile applications for a bank, basic functions with basic banking services are added to the basis and, depending on the preferences of the target audience, additional options are introduced.
Main
- user authentication and authorization
- setting up a personal account
- chat with support
- linking bank cards
- view the balance of the card and accounts, the history of expenses
- setting a spending limit
- contactless payment
- money transfers to other cards and accounts
- replenishment of mobile phone and utility services
- currency exchange
- buying and selling securities
- issuance of bank statements, bank details
- card blocking and unblocking
- push notifications
Additional
- budget statistics
- bonus system and cashback for purchases through the application
- payment by QR code
- voice menu
- creating a family account
Trends in the banking application market
big data
Big Data is a large array of data that is processed by automated tools and used to collect statistics, forecasts and make decisions. With Big Data, the bank can analyze customer behavior, create personalized offers and make decisions on loan applications. Companies that learn how to properly sort and manage data will be able to offer better solutions for users.
Complete Ecosystems
In recent years, large banks have begun to concentrate entire ecosystems around themselves with proven consumer services. For example, in the Tinkoff Bank application, in addition to basic functions, you can buy movie tickets, book a hotel, or sign up for a tour and get cashback. A person does not need to additionally register on each site and fill in the card number: the data is automatically transmitted through the application.
Voice control
The function is actively moving from everyday tasks to banking products. Otkritie Bank and Citibank were the first to add voice control to the application, the rest of the companies are only developing the voice direction. In the future, this will allow you to find the necessary documents in the service, determine the nearest ATM, answer customers’ frequently asked questions, and set up regular payments.
family products
Opening an account for several people was legally allowed only in 2018, so products for each family member are just beginning to develop. For example, Raffeisenbank and Alfa-Bank have family accounts in applications. Now the market lacks a separate application for children with an educational approach and a separate set of services.
augmented reality
The technology is still used pointwise and mainly for marketing, but it has a good prospect. For example, VTB mortgage clients are given a virtual tour of a property, and a virtual consultant explains the basics of investing in the app.
Development stages
At the BanksWeb development studio, every step is carefully considered: this helps us to accurately determine the needs of the client and create the desired functionality of the application.
Consulting and analytics
Before starting the development, we conduct an interview with the client, immerse ourselves in the goals of the business, study the audience and communication channels, analyze competitors – this will help to position ourselves correctly with clients.
Preparation of terms of reference
We prescribe the goals of the project, requirements for the interface and security, functionality, development stages, team composition and budget. We sign the contract and start development.
Prototyping
We reproduce the basic logic, structure and functionality of the future application. Typically, a prototype is created in the form of screens at each stage of the user journey. This is not a finished product yet, but it helps to test its functionality in order to fix bugs and improve user experience already at the initial stage.
UX/UI design development
The UX designer builds the logic of interaction between pages: registration and authorization screens, filling in data, personal account, shopping cart, payment for purchases, order tracking, etc.
The UI designer develops the appearance of the future service in accordance with the terms of reference and the customer’s corporate identity. He selects the color scheme, fonts, draws icons, buttons, push notifications, sliders, etc. After approval, the prototype is again sent for verification in order to correct the shortcomings.
Backend and frontend development
Front-end programmers develop the client interface and platform logic, while back-end developers create a server for storing and exchanging information.
Testing
To test the features, people who were not involved in other stages of development are involved – they must be impartial and have a fresh look at each page, button and push notification. To do this, you can involve a professional QA team with their own test plan, list of features and desired behavior. In the course of work, they test functionality, performance and design. For additional confidence, a focus group is attracted with people who are using the application for the first time.
Publication and revision
After launching in the marketplace in the Google Play Store and the Apple App Store, you will have access to detailed statistics: which sections are the most popular and which are not very popular, how many people have completed targeted actions, which pages need to be improved, etc. To correct the application, you will need technical support: we provide prompt code development and technical support.
You can order the development of an application for a bank in BanksWeb. We are ready to turn your idea into a full-fledged product that will help you maintain communication with customers and increase profits. We deal with all stages of development from analytics to release, help with promotion and provide prompt technical support. For 10 years, we have created several of our own projects and more than 200 mobile applications – banking systems, instant messengers, corporate solutions, e-commerce and social networks.
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