A Statista study says that there will be more than 2 trillion online banking users in the world by 2024.
It makes sense that digital banking is one of the most popular areas of fintech right now. Nowadays, banking is a level playing field for the biggest banks in the world, smaller banks, and even tech companies like Apple and Google. The credit grows to the ever-growing use of technology in the banking space. A digital banking app can help tech-savvy entrepreneurs like you position yourself as a fintech entrepreneur. But first, you must understand the nuances of building a digital banking app.
In this blog, we will discuss the key steps involved in building a top-class digital banking app. Let’s begin.
Steps to build a digital banking app
With the market being so small, you can’t just put out any old banking app. Instead, your app needs to stand out with new features, tight security, and a great user experience.
Here are the steps to take in order to do that.
Finalize your requirements
First of all, what kind of banking app do you want to make? What will it be used for? How will it make things better?
If you answer these questions, you’ll be able to make a plan for your banking app as a whole. This step might be the most important since if you don’t do it, you’ll spend more time making an app that doesn’t meet all of the users’ needs.
Also, not all apps for banking are the same.
Every bank and market has different needs, so you should put the features that meet those needs at the top of your list. Figure out where you can be different because, as we said, it’s a crowded market.
Market research is the best way to do this. By doing this, you can find out what your target users hate, what they want most, and what they need right away. Solid market research will also let you know the shortcomings of other banking apps so that you can leverage them to your benefit.
Digital banking app features
Here are some features that you need to integrate into your digital banking application.
Multi-factor authentication, which asks “Who are you?”, is secure. After login, authorization determines what users can do and see in your app. Biometric authentication using fingerprints, looks, voice, and gestures improves user experience.
Display bank balance, track spending, record history, and analyze habits. You may add saving objectives, investing plans, and automated payments.
Allows clients to search for ATMs and branch locations with services, hours, and instructions to make their life easier.
All in-app transactions should be safe and available 24/7. You can even consider QR code payments.
Send account update banking alerts to customers. Push wisely, and don’t be intrusive because your messages can easily turn users off.
Help budgeters save more through this feature. Consider providing daily, weekly, monthly, and annual reports.
Chatbot or voice assistant
Make customer support managers available 24/7 to fix difficulties. Adopting an AI chatbot improves user experience.
Cardless ATM access
Allow bank customers to withdraw cash even without their cards. Instead, request account verification via SMS or smartphone banking app call.
Ensure robust security
No guide to banking software development is complete without talking about security. When it comes to fintech, security is even more important than with other apps. Hackers always want to get into the financial sector because it has a lot of money.
Hence security shouldn’t be the last thing you think about in a banking app. Remember that security flaws cost more to fix and cause bigger problems in the long run.
You should think about the cybersecurity protections you need as soon as you start planning your app. Biometrics, encryption, and two-factor authentication (2FA) are all protocols that need to be built into the logic of your app, not just “on top” of it.
It’s also important to look at your app’s infrastructure as a whole, not just the app itself.
This means putting firewalls, anti-DDoS (distributed denial of service) platforms, and other security measures on the web servers and networks that run it.
We suggest that you use several layers of cybersecurity to do this. It’s always wise to protect your network infrastructure with multiple layers of protection, just like walls and moats protect a castle during an attack. You should also make sure that you have enough time to test security. Using a framework like the software testing life cycle (STLC) makes sure that you constantly test and find security bugs much more often.
Lastly, it helps if you or your team adopts the “security as code culture” of DevSecOps. This makes sure that security is built into every step of the app’s development and into the app itself.
Security for fintech apps is a huge topic, and there are many different ways to do it right.
Find the right team to code the app
Execution may be the most important part of your app equation because, without it, you can’t turn your app plan into reality. And to make sure it’s done right, you need the right team.
You have a lot of options here, like putting together a team of your own or hiring a top fintech app development company. We still think the best way to go is to work with an experienced mobile app agency.
But no matter which way you go, you should be very careful about who you let in. This makes it more likely that you’ll only work with good agencies that are a good fit for you. When it comes to something as important as a banking app, working with a reliable and professional agency isn’t enough. They must also have the right technical skills and work experience.
You wouldn’t want your fintech app to be their first project, after all. That’s too dangerous.
Review and testimonials are the best tools to use here. If you look at what their past clients said about them, you can get a pretty good idea of how hard they work and how good the work they do is. Of course, it would be even better if you could talk to these clients.
Release and maintain the app
After your app has been approved by both Apple and Google, you can start promoting it. Here, you can employ a wide variety of strategies, such as search engine optimization (SEO)-focused content, Facebook ads, and videos demonstrating how to use the app.
However, this does not guarantee that users will continue to use the app even after it has been released successfully. That can only be accomplished by regular upkeep, which includes things like correcting bugs, checking on performance, and adding new features.
Above all else, regular maintenance demonstrates to users your dedication to providing them with a fantastic experience. That has the potential to bring in fresh customers while also satisfying existing ones.
From having an idea for a digital banking app to having one that works is a simple step-by-step process. But in reality, it’s never that smooth sailing.
Compliance problems, bad user experiences, cyber threats, and a whole host of other risks can make the road rougher.
That’s why it’s important to work with a fintech app development company that has the experience and can help you avoid these problems.