Are you at the forefront of your institution’s efforts to develop a banking app that will address the needs of your customers, both today and moving forward into the future? Do you require some insight to determine what direction your team should navigate to foresee what the future of mobile banking holds? Fortunately, you are not alone.
The rising popularity of mobile banking is undeniable. The sensitive nature of the industry means that the marketplace demands the protection of personal information and a user-friendly interface. All other design specifications work to facilitate the functionality of these fundamental features.
Here, we will address the needs of financial institutions looking to create mobile banking apps that transcend the current environment while catering to today’s needs. This guide will detail the importance of selecting the right software engineering for developing banking apps for your mobile.
Cybercriminals are continually working to find ways to breach the security systems put in place by financial institutions. This is why the banking and financial services industry must work twice as hard to stave off threats posed by these would-be attackers. The projection for cybercrime damages by the year 2021 is an estimated $16 trillion.
In light of some severe breaches to the databases of several major financial institutions and financial services companies, addressing the threat to the financial industry is of the utmost importance. The sanctity of the personal information in your database can not be left vulnerable in any way.
Your institution needs developers that are aware of what is at stake and specialize in cybersecurity to create an app that is has fortified security implemented. For maximum protection of your sensitive data, find a custom mobile application development company that has experience with servicing the modern security requirements of today’s banking sector.
The use of biometrics enhances the present and future of mobile banking security. Biometrics are uniquely identifying physical and behavioral characteristics used to created added levels of protection of personal accounts. This technology features digital identification requirements to access banking account information.
Some examples of biometric identifiers are as follows:
- Fingerprints: As one of the oldest forms of biometrics verification is the fingerprint. Fingerprint scanners have now become widely used with smartphones and other mobile devices.
- Physiological recognition: Facial recognition is the most commonly used biometric indicator. This method matches images from a database of faces based on facial characteristics.
- Photo and video: Mobile devices that have cameras can use the tool to capture images that can be used to authenticate a user’s identity.
- Digital signature:
- Voice recognition: Voice recognition is another popular biometric indicator. Vocal scanning detects subtle tonal differentials in the voice that make each sound different from the next.
- Pattern recognition: Behavioral biometrics detect the subtleties of typing patterns and other unique behavioral patterns that verify your identity.
Vanishing Brick-and-Mortar Branches
As brick-and-mortar locations rapidly disappear from communities around the country, this increases the demand for mobile banking; this comes with an exponential increase in website traffic and mobile app use. Based on the statistics from recent years, the branch closure phenomenon appears to be more than just a trend.
The annual rate of branch closures is roughly 2,000 locations annually. The wave of closings is the US is thought to continue, and this means that the online banking apps will have to do the heavy lifting. If your solution is not scalable, you will find that as traffic and users grow, the burden may cause logistical issues.
Contemplate the potential for growth of your online customer base when initially designing or developing banking apps. What would it take to handle one-hundred percent of your customers on your mobile app? You need to visualize the future of your company’s physical footprint before beginning.
User Interface Advancements
Change and progress are inevitable when it comes to technology. As things change, so do the preferences of your customer base. The problem is that no one knows precisely what the future holds. The best solution is to build your app using development frameworks that can adapt to market demands and are effortlessly upgradable.
If a particular interface feature becomes popular in the industry, it will be pertinent that you implement it for your app in real-time. Choosing a framework that can create a compelling and flexible user interface (UI) is necessary.
Enhanced User Experience
The user experience (UX) is also a significant factor that is weighed when your app is reviewed. Your company’s app should be intuitive and easy to use. The user should be able to navigate through all of the app functions without any guesswork. What online banking customers expect from their banking apps is likely to change in the future, decide now how equipped your app will be to change with the times.
The future of mobile banking is uncertain; however, we know that the fundamentals of security and convenience are the guiding lights for all advancements in this area. Having the right team of developers that understand the magnitude of the project and a plethora of security concerns that face the industry at any given point in time is critical.
The institutions that embrace the concept of a future when online banking will become more significant in popularity than brick-and-mortar locations are positioned to be prepared for any shifts in the industry. As we see the technological landscape shift so dramatically each decade, developing banking apps today with our minds on the needs of tomorrow is the best path forward.