Mobile Banking App Development - How to Build a Secure Banking App

The demand for mobile banking app development is increasing exponentially, especially during the COVID-19 pandemic. Mobile banking apps deliver faster, convenient, and personalized services, and therefore, banking companies are planning to build secure banking apps. However, the number of data breaches and security problems are also increasing, and therefore, security and protection of data should be a top priority in mobile banking app development. In this article, you will learn about how to build a secure banking app. So, keep reading on.

A Step-by-Step Process to Build a Secure Banking App

Maintaining the security of mobile banking app is of paramount importance. Mobile banking security issues are the main reason why many customers refrain themselves from using banking apps. They feel they can’t trust their personal and highly sensitive data to devices and servers exposed to cyber-attacks.

Here is a step-by-step guide on how to build a secure banking app that is reliable, secure, and easy to use.

#1 Conduct Market Research

First of all, you need to perform rigorous market research to be aware of new market trends. Gaining a deep insight into these trends will help you build a solution that is relevant and timely. Some of the biggest trends in mobile banking app development for 2021 include:

• biometric authentication,

• using voice technology for payment processing,

• cardless cash withdrawals,

• personalized services,

• ML and chatbots, and

• leveraging big data for fraud prevention.

Staying abreast with the latest trends will help you know how people manage their finances so that you can make a future-ready mobile banking app.

#2 Analyze Your Target Audience

Next, you need to identify the type of audience who will be using your mobile banking app. Understanding their demographics, behavior, income, gender, age group, etc. will ensure that your app fulfills their needs and expectations.

Having deep knowledge of your target audience will help you add exclusive app features and gain a competitive edge. Also, different audiences are going to use different marketing channels, so analyzing and knowing your target customers will also help you with app promotion.

#3 Competitor Research

Now, you need to focus on your competitors that target the niche market segments. Study their service offerings, app features, marketing, and communication channels they use as this will help you build an excellent mobile banking app.

You need to identify things that your competitors are overlooking and offering your target audience what they are missing can help you stay ahead of the market competition.

#4 Focus on Regulations and Compliance

Banking is a stringently regulated sector in many countries, so you need to ensure that your banking app is fully compliant with the laws and regulations of the countries or states in which your app will be operating. For instance, if your banking app operates in the EU, you should make sure that it complies with regulations like GDPR, PCI DSS, PSD2, and SEPA. Ensuring compliance can be essential for business in general, so make sure you meet the regulatory standards before you start creating your first banking app.

#5 Ensure App Security

Your banking app should provide high-end security. Security issues with mobile banking app are one of the obvious reasons why customers don’t prefer using banking apps. So, you need to make sure your app is highly secure to gain the trust of your prospective users. Add exclusive app features that will ensure the highest level of security of your app.

• multi-factor user authentication;

• cutting-edge data encryption technologies;

• behavioral analytics; and

• real-time notifications about any activity that occurs in users’ accounts

Also, you need to ensure that your mobile banking app can easily adapt to all changes and new regulations from the central banks.

A professional and experienced mobile app development company in India can help you build a banking app that ensures the highest degree of security.

#6 Create Attractive UX/UI

Your app’s user experience plays a pivotal role in your app’s success. Having an attractive UI/UX can make your customers choose your app over others. You can hire a mobile app development company in India to build highly intuitive and feature-rich mobile banking apps.

When you hire mobile app developers, they will incorporate the latest trends to build your app’s UI/UX. Here are some of the emerging trends to follow:

• AI-enabled Voice Assistant

Integrating virtual assistants and touchless interactions can enhance your app’s usability.

• Biometric Authentication

The biometric authentication feature will enable your banking app to recognize users instantly without letting them enter a password. However, critical functions like changing credit limits and huge amounts of transactions may require more advanced authentication procedures.

• Hassle-free Account Management

Ensure fast, effortless, and convenient tracking of and management of any user account activity through an intuitive, modern interface.

#7 Enhance Your App’s Functionality with Integrations

Integrating your app with third-party services and solutions can make your app stand out. For example, Zelle helps customers transfer money to other banks used by their counterparts. DocuSign is a service that helps users create digital agreements and contracts and sign them directly through an app’s interface.

You can hire mobile app developers and they will seamlessly integrate your banking app with essential third-party services.

#8 Build and Test a Prototype

The next step in the mobile banking app development cycle is building and testing a prototype. At this point, your goal should be to attract investments and test your app idea with the target audience. Obtain feedback from your users to incorporate the necessary changes before you start building the final version of your mobile banking application.

Final Note

As the global mobile banking market share is increasing at a CAGR of 12.2%, the future of mobile banking app development looks brighter like never before. With the growing market competition, it is important to stand out with a unique app idea.

Moreover, you must ensure that your banking app meets all the regulatory and security requirements. However, achieving this can be a challenging task as it requires a lot of effort and expertise. Partnering with a reputed mobile app development company in India can help you build a mobile banking app solution with excellent usability and security.

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