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The evolution of technology transformed our banking sector with a drastic change in the way people transact online. With so many modes to make convenient, faster, & secure money transfers and payments, we’re no longer bound to visit banks or queue up at ATMs for cash withdrawals & deposits. Smart mobile banking apps are well-liked platforms to conduct instant & hassle-free transactions these days.
The global finance industry is driven to leverage next-gen technologies like Blockchain, Fintech, cryptocurrencies, etc. in their software systems, most emerging banking firms are intending to bring a fully improved & seamless mobile banking experience for users. On the verge of getting a robust mobile app solution for your banking professionals as well as customers, you must be curious to discover a successful route to result-driven banking app development.
If you’re seriously confident about your mobile banking app & have got a skilled team of iOS or Android app developers then this step-by-step guide is all you need to read now:
Step #1: Get started with prototyping
Building an app is not all about coding. Before getting straight to the development process, one has to do adequate research work & strategic planning to get the real concept of how a banking app must be designed to serve its purpose. Prototypes are clickable versions of your proposed app that reflects its functionalities, interfaces, features, & other elements. Developing a mobile app for smart banking & financial services involves a complex mechanism that makes it a bit tedious to create from scratch.
Introducing a prototype as a beta version of your banking app will let you know how your target audience will be using it. Banking & finance companies favor such strategies to meet their customers’ expectations with a useful mobile app platform with user-friendly features.
Prototyping is key to ensure a successful mobile banking app even at tight budget constraints. Don’t forget to analyze the feedback or response of your clients to make further improvements to your app prototype.
Step #2: Prioritize the app’s security
Security is a core aspect of banking app development. Nothing matters more than data security as it cannot be compromised at any point of online transactions done by users. You can only trust experts who are proficient enough to secure your banking app by applying these basic tech approaches at the initial stages of development:
- SSL & 256-bit encryption algorithms to encrypt sensitive data that can only be unlocked or decrypted with the correct encryption key.
- Source code obfuscation to transform source codes in a way to secure its functionality with limited flexibility to modify or inspect them during decompilation.
- Protection from app repackaging to restrict hackers from obtaining the app’s copy to unpack it further & add malicious elements to repack it again.
To safeguard user’s data from unauthorized parties, most popular banking apps come up with some exclusive features to enable two-factor authentication, end-to-end verification of transactions done through codes, regular reminders for password change, advanced fingerprints unlock & Face ID authentication, & more addons to secure entire database.
Step #3: Get A Team Of Experts
Not all tech enthusiasts are familiar with coding practices. Hence, it becomes imperative to get professional hands to get powerful mobile banking app solutions with no worries at all.
Banking & finance companies must approach a top-rated software development agency to transform their business idea into a full-featured mobile app for cross-platform users. For banking app development, one must get a team of developers who’re specialized in Fintech, Blockchain, & other trending technologies for on-demand banking services.
Step #4: Launch Your App For Further Feedback
The last yet most important step in the cycle of banking app development goes ahead with the deployment process. Your app won’t gather much attention at the moment when it goes live in the Apple store & Google Play store. You have to make some marketing efforts followed by App store optimization to make it stand out in the crowd of banking apps.
Since both the app stores by Google & Apple impose strict guidelines to release an app. Hence, developers make sure that they’re adhering to all the rules & regulations for App Store Review. This will save a lot of time & unnecessary hassles in case if an app gets rejected by the concerned authority.
Further to a successful app release, the next goal is to analyze the response from its recent users. In other words, once your newly launched app starts receiving feedback post-deployment, your development team will get back in action to make further improvements & resolve bugs report issues at priority.
The world of banking & finance institutions is talking about some most desirable features for voice payments, upgraded fraud detection with big data integration, card-free ATM transactions, real-time customer support via chatbots to assist users in taking smart banking decisions. The present-day programmers at top-notch mobile app development companies like Appventurez are fond of experimenting with such progressive technologies to deliver high-end mobility solutions for the banking sector.