The development of mobile applications in the financial sector is one of the most popular directions in 2021. According to Insider Intelligence, 89% of banking users use mobile banking – mostly Millennials and Generation X 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 staff, and increase customer loyalty.
What tasks does the banking application solve?
Automates processes and saves budget. With the help of the online service, a person can apply for a loan or receive a debit card, download the necessary certificates or ask a question to the chat bot without the participation of bank employees. Thus, the application avoids the factor of human error and saves money on training and maintenance of employees.
Increases loyalty. The opportunity to get 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: what channels they come from, 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.
- user authentication and authorization
- setting up a personal account
- support chat
- linking bank cards
- viewing card and account balances, expense history
- setting a limit on spending
- contactless payment
- money transfers to other cards and accounts
- replenishment of a mobile phone and housing and communal services
- currency exchange
- purchase and sale of securities
- issuance of account statements, bank details
- card blocking and unblocking
- push notifications
- budget statistics
- system of bonuses 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 is a large amount of data that is processed by automated tools and used to collect statistics, make predictions, 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 to users.
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 an excursion 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.
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 their 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.
Opening an account for several people in Russia was legally allowed only in 2018, so products for each family member are just beginning to develop. For example, Tinkoff, Raiffeisenbank 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.
The technology is still used in a targeted manner and mainly for marketing, but it has a good perspective. For example, VTB mortgage lending clients are offered a virtual tour of a property, and a virtual consultant explains the basics of investing in an app.
The AppCraft development studio is attentive to every step: it helps us to accurately determine the client’s needs and create the desired application functionality.
Consulting and analytics
Before starting the development, we conduct interviews with a client, immerse ourselves in business goals, study the audience and communication channels, analyze competitors – this will help to correctly position ourselves with clients.
Preparation of technical specifications
We write down the project goals, interface and security requirements, functionality, development stages, team composition and budget. We sign a contract and start development.
We reproduce the basic logic, structure and functionality of the future application. Typically, the prototype is created in the form of screens at each stage of the user journey. It is not yet a finished product, but it helps to test its functionality in order to fix bugs and improve the user experience at the initial stage.
UX / UI design development
The UX designer builds the logic of interaction between the pages: registration and authorization screens, filling in data, personal account, shopping cart, purchase payment, order tracking, etc.
The UI designer develops the appearance of the future service in accordance with the terms of reference and the client’s corporate style. He selects a color scheme, fonts, renders icons, buttons, push notifications, sliders, etc. After approval, the prototype is sent back for review to correct the shortcomings.
Backend and frontend development
Front-end programmers develop the client interface and platform logic, and back-end developers create a server for storing and exchanging information.
To test the features, people who have not participated in other stages of development are involved – they must be impartial and with a fresh eye to evaluate every 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 process, they test functionality, performance and design. For additional confidence, a focus group is attracted with people who use the application for the first time.
Publication and revision
After launching in the marketplace in the Google Play Store and Apple App Store, you will have access to detailed statistics: which sections are the most popular and which ones are not very popular, how many people completed targeted actions, which pages should be modified, etc. code revision and technical support.
Order the development of an application for a bank can be in AppCraft. We are ready to turn your idea into a full-fledged product that will help 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.
Contact us via the form to discuss the details and find out the exact price.