With all other industries getting transformed by the power of digital technologies, the banking landscape is not left behind since customers expect innovative methods to interact with financial organizations. Today’s customers want freedom and flexibility to transact any time of the day irrespective of the place and devices they use. This is why it is of great importance for the finance industry to build customer-centric solutions that make mobile experience smooth, reliable and secure.
However, in reality, despite increased familiarity around mobile usage, banking mobile app development is not that easier. To leverage its full-throttle potential and integrate it inextricably into enterprise architecture is a challenge riddled with many complications. Any online transaction contains many secure data layers and has to support different device platforms.
To fulfil them all, here is the list of 9 steps to practice to ensure frictionless and secure mobile banking experience in 2018.
1. Cloud-Based Services Adoption:
Cloud computing has been around for a while and enterprises who adopted it are more on gains. Some of the benefits cloud services may offer to banks are quick service delivery, maximum availability and run time, error rectification efficiency, lower maintenance and cost, high scalability and great flexibility. Banks can even easily manage operations of patch and release through mobile app development process. However, it is important to first measure the size of your credit union or bank operations to decide whether or not you need it for your system. To ensure safety and vigilance, some banks prefer to opt for on-premise server.
2. Fast, Seamless And Secure Authentication Process
People associated with banks demand solutions that enable fast, frictionless and secure mobile banking experience. They want to transact, enjoy banking services and interact with their finance utilizing the power of their mobile device. The effective way to ensure both security and convenience is to develop a member authentication process that is designed with multiple layers and yet has simple steps. Hence, banks and financial organizations can keep a mobile system that requires customers to enter their login details using simple PINs or fingerprint (biometrics) identification instead of forgettable passwords. This approach, if implemented perfectly via careful mobile app development, can result in fast, hassle-free and reliable authentication.
3. The Power of Paperless Banking
With exclusively digital experience, organizations can transform many of their operations into paperless services including the one that requires them to open a bank account. Not only this makes the work paperless, but it also provides competitive edge and offers savings by taking transactions on online platform.
For the complex business transactions to go all-digital, finance institutions need a solid mobile app development solution that effectively replaces paper and covers its intuitive transactional capabilities. This necessarily includes account openings, online form attachment, account information updates, written signatures and documentation, payments and more.
4. Reliable Access
The digital transactions enabled by your banking mobile app should be made accessible to all types of users living different walks of life. Users with severe disabilities (like visually impaired, or the one with hearing problems or cognitive difficulties) should be able to access and exchange data through online mode of interactions. To address this point, it requires the involvement of highly experienced mobile app development veterans and testers who know their way around special tools and unconventional methods to tailor unique user-friendly features.
5. Smart Omni-Channel Banking
To make things digital in banking sector does not mean closing all the opened doors of financial interactions practiced traditionally. For one reason or another, not all bank customers are sound enough to switch to exclusively digital mode. To retain the interest of entire demographics and stay afloat in the tense market, you have more to focus than only mobile app development and should establish a system with which to deliver exceptional user experience across all available channels and not just on mobile. However, it is mandatory to provide equally delightful experience without possible friction. To make it happen, authentication and authorization process must be synchronized for every touch points to achieve unified, simple and intuitive transaction experience.
6. Sophisticated Standard of Customer Protection
The increased use of mobile device for digital banking has also made the job of mobile app development specialists a little more challenging. To sustain the competitive environment, the layers of development must be built with utmost fence of security. In the past, a malware entering the Bankbot Android mobile banking app had brought catastrophic consequences for many banks of Germany, Austria, France, U.S. and Netherland. Such malware infiltrates into user information by creating a secret window through loose protection standard.
You can enhance app protection with stronger shields like RASP (Runtime Application Self-Protection) and other impenetrable protocols. This reduces app’s vulnerability against malicious attackers and keeps the backend system unbreakable when users run the app on devices with low OS security standard.
7. Safe Digitalized Documentation
Building a mighty and flexible electronic signature platform with consideration of supporting all kinds of business processes can work across multichannel such as online ecommerce, call centre, retail branches, etc. Advanced methods of mobile app development can bring much of documentation on mobile platform, enabling financial organizations to incorporate its benefits in customer experience. From compliance to efficiency to cost optimization and productivity, there is a lot banking mobile apps offer to credit companies and banks.
8. User on-Boarding With Mobile-Centric Service.
Due to soaring popularity of mobile app usage for the smallest of transactional operations, more banks are coming forth to adopt digitization to improve banking experience. For this reason, newly acquired customers are coaxed into going mobile and taking their banking on their respective mobile platform.
Thanks to completely evolved Android and iOS mobile app development technology, finance industry now encourages mobile-centric user on-boarding where customers can enjoy rewarding opportunities by accepting mobile banking from the very beginning. Due to highly regulated electronic payment and multi-layered authentication process for data access, customers are quick to trust digital transactions.
9. Re-invent Outdated Policies and Processes
It is more about overall customer experience than what you actually offer in your app. As Brian Solis, the Principal Analyst and Futurist at Altimeter Group suggests, financial companies are in need for non-traditional, hyper-connected experiences that replicate the convenient world of Tinder and Instagram.
He says, “It’s not just digital innovation or transformation, it’s also about re-inventing dated policies, processes and products for new and more discerning generations of connected consumers. UX design strategies and principles and human-centred design belong in the C-Suite now more than ever.” This means mobile app development for banking institutions should be focused on re-inventing the customer service processes to inject seamlessness and convenience.
Described above were the top 9 steps to establish interactive, frictionless and secure mobile banking experience in 2018. Evidently, as digital mobile app development technology matures, we will shift more to providing holistic solutions in banking service structure instead of merely improving transactional experiences. Taking advantage of cutting-edge technology, every touchpoint in financial processes will deliver a brand commitment to create a deep, unified and much reliable alignment with customers on personal level.